Res13 15263 - Laserfiche WebLink

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� Earnings") at such times and in such manner as may be required pursuant to the Code. The Authority shall inform the Trustee how frequently calculations aze to be made, and shall ensure that a copy of all such calculations is given promptly to the Trustee. (b) Rebate to United States. The Authority agrees to deposit with the Trustee, promptly upon the receipt of any calculations made pursuant to the preceding subsection (a), the amount of Excess Investment Earnings so calculated. The Trustee shall deposit all amounts paid to it for such purpose by the.Authority in the Rebate Fund,which fund the Trustee hereby agrees to establish when required to deposit any funds therein and maintain so long as any Bonds are Outstanding. The Trustee shall pay to the United States of America from the amounts on deposit in the Rebate Fund such amounts as shall be identified pursuant to written notice filed with the Trustee by the Authority for such purpose from time to time. Payments to the United States of America shall be made to the address prescribed by the Tax Regulations as the sarne may be from time to time in effect with such reports and statements as may be prescribed by such Tax Regulations. Following payment in full to the United States of America of all amounts due and owing under this subsection (b) and under the Code, the Trustee shall withdraw from the Rebate Fund and transfer to the Authority all amounts remaining on deposit in the Rebate Fund. (c) Investment Transactions. The Authority shall assure. that Excess Investment Earnings are not paid or disbursed except as required in this Section 5.13. To that end the Authority shall assure that investment transactions are on an arm's-length basis. In the event that Permitted Investments consist of certificates of deposit or investment contracts, investment in such Permitted Investments shall be made in accordance with the procedures described in the Tax Regulations. (d) Maintenance of Records. The Authoriiy shall keep, and retain for a period of six (6) years following the retirement of the Bonds, records of the determinations made pursuant to this Section 5.13. (e) En�a�ement of Professional Services. In order to provide for the administration of this Section 5.13, the Authority may provide for the employment of independent attorneys, accountants and consultants compensated on such reasonable basis as the Authority may deem appropriate. (� Modification of this Section. Any of the provisions of this Section 5.13 may be amended, modified or deleted in any manner whatsoever in the event that the Authority shall cause to be filed with the Trustee written directions making such amendment, modification or deletion,which written directions are accompanied by an opinion of Bond Counsel stating that such amendment, modification or deletion will not cause interest on the Bonds to be includable in gross income of tlie Bondowners for federal income tax purposes. � Section 5.14. Books and Accounts; Financial Statements. The Authority shall keep proper books of record and accounts, separate from all other records and accounts, in which complete and correct entries sha11 be made of all transactions relating to the Installment Purchase Contract. Said books shall, upon prior request, be subject to the inspection of the Trustee (who shall have no duly to inspect) or the Owners of not less than ten percent (10%) of the -30- 338471 1.DOC .