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<br /> <br /> <br /> <br /> <br /> <br /> (c) to take any action to assure that no amount which <br /> is greater than the lesser of $5,000,000, or 5 percent of <br /> the proceeds of the Bonds (less amounts deposited into a <br /> reserve fund, if any) is directly or indirectly used to <br /> finance loans to persons, other than state or local govern- <br /> mental units, in contravention of Section 141(c) of the <br /> Code; <br /> (d) to refrain from taking any action which would <br /> otherwise result in the Bonds being treated as "private <br /> activity bonds" within the meaning of Section 141(b) of the <br /> Code; <br /> (e) to refrain from taking any action that would <br /> result in the Bonds being "federally guaranteed" within the <br /> meaning of Section 149(b) of the Code; <br /> <br /> (f) to refrain from using any portion of the proceeds <br /> of the Bonds, directly or indirectly, to acquire or to <br /> replace funds which were used, directly or indirectly, to <br /> acquire investment property (as defined in Section 148(b)(2) <br /> of the Code) which produces a materially higher yield over <br /> the term of the Bonds, other than investment property <br /> acquired with <br /> (1) proceeds of the Bonds invested for a reason- <br /> able temporary period of 3 years or less or, in the <br /> case of a refunding bond, for a period of 30 days or <br /> less until such proceeds are needed for the purpose for <br /> which the bonds are issued, <br /> (2) amounts invested in a bona fide debt sQrvice <br /> fund, within the meaning of Section 1.103-13(b)(12) of <br /> the Treasury Regulations, and <br /> (3) amounts deposited in any reasonably required <br /> reserve or replacement fund to the extent such amounts <br /> do not exceed 10 percent of the proceeds of the Bonds; <br /> (q) to otherwise restrict the use of the proceeds of <br /> the Bonds or amounts treated as proceeds of the Bonds, as <br /> may be necessary, so that the Bonds do not otherwise contra- <br /> vene the requirements of Section 148 of the Code (relating <br /> to arbitrage) and, to the extent applicable, Section 149(d) <br /> of the Code (relating to advance refundings); <br /> (h) to pay to the United States of America at least <br /> once during each five-year period (beginning on the date of <br /> delivery of the Bonds) an amount that is at least equal to <br /> 90 percent of the "Excess Earnings," within the meaning of <br /> Section 148(f) of the Code and to pay to the United States <br /> of America, not later than 60 days after the Bonds have been <br /> paid in full, 100 percent of the amount then required to be <br /> <br /> 45 <br />