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"Sale Proceeds" means that portion of the Issue Price actually or constructively received <br />by the City upon the sale or other disposition of a series of obligations, including any <br />underwriter's compensation withheld from the Issue Price, but excluding Pre - Issuance Accrued <br />Interest. <br />"Tax- Exempt Obligation" means any obligation or issue of obligations (including bonds, <br />notes and lease obligations treated for federal income tax purposes as evidences of indebtedness) <br />the interest on which is excluded from gross income for federal income tax purposes within the <br />meaning of Section 150, and includes any obligation or any investment treated as a "tax- exempt <br />bond" for the applicable propose of Section 148. <br />"Temporary Period" means the period of time, as set forth in the tax certificate, <br />applicable to particular categories of Proceeds of a series of obligations during which such <br />category of Proceeds may be invested in Higher Yielding Investments without the series of <br />obligations being treated as arbitrage bonds under Section 148. <br />"Transferred Proceeds" means that portion of the Proceeds of a series of obligations <br />(including any Transferred Proceeds of that issue) that remains unexpended at the time that any <br />portion of the principal of that issue is discharged with the Proceeds of a Refunding Issue and <br />that thereupon becomes Proceeds of the Refunding Issue as provided in Regulations § 1.148 - <br />9(b). Transferred Proceeds do not include any Replacement Proceeds. <br />"Variable Yield Issue" means any issue that is not a Fixed Yield Issue. <br />"Yield" has the meaning assigned to it for purposes of Section 148, and means that <br />discount rate (stated as an annual percentage) that, when used in computing the present worth of <br />all applicable unconditionally payable payments of Debt Service and all payments for a <br />Qualified Guarantee, if any, paid and to be paid with respect to an obligation (paid and to be paid <br />during and attributable to the Yield Period in the case of a Variable Yield Issue), produces an <br />amount equal to (a) the Issue Price in the case of a Fixed Yield Issue or the present value of all <br />the Issue Prices during the Yield Period in the case of a Variable Yield Issue, or (b) the purchase <br />price for yield purposes in the case of Investment Property, all subject to the applicable methods <br />of computation provided for under Section 148, including variations from the foregoing. The <br />Yield on Investment Property in which Proceeds or Replacement Proceeds of a series of <br />obligations are invested is computed on a basis consistent with the computation of Yield on that <br />issue, including the same compounding interval (of not more than one year selected by the City). <br />"Yield Period" means, in the case of the first Yield Period, the period that commences on <br />the Issuance Date and ends at the close of business on the first Computation Date and, in the case <br />of each succeeding Yield Period, the period that begins immediately after the end of the <br />immediately preceding Yield Period and ends at the close of business on the next succeeding <br />Computation Date. <br />The terms "bond ", `obligation ", "reasonably required reserve or replacement fund ", <br />"reserve or replacement fiord ", "loan ", "yield reduction payment ", and other terms relating to <br />Code provisions used but not defined in this Certificate shall have the meanings given to them <br />for purposes of Sections 103 and 141 to 150 unless the context indicates another meaning. <br />M <br />