1983 022 Ordinance - Laserfiche WebLink

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, ' "Bond Legislation" means this Ordinance as amended or supplemented from time to time. "Bond service charges" for any period of time means the principal of and premium, if any, and interest required to be paid by the Issuer on the Bond for such time period. I "Code" means the Internal Revenue Code of 1954, as amended from time to time. References to the Code and Sections of the Code include relevant applicable regulations and proposed regulations thereunder and any successor provisions to such Sections, regulations or proposed regulations. "Company" means Mayfran International, Incorporated, a corporation for profit duly organized and validly existing under the laws of the State of Delaware and qualified to do business in the State, and its lawful successors and assigns to the extent permitted by the Agreement. "Determination of Taxability" means (a) the determination in good faith by the Holder that all or any portion of the interest on the Bond is includable in the gross income of the Holder for federal or Ohio state income tax purposes (other than by virtue of the fact that the Holder is a "substantial user" of the Project or a"related person", as such terms are defined in Section 103(b)(13) of the Code) based upon an opinion of independent counsel to the Holder that the Holder may not reasonably exclude or was not reasonable in excluding such income f rom the gross income of the Holder for federal or Ohio state income tax purposes; or (b) receipt by the Holder of a ruling or technical advice by the Internal Revenue Service to the effect that all or any portion of the interest o,n the Project Bond is includable in the gross income of the Holder for federal income tax purposes (other than by virtue of the fact that the Holder is a"substantial user" of the Project or a"related person", as such terms are defined in Section 103(b)(13) of the Code). "Eligible Investments" means (i) obligations issued or guaranteed as to the full and timely payment by the United States of America or by any per- son controlled or supervised by or acting as an instrumentality of the Un.ited States of America pursuant to authority granted by Congress; (ii) obligations issued or guaranteed by any state or political subdivision thereof which obligations are rated in the highest category if rated as short term obl'_ga- . tions or not lower than the third highest categor_y if rated as long term obli- _ gations by Moody's Investors Service, Inc. or byv-_Standard & Poor's Corpora- tion, each of New York, New York, or their successors; (iii) commercial ur finance paper, including that of affiliates of ttie Holder, which is rated;in the highest rating category by a nationally recognized rating agency; (iv) in- terest bearing deposit accounts (which may be represented by bankers' accep- tances, certificates of deposit or bearer deposit notes) in one or more banks, trust companies or savings and loan associations, including the Aolder or any bank affiliated with the Holder organized under the laws of Canada, the United States of America or any state thereof, each having a reported capital and surplus of at least $25,000,000 in dollars of the United States of America; and (v) repurchase agreements fully secured by obligations of the type speci- 2