85-128 Ordinance - Laserfiche WebLink

Home Browse Search

_. ..?,.?,? ?... . , ..?.., ?._ _ ' ' • ,?A ? "Code" means the Internal Revenue Code of 1954, as amended, and any proposed or temporary regulations promulgated thereunder. "Completion Date" means the date of completion of the acquisition, construction, installation and equipping of the Project as that date shall be certified as provided in Section 3.5 of the Agreement. "Determination of Taxability" means (i) the filing by the Borrowers or any other person or entity with the Internal Revenue Service of any statement, supplemental statement or other tax schedule, return or document (whether pursuant to Treasury Regulations Section 1.103-10 (b) (2) (vi) (c) or otherwise) which discloses that an Event of Taxability has occurred, or (ii) the final assertion by the Internal Revenue Service or any agent thereof to the effect that interest on the Bonds is includable in the gross income for Federal income tax purposes of any Holder (other than a Holder who is a Substantial User of the Project or a Related Person), or (iii) the final adoption of legislation or regulations or a final determination, decision, decree or ruling of any judicial or administrative authority which has the effect of requiring interest on the Bonds to be included in the gross income for Federal income tax purposes of any Holder (other than a Holder who is a Substantial User of the Project or a Related Person). For purposes of clause (ii) in the precedinq sentence, an assertion by the Internal Revenue Service or any agent thereof shall be considered final when the Holder, the Issuer and the Borrowers shall have receiveci an opinion of nationally recognized bond counsel to the effect that such assertion is correct, and for purposes of clause (iii) in the precedinq sentence, a decision, decree or ruling by any judicial or administrative authority shall be considered final upon the expiration or waiver of all periods for judicial review or appeal, as the case may be. "Eligible Investments" means (i) any bonds or other direct obligations of the United States of America; (ii) obligations of the Federal National Mortgage Association or the Government National Mortgage Association; (iii) obligations of the Federal Inter- mediate Credit Banks; (iv) obligations of Federal Banks for Cooperatives; (v) obligations of Federal Land Banks; (vi) obligations of the Federal Financing Bank; (vii) bank repurchase agreements issued by a Federal Reserve member bank, including the Trustee or any of its affiliates, fully secured by obligations of any of the kinds specified in clauses (i) through (vi) above; (viii) time deposits, certificates of deposit or bankers acceptances of banks or trust companies, -3-