86-064 Ordinance - Laserfiche WebLink

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for such time period. Any "late charqe" and any payment required to be made on the Bonas with interest at the Interest Rate for Advances shall also constitute a Bond Service Charqe. "Borrowers" means, collectively, Jack F. Boss and Jacqueline E. Boss, married individuals, their respective heirs and assigns. "Code" means the Internal Revenue Code of 1954, as amended, and any proposed or temporary - requlations 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 Aqreement. "Construction Sub-Account" means the Construction Sub- Account created by Section 7 hereof. "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 tinal assertion by the Internal Revenue Service or any agent thereof to the ertect 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 aaoption ot legislation or regulations or a final determination, ctecision, decree or ruling of any juaicial 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); provided, however, that if interest on the Bonds becomes taxable solely due to a retroactive effective date of the Bill, such event shall not constitute a Determination of Taxability for purposes of this Indenture. For purposes of clause (ii) in the prececting sentence, an assertion by the Internal Revenue Service or any agent thereof shall be considered final when the Holcter, the Issuer and the Borrowers shall have received an opinion of nationally recoqnized bond counsel to the effect that such assertion is correct, and for purposes of clause (iii) in the preceding 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. -3-