Arbitrage Representations and Elections Sample Clauses
Arbitrage Representations and Elections. In connection with the issuance of the Bonds, the Borrower hereby represents, certifies and warrants as follows:
(a) The Borrower has entered into contracts with third parties for the acquisition, construction and equipping of the Facilities obligating an expenditure in excess of 5% of the Net Sale Proceeds of the Bonds and the Borrower will proceed with due diligence in completing the Facilities and in allocating the Net Sale Proceeds of the Bonds to such Expenditures.
(b) The Borrower will use a reasonable, Consistently Applied Accounting Method to account for Gross Proceeds, Investments and Expenditures for the Bonds. The Borrower shall additionally use a Consistently Applied Accounting Method for allocating Proceeds of the Bonds to Expenditures, subject to the Current Outlay of Cash rule.
(c) The Borrower shall not commingle Proceeds of the Bonds with any other funds.
(d) In connection with the Bonds, there has not been created or established and the Borrower does not expect that there will be created or established, any sinking fund, pledged fund or similar fund (other than as specifically identified in the Indenture), including without limitation any arrangement under which money, securities or obligations are pledged directly or indirectly to secure the Bonds or any contract securing the Bonds or any arrangement providing for compensating or minimum balances to be maintained by the Borrower with any registered owner or credit enhancer of the Bonds.
(e) The allocation of Net Proceeds of the Bonds to the reimbursement portion of the costs of the Facilities will be made as of and completed on the Date of Issuance. The declaration of official intent required by ss. 1.150-2 of the Regulations with respect to Net Proceeds of the Bonds used to reimburse the Borrower for certain Capital Expenditures made in connection with the Facilities is attached hereto as Exhibit D.
(f) The Borrower reasonably expects that 85% of the Net Sale Proceeds of the Bonds will be used to complete the Facilities within three years of the Date of Issuance and not more than 50% of the Proceeds of the Bonds will be invested in Nonpurpose Investments having a substantially guaranteed Yield for four years or more. The Borrower reasonably expects that the Net Sale Proceeds of the Bonds deposited to the Project Fund will be expended in accordance with the schedule contained in the No Arbitrage Certificate executed and delivered by the Issuer in connection with the issuance and delivery...
Arbitrage Representations and Elections. 16 Section 4.02.
Arbitrage Representations and Elections. 18 Section 4.2. Arbitrage Compliance............................................20 Section 4.3. Calculation of Rebate Amount....................................20
Arbitrage Representations and Elections. In connection with the issuance of the Series 2017 Bonds, the Corporation hereby represents, certifies, and warrants as follows:
(a) The Corporation will use a reasonable, Consistently Applied Accounting Method to account for Gross Proceeds, Investments and Expenditures for the Series 2017 Bonds. The Corporation shall additionally use a Consistently Applied Accounting Method for allocating Proceeds of the Series 2017 Bonds to Expenditures, subject to the Current Outlay of Cash rule.
(b) The Corporation shall not commingle Proceeds of the Series 2017 Bonds with any other funds, except amounts deposited by the Corporation in the Cost of Issuance Fund.
(c) In connection with the Series 2017 Bonds, there has not been created or established and the Corporation does not expect that there will be created or established, any sinking fund, pledged fund, or similar fund (other than as specifically identified in the Indenture), including, without limitation, any arrangement under which money, securities, or obligations are pledged directly or indirectly to secure the Series 2017 Bonds or any contract securing the Series 2017 Bonds or any arrangement providing for compensating or minimum balances to be maintained by the Corporation with any owner or credit enhancer of the Series 2017 Bonds.
(d) All Funds and Accounts established pursuant to the Indenture will be invested pursuant to the Issuer Tax Certificate and the Investment instructions delivered to the Trustee by the Corporation on the Date of Issuance.
(e) The Corporation will not enter into and will not direct the Trustee to engage in any Abusive Arbitrage Devices.
Arbitrage Representations and Elections. 16 Section 4.2.
Arbitrage Representations and Elections. Section 4.02. Arbitrage Compliance Section 4.03. Calculation of Rebate Amount
Arbitrage Representations and Elections. In connection with the issuance of the Bonds, the Borrower hereby represents, certifies and warrants as follows:
(a) The Borrower has entered into contracts with third parties for the acquisition, construction and equipping of the Facilities obligating an expenditure in excess of 5% of the Net Sale Proceeds of the Bonds and the Borrower will proceed with due diligence in completing the Facilities and in allocating the Net Sale Proceeds of the Bonds to such Expenditures.
(b) The Borrower will use a reasonable, Consistently Applied Accounting Method to account for Gross Proceeds, Investments and Expenditures for the Bonds. The Borrower shall additionally use a Consistently Applied Accounting Method for allocating Proceeds of the Bonds to Expenditures, subject to the Current Outlay of Cash rule.
Arbitrage Representations and Elections. 7.1. The City must use a reasonable, Consistently Applied Accounting Method to account for Gross Proceeds, Investments and Expenditures allocable to the Lease. The City must additionally use a Consistently Applied Accounting Method for allocating Gross Proceeds of the Lease to Expenditures, subject to the Current Outlay of Cash rule.
7.2. The City may not commingle Proceeds of the Lease with any other moneys, funds or accounts owned, controlled or otherwise maintained by the City.
7.3. In connection with the Lease, there has not been established, and the City does not expect that there will be established, any sinking fund, pledged fund or similar fund (other than as specifically identified in this Tax Compliance Certificate), including, without limitation, any arrangement under which money, securities or obligations are pledged directly or indirectly to secure the Lease or any contract securing the Lease or any arrangement providing for compensating or minimum balances to be maintained by the City with the Assignee (or successor assignee under the Assignment) or any credit enhancer of the Lease.
7.4. The City covenants to not enter into or engage in any Abusive Arbitrage Devices. If the City invests any of the Gross Proceeds of the Lease in certificates of deposit or pursuant to an investment contract, the City will obtain certifications in the forms necessary to comply with the safe harbors for establishing the Fair Market Value thereof pursuant to Section 1.148-5(d) of the Regulations.
7.5. The City makes the following elections and other choices pursuant to the Regulations with respect to the Lease:
(a) The City elects the bond year stated in the definition of Bond Year.
(b) The City elects to avail itself of all unrestricted yield investments granted in the Regulations for temporary period, reasonably required reserve fund and Investments that are part of the Minor Portion.
(c) The City elects to treat the last day of the fifth Bond Year (December 1, 2022) as the initial Installment Computation Date and the initial rebate payment date. The City elects to treat the last day of each subsequent fifth Bond Year as subsequent Installment Computation Dates and subsequent rebate payment dates. The City may change or adjust such dates as permitted by the Regulations.
(d) The City does not expect that the operation of the Universal Cap will result in a reduction or reallocation of Gross Proceeds of the Lease, and the City (i) does not expect to pledge funds (o...
Arbitrage Representations and Elections. In connection with the issuance or incurrence of the Bonds, Borrower hereby represents, certifies and warrants as follows:
(a) Borrower has entered into contracts with third parties for the acquisition, construction and equipping of the Project obligating an expenditure in excess of 5% of the Net Sale Proceeds of the Bonds and Borrower will proceed with due diligence in completing the Project and in allocating the Net Sale Proceeds of the Bonds to such Expenditures.
(b) Borrower will use a reasonable, Consistently Applied Accounting Method to account for Gross Proceeds, Investments and Expenditures for the Bonds. Borrower shall additionally use a Consistently Applied Accounting Method for allocating Proceeds of the Bonds to Expenditures, subject to the Current Outlay of Cash rule.
(c) Borrower shall not commingle Proceeds of the Bonds with any other funds.
(d) The allocation of Net Proceeds of the Bonds to the reimbursement portion of the costs of the Project will be made as of and completed on the Date of Issuance. The declaration of official intent required by Section 1.150-2 of the Regulations with