Tax-Exempt Notes Sample Clauses
Tax-Exempt Notes. Tax-exempt Notes; provided, however, that at the time of each investment such Tax-exempt Notes shall be rated by either ▇▇▇▇▇’▇ or S&P as follows:
(i) ▇▇▇▇▇’▇: MIG 1 or MIG 2 for notes; P-1 for commercial paper; or (ii) S&P: SP-1 or SP-2 for short-term municipal notes; A-1 or A-2 for commercial paper. For purposes of this provision, Tax-exempt Notes shall include such securities as Tax Anticipation Notes, Revenue Anticipation Notes, Bond Anticipation Notes, Construction Loan Notes, and Tax-exempt commercial paper. These investments will be made when justified without regard to their tax-exempt status;
Tax-Exempt Notes. Tax-exempt Notes; provided, however, that at the time of each investment such Tax-exempt Notes shall be rated by either ▇▇▇▇▇’▇ or S&P as follows:
Tax-Exempt Notes. (a) NOT TO CAUSE INTEREST TO BECOME TAXABLE. Use, permit the use of, or omit to use Gross Proceeds or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with Gross Proceeds) in a manner that if made or omitted, respectively, would cause the interest on the Tax Exempt Notes to fail to be excluded, pursuant to section 103(a) of the Code, from the gross income of the owner thereof for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the Borrower receives a written opinion of Bond Counsel to the effect that failure to comply with such covenant will not adversely affect the exclusion from gross income of the interest on the Tax Exempt Notes, the Borrower shall comply with each of the specific covenants in this Section.
Tax-Exempt Notes. On the Closing Date, the Authority will issue an initial Tax-Exempt Note registered in the name of the Bank, designated as the City of San ▇▇▇▇ Financing Authority Subordinate Wastewater Revenue Note, Series A (the “Series A Tax-Exempt Note”), in the stated principal amount of not to exceed $300,000,000. From time to time after the Closing Date, the Authority may deliver to the Bank a Note Issuance Notice and, pursuant to such Notice, the Authority may issue one or more additional Tax-Exempt Note(s) (not to exceed four Tax-Exempt Notes outstanding at any one time) and deliver the same to the Bank. Each additional Tax-Exempt Note shall be registered in the name of the Bank and designated as and constitute a separate series of Tax-Exempt Notes from all other series of Tax-Exempt Notes issued by the Authority under this Agreement. In connection with each delivery of a Tax-Exempt Note, the Authority shall satisfy the conditions set forth in Section 3.02. Each Tax-Exempt Note shall be dated its date of issuance, be issued in minimum authorized denominations of $1,000,000 and any amount in excess thereof and be in the form attached hereto as Exhibit D. Following such delivery of a Tax-Exempt Note, the Authority may request Advances under such Tax-Exempt Note as provided herein; provided that the aggregate amount of the Advances made under any Tax-Exempt Note may not exceed the stated principal amount of that Tax-Exempt Note. No more than four Tax-Exempt Notes may be outstanding at any time. WFB San ▇▇▇▇ RCA 14 4839-9346-9004.11
Tax-Exempt Notes. The weighted average maturity of the Tax-Exempt Notes does not exceed 120% of the average reasonably expected economic life of the Property financed with the proceeds of the Borrower Loan as represented by Borrower Note A-1 and Borrower Note A-2. The Tax- Exempt Notes are not and shall not be “federally guaranteed‟‟ as defined in Section 149(b) of the Code. Borrower intends to hold the Property for its own account and has no current plans to sell and has not entered into any agreement to sell all or any portion of the Property.
Tax-Exempt Notes