Localities definition
Examples of Localities in a sentence
In addition to the computation of the Localities' Locality Rebate Requirement, VPSA shall calculate its Rebate Requirement with respect to Nonpurpose Investments that were acquired with the Gross Proceeds of the VPSA Bonds in accordance with the procedures set forth in the Related VPSA Tax Agreement executed by VPSA in connection with the issuance of the VPSA Bonds.
The Rebate Computation for each Locality shall be made on the basis of information provided by VPSA and the Localities pursuant to the Related Tax Agreements.
In order to comply with the covenants by VPSA and each of the Localities regarding compliance with the requirements of the Code and the exclusion from federal income taxation of the interest paid and to be paid on the VPSA Bonds, the procedures described in this Letter Agreement may be modified as necessary, based on the advice of counsel, to comply with rulings, regulations, legislation or judicial decisions as may be applicable to such bonds.
Any statements of facts contained in these recitals pertaining to the sale of the VPSA Bonds and the application of such proceeds, other than the purchase of the Local School Bonds, will not be deemed to be made by the Localities except to the extent they have knowledge of such facts.
The Internal Revenue Code of 1986, as amended (as more particularly defined below, the "Code"), imposes requirements on VPSA and the Localities selling their Local School Bonds to VPSA that must be met if interest on the VPSA Bonds is to be excludable from gross income for federal income taxation under Section 103 of the Code, including arbitrage yield restriction and rebate requirements of Section 148 of the Code.
If VPSA determines that the Localities' Locality Rebate Requirements shall be calculated in the aggregate, VPSA shall compute the Aggregate Localities' Rebate Requirement in accordance with the procedure set forth below.
Such amount shall be the "Aggregate Localities' Rebate Requirement" as of the Computation Date.
If the calculation is made in the aggregate, then the Locality Rebate Requirement for each Locality shall not be greater than the portion of the Aggregate Localities Rebate Requirement determined by multiplying the Aggregate Localities Rebate Requirement by a fraction, the numerator of which is the positive Locality Rebate Requirement calculated separately and the denominator of which is the sum of all of the positive Locality Rebate Requirements calculated separately.
The Agreement shall establish the respective rights and obligations of the Member Localities and shall provide for revenue and economic growth- sharing arrangements with respect to tax revenues and other income and revenues generated by any facility owned by the Authority.
Localities without conventional electric energy: THE CONTRACTOR according to the TECHNICAL SPECIFICATIONS will propose in its TECHNICAL PROPOSAL the design of the energy system that allows guaranteeing the availability of the services according to the requirement of the TECHNICAL SPECIFICATIONS.