Federal Treasury Regulations Sample Clauses

Federal Treasury Regulations. Contractor acknowledges that Pima County manages the expenditures of bond proceeds in order to qualify for a spending exception to the arbitrage rebate requirements of Sections 148 through 150 of the Internal Revenue Code of 1986 and the related regulations found in 26 CFR Part 1, §§ 1.148 through 1.150 as may be modified from time to time (such statutes and regulations hereinafter referred to as the "Tax Exempt Bond Rules"). Contractor acknowledges that arbitrage rebate is affected by both the use of bond proceeds and by the timing of bond related expenditures. Notwithstanding any other provision of this Contract, County may, in County's sole discretion, either (i) reallocate Project funds to other projects funded with County bonds (which may, in some circumstances, result in a delay in payments under this Contract), or (ii) terminate this Contract as set forth in Article XVII below if the County, in its sole discretion, determines that such reallocation or termination is necessary or advantageous to the County under the Tax Exempt Bond Rules in order to (a) qualify for a spending exception to the arbitrage rebate requirements, or (b) reduce the amount of any potential arbitrage rebate or penalty, or (c) manage the County's bond proceeds.
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