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12
City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2010
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120710
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12/1/2010 4:51:21 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
12/7/2010
DESTRUCT DATE
15Y
DOCUMENT NO
12
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and represents payment of, principal. Each Lease shall set forth the principal and interest <br /> components of each Rental Payment payable thereunder during the Lease Term. <br /> Section 4.03. Rental Payments to Constitute a Current Expense of Lessee. Lessor and <br /> Lessee understand and intend that the obligation of Lessee to pay Rental Payments under each <br /> Lease shall constitute a current expense of Lessee payable solely from its general fund or other <br /> funds that are legally available for that purpose and shall not in any way be construed to be a <br /> debt of Lessee in contravention of any applicable constitutional or statutory limitation or <br /> requirement concerning the creation of indebtedness by Lessee, nor shall anything contained <br /> herein or in a Lease constitute a pledge of the general tax revenues, funds or moneys of Lessee. <br /> Section 4.04. Rental Payments to be Unconditional. Except as provided in Section 3.03, <br /> the obligations of Lessee to make Rental Payments and to perform and observe the other <br /> covenants and agreements contained in each Lease shall be absolute and unconditional in all <br /> events without abatement, diminution, deduction, set -off or defense, for any reason, including <br /> without limitation any failure of the Equipment, after it has been accepted by Lessee, any <br /> defects, malfunctions, breakdowns or infirmities in the Equipment or any accident, <br /> condemnation or unforeseen circumstances. <br /> Section 4.05. Tax Covenants. <br /> (a) Lessee agrees that it will not take any action that would cause the interest <br /> component of Rental Payments to be or to become ineligible for the exclusion from gross income <br /> of the owner or owners thereof for federal income tax purposes, nor will it omit to take or cause <br /> to be taken, in timely manner, any action, which omission would cause the interest component of <br /> Rental Payments to be or to become ineligible for the exclusion from gross income of the owner <br /> or owners thereof for federal income tax purposes. <br /> (b) In the event that Lessee does not spend the moneys in the Acquisition Fund within <br /> six (6) months of the date the deposit is made pursuant to Section 3.04(c), Lessee will, if required <br /> by section 148(0 of the Code to pay rebate: (i) establish a Rebate Account and deposit the <br /> Rebate Amount (as defined in Section 1.148 -3(b) of the Federal Income Tax Regulations) not <br /> less frequently than once per year after the applicable Commencement Date; and (ii) rebate to the <br /> United States, not less frequently than once every five (5) years after the applicable <br /> Commencement Date, an amount equal to at least 90% of the Rebate Amount and within 60 days <br /> after payment of all Rental Payments or the Purchase Price as provided in Section 10.01(a) <br /> hereof, 100% of the Rebate Amount, as required by the Code and any regulations promulgated <br /> thereunder. Lessee shall determine the Rebate Amount, if any, at least every year and upon <br /> payment of all Rental Payments or the Purchase Price and shall maintain such determination, <br /> together with any supporting documentation required to calculate the Rebate Amount, until six <br /> (6) years after the date of the final payment of the Rental Payments or the Purchase Price. <br /> Section 4.06. Event of Taxability. Upon the occurrence of an Event of Taxability, the <br /> interest component shall be at a Taxable Rate retroactive to the date as of which the interest <br /> component is determined by the Internal Revenue Service to be includible in the gross income of <br /> the owner or owners thereof for federal income tax purposes, and Lessee will pay such additional <br /> #765386v1A (BAPCC /Gov't Entity Master Lease) 8 (DISTRIBUTION COPY) <br />
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