Laserfiche WebLink
proceeds of the sale of the Refunding Bonds shall be deposited in <br />the Expense Fund and shall be kept separate and distinct from all <br />other City funds. All money in the Expense Fund shall be <br />disbursed on such dates and in such amounts as are necessary to <br />pay all costs of issuing the Refunding Bonds (as provided under <br />the Act), including all expenses incident to the calling, <br />retiring or paying of the Original Bonds and to the issuance of <br />the Refunding Bonds, and including, but not limited to, fees of <br />bond counsel, underwriters, certified public accountants and <br />rating agencies, printing and advertising costs, administrative <br />expenses of the City and the charges of the Finance Director in <br />connection with the refunding of the Original Bonds and the <br />issuance of the Refunding Bonds. All money remaining in the <br />Expense Fund on the one hundred eightieth (180th) day following <br />the date of delivery of the Refunding Bonds shall be deposited in <br />the Redemption Fund. <br /> <br /> Section 13. The City will not take or omit to take any <br />action that would cause the interest on the Refunding Bonds to be <br />included in gross income for federal income tax purposes. <br />Without limiting the generality of the foregoing: <br /> <br /> (a) The City will not directly or indirectly use or <br />allow the use of more than 10% of the proceeds of the Refunding <br />Bonds in the trade or business of any nongovernmental persons, <br />and the City will not allow any actions to be taken that would <br />result in the Refunding Bonds being treated as federally <br />guaranteed pursuant to Section 149(b) of the Internal Revenue <br />Code of 1986, as amended (the "Code"); and <br /> <br />SF248850.1 2 4 <br /> <br /> <br />