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Section 9. COVENANTS. In the event of a default in the <br />payment of any bond or any installment of interest thereon, <br />bondholders shall have the remedies set forth in the Improvement <br />Bond Act of 1915. In addition, the City Council makes the <br />following covenants, which shall constitute a contract with the <br />bondholders: <br /> <br /> Section 9.1. FORECLOSURE OF LIENS. If any installment of <br />the principal or interest of any assessment levied in Assessment <br />District No. 1986-7, North Pleasanton Improvement District No. 2, <br />becomes delinquent, the City Council shall cause an action to be <br />filed in the Superior Court of the County of Alameda to foreclose <br />the lien of the delinquent assessment under the authority of <br />Section 8830 and following of the Streets and Highways Code of <br />the State of California. This action shall be filed not later <br />than one hundred fifty (150) days after the date of delinquency. <br /> <br /> Section 9.2. ARBITRAGE. During the term of the bonds, the <br />City will make no use of bond proceeds which, if such use had <br />been reasonably expected at the date the bonds are issued, could <br />have caused the bonds to be "arbitrage bonds" within the meaning <br />of Section 148 of the United States Internal Revenue Code of <br />1986, and regulations of the Internal Revenue Service adopted <br />thereunder, and further shall rebate to the United States any <br />amounts actually earned as arbitrage in accordance with the <br />provisions of that Code and those regulations. <br /> <br /> Section 9.3.. MAINTENANCE OF TAX EXEMPTION. ~he City will <br />take all reasonable actions required to maintain the status of <br /> <br /> <br />