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bondholders shall have the remedies set forth in the Improvement <br />Bond Act of 1915. In addition, the City Council makes the following <br />covenants, which shall constitute a contract with the bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any installment of <br />principal or interest of any assessment levied in Assessment <br />District No. 1986-9, North Pleasanton Improvement District No. 3, <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 Section <br />8830 and following of the Streets and Highways Code of the State of <br />California. This action shall be filed not later than September 1 <br />following the fiscal year of delinquency. <br /> <br /> Section 8.2. ARBITRAGE. During the term of the bonds, the <br />City will make no use of bond proceeds which, if such use had been <br />reasonably expected at the date the bonds are issued, could have <br />caused the bonds to be "arbitrage bonds" within the meaning of <br />Section 148 of the United States Internal Revenue Code of 1986, and <br />regulations of the Internal Revenue Service adopted thereunder, and <br />further shall rebate to the United States any amounts actually <br />earned as arbitrage in accordance with the provisions of that Code <br />and those regulations. <br /> <br /> Section 8.3. MAINTENANCE OF TAX EXEMPTION. The City will <br />take all reasonable actions required to maintain the status of the <br />bonds as bonds exempt from federal income taxes and State of <br />California personal income taxes. <br /> <br /> Section 8.4. REFUNDING. The City covenants that this <br /> <br /> 7 <br /> <br /> <br />