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$100,000 in any bond year) will be deposited in the investment <br />earnings fund. On July 1 of each year during the term of the bonds <br />(or at other times as may .be required or permitted by regulations of <br />the United States Internal Revenue Service), the Director of Finance <br />shall determine whether any portion of investment earnings must be <br />rebated to the United States pursuant to Section 148 of the United <br />States Internal Revenue Code and regulations adopted thereunder. <br />Any amounts required to be rebated will be transferred to the <br />arbitrage rebate fund, and the balance will be transferred as <br />follows: <br /> <br /> (a) To the extent that the balance in the special reserve <br />fund is less than the Reserve Requirement, a transfer will be made <br />from the investment earnings fund to the special reserve fund. <br /> <br /> (b) The remaining balance in the investment earnings fund, if <br />any, will be transferred to the improvement fund until the <br />improvement is completed and the improvement fund is closed; <br />thereafter the balance in the investment earnings fund will be <br />transferred to the redemption fund to be used, in the discretion of <br />the Director of Finance, as a credit upon the annual installments of <br />assessment or for the advance retirement of bonds. <br /> <br /> The Director of Finance is authorized to retain independent <br />attorneys, accountants and other consultants to assist in complying <br />with Federal requirements. <br /> <br /> Section 5.5. ARBITRAGE REBATE FUND. Amounts in the <br /> arbitrage rebate fund shall be invested in the same manner as <br /> amounts in the other funds and shall be held in trust for rebate to <br /> <br /> 5 <br /> <br /> <br />