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Section 8.2. ARBITRAGE. During the term of the bonds, <br />the City wil~ 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 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 /> , , , <br /> <br /> I HEREBY CERTIFY that the foregoing resolution was duly <br />and regularly adopted by the City Council of the City of Pleasanton, <br />Alameda County, California, at a regular meeting thereof, held on <br />the 5th day of January, 1988. <br /> <br />AYES: Councilmembers Brandes, Butler, Mohr, Wilson, andMayor Mercer <br />NOES: Councilmembers None <br />ABSENT: Councilmembers None <br /> <br /> JAMES R. WALKER, City Clerk <br /> City of Pleasanton, Alameda <br /> County, California <br /> <br /> <br />