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following covenants, which shall constitute a contract with the <br />bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any <br />installment of the principal or interest of any assessment <br />levied in Assessment District No. 1988-9, North Pleasanton <br />Improvement District No. ~ becomes delinquent, the City Council <br />shall cause an action to be filed in the Superior Court of the <br />County of Alameda to foreclose the lien of the delinquent <br />assessment under the authority of Section 88~0 and following of <br />the Streets and Highways Code of the State of California. This <br />action shall be filed not later than one hundred fifty (180) <br />days after the date of delinquency. <br /> <br /> ~~u~. ~Tj~GE. During the term of the <br />bonds, the City will make no use of bond proceeds which, if such <br />use had been reasonably expected at the date the bonds are <br />issued, could have caused the bonds to be "arbitrage bonds" <br />within the meaning of Section 148 of the United States Internal <br />Revenue Code of 1988, and regulations of the Internal Revenue <br />Service adopted thereunder, and further shall rebate to the <br />United States any amounts actually earned as arbitrage in <br />accordance with the provisions of that Code and those <br />regulations. <br /> <br /> Section 8.~. MAINTENANCE OF TAX EXEMPTION. The City <br />will take all reasonable actions required to maintain the status <br />of the bonds as bonds exempt from federal income taxes and State <br />of California personal income taxes. <br /> <br /> Section 8.4. REFUNDING. These Series A bonds are not <br /> <br /> <br />