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EXHIBIT C <br /> ARBITRAGE AND REBATE COVENANTS <br /> <br />~O~D~L~. Definitions Applicable to These Covenants <br /> <br /> (a) Bonds. The term "Bonds" means the refunding <br />improvement bonds, issued in the par value of <br />dated December 2, 1988, by the City of Pleasanton, for <br />Assessment District No. 1~88-T, North Pleasanton Improvement <br />District No. 2. <br /> <br /> (b) ~. The term "Bond Year" means the twelve <br />month period beginning on December 2 of each year and ending on <br />December 1 of the following year, commencing with the period <br />beginning on December 2, lg88 and ending on December l, 1~87. <br /> <br /> (c) Code. The term "Code" means the Internal Revenue <br />Code of 1~88. <br /> <br /> (d) Debt SeXyiCe. The term "Debt Service" means the <br />scheduled amount of interest and amortization of principal <br />payable on the Bonds during the period of computation, excluding <br />amounts scheduled during such period which relate to principal <br />which has been retired before the beginning of such period. <br /> <br /> (e) Excess Investment Earnings. The term "Excess <br />Investment Earnings" has the meaning ascribed to it in Section <br />3(b) hereof. <br /> <br /> (f) Excess Investment Earnings Fund. The term "Excess <br />Investment Earnings Fund" means the account by that name created <br />by, and held by the City pursuant to this Certificate. <br /> <br /> (g) Gross ProceedS. The term "Gross Proceeds" means <br />the sum of the following amounts: <br /> <br /> (i) original proceeds, namely, net amounts (after <br /> payment of all expenses of issuing the Bonds) received <br /> by or for the City as a result of the sale of the Bonds, <br /> excluding original proceeds which become transferred <br /> proceeds (determined in accordance with applicable <br /> Regulations) of obligations issued to refund in whole <br /> or in part the Bondsl <br /> <br /> (ii) investment proceeds, namely, amounts received <br /> <br /> <br />