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constitutin~ a Nonpurpose Obligation becomes a Nonpurpose <br />Obligation of the Bonds. <br /> <br /> (n) Re_~ulations. The term "Regulation" means <br />temporary and permanent regulations promulgated under section <br />1~8 of the Code. <br /> <br /> (o) ~. The term "Resolution" means the <br />Resolution Authorizin~ Issuance of Bonds adopted hy the City <br />Council of the City on November 18, 1986. <br /> <br /> (p) Treasurer. The term "Treasurer" means the <br />Director of Finance of the C~ty of Pleasanton. <br /> <br /> (q) Yield. The term "Yield" means that yield which, <br />when used in computin~ the present worth of all payments of <br />principal and interest (or other payments in the case of <br />Nonpurpose Obligations which require payments in a form not <br />characterized as principal and interest) on a Nonpurpose <br />Obligation or on the Bonds, produces an amount equal to the <br />Purchase Price of such Nonpurpose Obligation or the Bonds, all <br />computed as prescribed in applicable Regulations. For the <br />purpose hereof, the yield on a Nonpurpose Obligation that <br />consists of variable rate Investment Property shall he <br />determined as of the date the Nonpurpose Obligation is acquired <br />and as of the first day of each Bond Year hy assumin~ that the <br />rate of interest will he the weighted average rate of interest <br />for such Investment Property during the precedin~ one-year <br />period (or portion thereof in which the Nonpurpose Obligation <br />was outstanding). With respect to a Nonpurpose Obligation <br />purchased on its date of issue, the Yield for the first Bond <br />Year shall he determined hy assuming that the rate of interest <br />will he the initial rate of interest for such Nonpurpose <br />Obligation as determined under the prescribed formula on such <br />date of issue (without re~ard to any fixed rate initially <br />applicable to such Nonpurpose Obligation). <br /> <br />~. No Arhitra~e Covenant. <br /> <br />The City shall not take, nor permit nor suffer to he taken hy <br />any other person, any action with respect to the Gross Proceeds <br />of the Bonds which if such action had been reasonably expected <br />to have been taken, or had been deliberately and intentionally <br />taken, on the date of the issuance of the Bonds would have <br />caused the Bonds to he "arbitrage bonds" within the meanin~ of <br /> <br /> <br />