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section 148(a) of the Code and Regulations promulgated <br />thereunder. At no time will the amounts deposited in or <br />credited to the Improvement Fund, the Redemption Fund, the <br />Reserve Fund, the Investment Earnings Fund, and the Excess <br />Investment Earnings Fund he invested in any form of investment <br />which produces a yield greater than the bond yield. <br /> <br />~j~0~_~. Rebate Covenant. <br /> <br /> (a) Creation of Funds. There are hereby created, to <br />he held by the Treasurer as separate funds distinct from all <br />other funds and accounts held hy the Treasurer under the <br />Resolution, the Investment Earnings Fund and the Excess <br />Investment Earnings Fund. All interest earnings and profits on <br />amounts in all funds established under this Certificate, other <br />than interest earnings on the Redemption Fund and any other <br />funds referenced in subsection (0)(8) hereof if such earnings in <br />any Bond Year are less than $100,000, shall, upon receipt by the <br />City, he deposited in the Investment Earnings Fund. In <br />addition, all interest earnings and profits on Gross Proceeds in <br />funds held hy the City shall upon receipt, he deposited in the <br />Investment Earnings Fund. Annually, on the last day of each <br />Bond Year or on the preceding business day in the event that <br />such last day is not a business day, the Treasurer shall <br />transfer from the Investment Earnings Fund to the Excess <br />Investment Earnings Fund for purposes of ultimate rebate to the <br />United States an amount equal to Excess Investment Earnings, all <br />as more particularly described in this Section. Following the <br />transfer referenced in the preceding sentence, the Treasurer <br />shall transfer all amounts remaining in the Investment Earnings <br />Fund to the Redemption Fund to he used for the payment of Debt <br />Service on the Bonds on the next interest payment date and for <br />such purpose, Debt Service due from the City on such date shall <br />he credited hy an amount equal to the amount so transferred. <br /> <br /> (h) Definition of Excess Investment Earnings. The <br />City shall calculate Excess Investment Earnings in accordance <br />with subsection (h) and shall assure payment of an amount equal <br />to Excess Investment Earnings to the United States in accordance <br />with subsections (c) and (d). The term "Excess Investment <br />Earnings" means an amount equal to the sum of: <br /> <br /> (i) the excess of <br /> <br /> (A) the aggregate amount earned from the date of <br /> <br /> <br />