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delivery of the Bonds on all Nonpurpose Obligations in <br /> which Gross Proceeds of the Bonds are invested (other <br /> than amounts attributable to an excess described in <br /> this paragraph (i), over <br /> <br /> (B) the amount that would have been earned if the <br /> Yield on such Nonpurpose 0hli~ations (other than amounts <br /> attributable to an excess described in this p~ra~raph (i)) <br /> had been equal to the Yield on the Bonds, plus <br /> <br /> (ii) any income attributable to the excess described <br /> in paragraph (i). <br /> <br /> (o) Calculation of Excess Investment Earnin_~s. Prior <br />to the last day of the first Bond Year, the City shall calculate <br />the Excess Investment Earnings referenced in paragraph (i) of <br />subsection (h). Thereafter, prior to the last day of each Bond <br />Year and on the date of the retirement of the Bonds, the City <br />shall calculate the amount of Excess Investment Earnings <br />referenced in paragraphs (i) ~nd (ii) of subsection (h). Said <br />calculations shall he made or c~used to he made hy the City in <br />accordance with the following: <br /> <br /> (1) Except as provided in (2), in determinin~ the <br /> amount described in paragraph (i)(A) of subsection (h), <br /> the a~re~ate amount earned on Nonpurpose Obligations <br /> shall include (i) all income realized under federal <br /> income tax accountin~ principles (whether or not the <br /> person e&rning such income is subject to federal income <br /> tax) with respect to such Nonpurpose 0hligations and <br /> with respect to the reinvestment of investment receipts <br /> from such Nonpurpose Obligations (without regard to <br /> the transaction costs incurred in acquiring, carrying, <br /> selling or redeeming such Nonpurpose 0hli~ations), <br /> including, hut not limited to, gain or loss realized <br /> on the disposition of such Nonpurpose Obligations <br /> (without regard to when such ~ains are taken into <br /> account under Section 4B3 of the Code relatin~ to <br /> taxable year of inclusion of ~ross income), and <br /> income under Section 1272 of the Code (relating <br /> to original issue discount) and (ii) any unrealized <br /> ~ain or loss as of the date of retirement of the Bonds <br /> in the event that any Nonpurpose 0hligation is retained <br /> after such date. <br /> <br /> 8 <br /> <br /> <br />