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Revenue Code of 1986, and regulations of the Internal Revenue <br />Service authorized thereby, 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, all as more particularly set forth in the detailed <br />arbitrage covenant attached hereto as Exhibit C and incorporated <br />herein hy reference. <br /> <br /> ~D~O~. 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. REE~NDIJ~G. In accordance with the <br />provisions of Section 8571.3 of the Streets and Highways Code, <br />the City shall not refund this bond issue pursuant to the <br />provisions of Division ll.5 of the California Streets and <br />Highways Code herore September 2, 1993. This covenant shall not <br />prevent the advancement of maturity of any bond of this bond <br />issue pursuant to the procedures of Part 8, Part 9, Part 11 or <br />Part 11.1 of Divisioh 10 of the California Streets and Highways <br />Code, or pursuant~to subsequent assessment proceedings for <br />additional improvements. <br /> <br /> <br />