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investment-type property, excluding, however, obligations the <br />interest on which is exempt from income tax under section 103 of <br />the Code. <br />(~) onaurpose Obli tion. The term "Nonpurpose <br />Obligation" means any Investment Property which is acquired with <br />the Gross Proceeds of the Bonds and is not acquired in order to <br />carry out the governmental purpose of the Bonds. <br />(k) Project. The term "Project" means the <br />construction, acquisition and installation of the authorized <br />public improvements as described in the legal proceedings for <br />Assessment District No. 1986-8, Hacienda Business Park - Phase <br />II. <br />(1) Purchase Price. The term "Purchase Price," for <br />the purpose of computation of the Yield of the Bonds, has the <br />same meaning as the term "issue price" in sections 1273(b) and <br />1274 of the Code, and, in general, means the initial offering <br />price to the public (not including bond houses and brokers, or <br />similar persons or organizations acting in the capacity of <br />underwriters or wholesalers) at which price a substantial amount <br />of the Bonds are sold or, if the Bonds are privately placed, the <br />price paid by the first buyer of the Bonds or the acquisition <br />cost of the first buyer. The term "Purchase Price," for the <br />purpose of computation of the Yield of Nonpurpose Obligations, <br />means the fair market value of the Nonpurpose Obligations on the <br />date of use of Gross Proceeds of the Bonds for acquisition <br />thereof, or if later, on the date that Investment Property <br />constituting a Nonpurpose Obligation becomes a Nonpurpose <br />Obligation of the Bonds. <br />(m) Regulations. The term "Regulation" means <br />temporary and permanent regulations promulgated under section <br />148 of the Code. <br />(n) Resolution. The term "Resolution" means the <br />Resolution Authorizing Issuance of Bonds adopted by the City <br />Council of the City on December 2, 1986. <br />(o) Treasurer. The term "Treasurer" means the <br />Director of Finance of the City of Pleasanton. <br />(p) YiF?1r1, The term "Yield" means that yield which, <br />when used in computing the present worth of all payments of <br />3 <br />