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bondholders shall have the remedies set forth in the Improvement <br />Bond Act of 1915. In addition, the City Council makes the <br />following covenants, which shall constitute a contract with the <br />bondholders: <br />Section 8.1. FORECLOSURE OF LIENS. If any <br />installment of the principal or interest of any assessment <br />levied in Assessment District No. 1986-8, Hacienda Business <br />Park - Phase II becomes delinquent, the City Council shall cause <br />an action to be filed in the Superior Court of the County of <br />Alameda to foreclose the lien of the delinquent assessment under <br />the authority of Section 8830 and following of the Streets and <br />Highways Code of the State of California. This action shall be <br />filed not later than one hundred fifty (150) days after the date <br />of delinquency. <br />Section 8.2. ARBITRAGE. During the term of the <br />bonds, the City will make no use of bond proceeds which, if such <br />use had been reasonably expected at the date the bonds are <br />issued, would have caused the bonds to be "arbitrage bonds" <br />within the meaning of Section 148 of the United States Internal <br />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 by reference. <br />Section 8.3. ~1AINTENANCE OF TAX EXEMPTION. The City will <br />6 <br />