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same maturity and <br />integral multiple <br /> <br /> Section <br /> <br />aggregate amount in denominations of $5,000 or any <br />thereof. <br /> <br />8. COVENANTS. In the event of a default in the <br /> <br />payment of any bond or any installment of interest thereon, <br />bondholders shall have the remedies set forth in the Improvement <br />Bond Act of 1915. In addition, the City Council makes the following <br />covenants, which shall constitute a contract with the bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any installment of <br />the principal or interest of any assessment levied in Assessment <br />District No. 82-3, Meyer Center, becomes delinquent, the City <br />Council shal~ cause an action to be filed in the Superior Court of <br />the County of Alameda to foreclose the lien of the delinquent <br />assessment under the authority of Section 8830 and following of the <br />Streets and Highways Code of the State of California. This action <br />shall be filed not later than one hundred fifty (150) days after the <br />date of delinquency. <br /> <br /> Section 8.2. ARBITRAGE. During the term of the bonds, <br />the City will make no use of bond proceeds which, if such use had <br />been reasonably expected at the date the bonds are issued, would <br />have caused the bonds to be "arbitrage bonds" within the meaning of <br />Section 103(c) of the United States Internal Revenue Code of 1954, <br />as amended, and regulations of the Internal Revenue Service <br />authorized thereby. <br /> <br /> , , , <br /> <br /> <br />