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L. BOOKS AND - <br />shall keep books and <br />of <br />he <br />nty <br />collection of the A sessmentsSandTotheruReve Revenues, which such books c ndsre oras <br />shall be kept separate and apart from all other books and records of the County. <br />The Clerk of the Board shall, at the end of each Fiscal Year, prepare a written <br />report setting forth the collections received, the number and amount of <br />delinquencies, the proceedings taken to enforce collections and cure <br />delinquencies and an estimate of time for the conclusion of such legal <br />proceedings. Such report shall be audited by the certified public accountants <br />of the County as part of the annual County audit. Copies of such reports shall, <br />upon written request, be mailed to the Registered Owners of the Bonds. <br />M. ARBITRAGE. No use of the proceeds of the Bonds will be made which <br />will cause the Bonds to be or become "arbitrage Bonds" within the meaning of <br />Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as <br />amended (the "Code"), and the regulations implementing said Sections that duly <br />have been published in the Federal Register or with any other applicable <br />regulations implementing said Sections, and the County further covenants to <br />comply with all other requirements of the Code if and to the extent applicable <br />to maintain continuously the Federal income tax exemption of interest on the <br />Bonds. <br />N. ARBITRAGE REBATE. The County shall at least annually transfer <br />appropriate amounts from the funds and accounts hereunder to which income on <br />investments has been deposited, into an account to be known as the "Special <br />Assessment Revenue Bonds, Series 1989, Rebate Account" (herein referred to as <br />the "Rebate Account") sufficient to pay to the United States of America all <br />amounts due with respect to the Bonds under the provisions of Section 148 (f) <br />of the Internal Revenue Code of 1986, as amended and supplemented, or under <br />similar provisions of subsequent federal revenue laws. The earnings on the <br />Rebate Account shall be added to and become a part of the Rebate Account. Moneys <br />in the Rebate Account shall only be used to pay the amounts due to the United <br />States of America under said Section of the Code as the same shall become due <br />and payable. It is the intent of this paragraph to provide for payment of all <br />amounts due under said Section of the Code with respect to the Bonds, in such <br />installments and at such times as may be required by said Section of the Code. <br />In the event of any amendment to the Code or the promulgation of regulations <br />under the Code which provide or require otherwise than as provided or required <br />in this paragraph, this paragraph shall be deemed to be amended to incorporate <br />such amendments or regulations, to the extent applicable, and any provisions <br />hereof which conflict with the provisions thereof shall be deemed to be null and <br />void. <br />0. TAX COVENANTS. The County covenants that it will not take any <br />action or fail to take any action with respect to the proceeds of the Bonds that <br />would result in loss of the exclusion from gross income for federal income tax <br />purposes pursuant to section 103(a) of the Code of interest paid on Outstanding <br />- 24 - <br />