O-1988-1595 - Laserfiche WebLink

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e e deposited into the Revenue Fund. For these purposes, the Tentative Rebate Amount as of a date is the amount described in Section l48(f) (3) (A) of the Code with respect to the Bonds determined as of such date, which . shall be determined in accordance with Temp. Treas. Reg. Section 1.103-15AT(d) (1) and any applicable regulations that are issued hereafter. An annual anniversary date for the Bonds shall include the first date on which all of the Bonds have been retired. (c) Disbursernent of the Rebate Fund. The amounts in the Rebate Fund shall be used solely for the payment to the United States of amounts described in Section 148(f) (2) of the Code and the regulations thereunder all as may be applicable to the Bonds. Such payment shall be made by the Authority in accordance with the requirernents of Section 148(f) (3) of the Code and the regulations thereunder. The first installment of such payment is to be made by the Authority within thirty days after the fifth annual anniversary date of the issuance of the Bonds, with each subsequent installment of such payment to be rnade within five years after the time at which the next preceding installment was required. The last installment of such payrnents is to be made by the Authority within 60 days after the final retirement of all of the Bonds. (d) Rebate Fund Records. The Authority shall rnaintain a record of its periodic deterrninations of the Tentative Rebate Amount until six years after the final retirement of all of the Bonds. Such records shall summarize the manner in which the Tentative Rebate Amount, if any, was determined on each date of deter- mination. (e) No Prohibited Payments. The Authority covenants and agrees with the holders of the Bonds not to make a prohibited payment, within the meaning of Temp. Treas. Reg. Section l.103-15AT(d) (6), with respect to the Bonds. A prohibited payment includes the payment, or agreernent to pay, to a party other than the United States, an amount that is required to be paid to the United States pursuant to Section 148(f) (3) of the Code by entering into a transaction that results in a smaller profit or a larger loss than would have resulted if the transaction had been at arms' length and if the yield on the issue had not been relevant to either party~ provided, however, that the direct purchase of United States Treasury obligations frorn the . 022DESAO/024C04 -22-