O-2019-3769 Authorizing and ordering the issuance, sale, and delivery of City of La Porte General Obligation Refunding Bonds, Series 2020

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such document omits no more than the information permitted by Subsection (b)(1) of Rule 15c2- 12. Section 7.4.: Application of Proceeds of Bonds. Proceeds from the sale of the Bonds shall, promptly upon receipt by the City, be applied as follows: (a) A portion of the proceeds shall be applied to pay expenses arising in connection with the issuance of the Bonds and the refunding of the Refunded Obligations; (b) A portion of the proceeds shall be used to refund the Refunded Obligations; and (c) any remaining proceeds shall be transferred to the Debt Service Fund. Section 7.5.:Covenants to Maintain Tax Exemption. (a) Definitions. When used in this Section, the following terms have the following meanings: "Code" means the Internal Revenue Code of 1986, as amended by all legislation, if any, effective on or before the Issue Date. "Computation Date" has the meaning stated in section 1.148-1(b) of the Regulations. "Gross Proceeds" has the meaning stated in section 1.148-1(b) of the Regulations. "Investment" has the meaning stated in section 1.148-1(b) of the Regulations. "Issue Date" for the Bonds or other obligations of the City is the respective date on which such obligations of the City are first delivered against payment therefor. "Nonpurpose Investment" has the meaning stated in section 1.148-1(b) of the Regulations. "Proceeds" has the meaning stated in section 1.148-1(b) of the Regulations. "Rebate Amount" has the meaning stated in section 1.148-3 of the Regulations. "Regulations" means the temporary or final Income Tax Regulations applicable to the Series 2020 Bonds issued pursuant to sections 141 through 150 of the Code. Any reference to a section of the Regulations shall also refer to any successor provision to such section hereafter promulgated by the Internal Revenue Service pursuant to sections 141 through 150 of the Code and applicable to the Bonds. "Yield of (1) any Investment shall be computed in accordance with section 1.148-5 of the Regulations, and (2) the Bonds shall be computed in accordance with section 1.148-4 of the Regulations.