RES 87418 - Laserfiche WebLink

Certificate and instructions of the City given pursuant to the Rebate Certificate. All money at any time deposited in the Rebate Fund and any subaccount therein shall be held by the Trustee in trust, to the extent required to satisfy the Rebate Requirement (as defined in the Rebate Certificate), for payment to the United States of America. All amounts required to be deposited into or on deposit in the Rebate Fund shall be governed exclusively by this Section and by the Rebate Certificate. The Trustee shall be deemed conclusively to have complied with such provisions if it follows the directions of the ~ity and the Rebate Certificate, and shall have no liak. iity or responsibility to enforce compliance by the City with the terms of the Rebate Certificate. (B) Upon the City's written direction, the Trustee shall pay to the United States, out of amounts in the Rebate Fund, (1) not later than 30 days after the end of the fifth Bond Year (as defined in the Rebate Certificate) and not less frequently than once each five years thereafter, an amount equal to at least 90% of the Rebate Requirement (as defined in the Rebate Certificate)~ and (2) not later than 60 days after the retirement of all the Certificates, an amount equal to 100% of the Rebate Requirement (as defined in the Rebate Certificate) (determined as of the date of the retirement of all the obligations represented by the Certificates). In the event that, prior to the time of any required payment out of the Rebate Fund, the amount in the Rebate Fund is not sufficient to make such payment when such payment is due, the City shall calculate and direct the Trustee to deposit from lawfully available sources an amount equal to such deficiency into the Rebate Fund prior to the time such payment is due. Each payment required to be made pursuant to this subsection shall be made to the Internal Revenue Service Center, Philadelphia, Pennsylvania 19255 on or before the date such payment is due, and shall be accompanied by a statement summarizing the determination of the amount required to be paid pursuant to this subsection and by a copy of the Internal Revenue Service Form 8038 prepared by the City filed with respect to the Certificates. Notwithstanding anything to the contrary in this Trust Agreement, any amount received with respect to a Nonpurpose Investment (as defined in the Rebate Certificate) credited to the Rebate Fund shall be credited to and retained in the Rebate Fund upon the receipt thereof. 33 1451S