University of Virginia Library

Search this document 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
expand section
 
 
 
 
collapse section
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
expand section

Section 1. The Board covenants that the Institution will not take or omit to take any action the taking or omission of which will cause the Refunding Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "1986 Code"), or otherwise cause interest on the Refunding Bonds


4655

to be includable in the gross income of the owners thereof for federal income tax purposes under existing laws. Without limiting the generality of the foregoing, the Institution will pay from time to time its proportional share of any rebate to the United States of the earnings derived from the investment of the gross proceeds of the Refunded Bonds or the Refunding Bonds that are subject to such rebate.