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<br />- <br /> <br />and interest and redemption premium, if any, on the bonds or other obligations described <br />in this clause (2) to and including the maturity date or dates thereof or to and including <br />the redemption date or dates specified in the irrevocable instructions referred to in <br />subclause (i) of this clause (2), as appropriate; <br /> <br />(3) Evidences of indebtedness issued by the Federal Home Loan Banks, <br />Federal Home Loan Mortgage Corporation (including participation certificates), Federal <br />Financing Banks, or any other agency or instrumentality of the United States of America <br />created by an act of Congress provided that the obligations of such agency or <br />instrumentality are unconditionally guaranteed as to timely payment by the United States <br />of America or any other agency or instrumentality of the United States of America or of <br />any corporation wholly-owned by the United States of America; and <br /> <br />(4) Evidences of ownership of proportionate interests in future interest and <br />principal payments on obligations described in clause (1) above held by a bank or trust <br />company as custodian. <br /> <br />(i) <br />following: <br /> <br />"Determination of Taxability" means, with respect to the 2010 Bond, any of the <br /> <br />(1) the holder of the 2010 Bond receives a written claim or assertion from the <br />Internal Revenue Service, including an agent's report or notice of proposed adjustment, <br />to the effect that interest on the 2010 Bond is includable in the gross income of the owner <br />thereof for federal income tax purposes which claim or assertion is not being disputed in <br />good faith, or <br /> <br />(2) the delivery to the holder of the 2010 Bond of a written opinion of Bond <br />Counsel which is not disputed in good faith by the City to the effect that <br /> <br />(i) such interest is included in the gross income of the holder of the <br />2010 Bond for federal income tax purposes under the Code, or <br /> <br />(ii) such Bond Counsel cannot render an opinion, without materially <br />qualifying the same (which qualification must also be deemed material in the <br />reasonable opinion of the holder of the 2010 Bond and its counsel after <br />consultation with the City), to the effect that interest on the 2010 Bond is <br />excludable from the gross income of the owner thereof for federal income tax <br />purposes (without regard to an alternative minimum tax), or <br /> <br />(3) interest on the 2010 Bond is otherwise declared or determined to be includable <br />in the gross income of the owner thereof for federal income tax purposes by reason of <br />legislation, judgment of a court of competent jurisdiction, or final determination letter of <br />the Internal Revenue Service which judgment or determination letter is final and non- <br />appealable. <br /> <br />Auth. the Issuance of a Storm water Utility Rev. Bond 6 <br />Series 2010 $3,500,000 <br />MIA 181,312,776v4 7-8-10 <br />