COM 1109.000 2020-2022 - Laserfiche WebLink

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shall withdraw the excess from the appropriate subaccount of the Rebate Account and then credit the excess to the Special Tax Fund. (C) Payment to the Treasury Department. The Trustee shall pay, as directed in writing by an Authorized County Representative, to the Treasury Department, out of amounts in each subaccount of the Rebate Account, 1. Not later than 60 days after the end of(A)the fifth Bond Year and(B) each applicable fifth Bond Year thereafter, an amount equal to at least 90%of the Rebatable Arbitrage calculated as of the end of such Bond Year for each issue of Bonds; and 2. Not later than 60 days after the payment or redemption of all of the Bonds an amount equal to 100%of the Rebatable Arbitrage calculated as of the end of such applicable Bond Year,and any income attributable to the Rebatable Arbitrage,computed in accordance with Section 148(f) of the Tax Code. In the event that, prior to the time of any payment required to be made from the Rebate Account, the amount in the Rebate Account is not sufficient to make such payment when such payment is due, the County shall calculate or cause to be calculated the amount of such deficiency and deposit an amount received from any legally available source equal to such deficiency prior to the time such payment is due. Each payment required to be made pursuant to this Subsection (a)(i) shall be made on or before the date on which such payment is due, and shall be accompanied by Internal Revenue Service Form 8038-T, or shall be made in such other manner as provided under the Tax Code. (ii) Alternative Penalty Account. (A) Six-Month Computation. If the 1'/2%Penalty has been elected, within 85 days of the Six-Month Period, the County shall determine or cause to be determined whether the 11/2% Penalty is payable (and the amount of such penalty) as of the close of the Six-Month Period. The County shall obtain expert advice in making such determinations. (B) Six-Month Transfer. Within 85 days of the close of the Six-Month Period, the Trustee, at the written direction of an Authorized County Representative, shall deposit an amount in the appropriate subaccounts of the Alternative Penalty Account from any source of funds held by the Trustee pursuant to this Indenture and designated by the County in such written directions or provided to it by the County, if and to the extent required, so that the balance in each subaccount of the Alternative Penalty Account equals the amount of 1'/2%Penalty due and payable to the Treasury Department determined as provided in Subsection (a)(ii)(A) above. In the event that immediately following any transfer provided for in the previous sentence, or the date on which the County determines that no transfer is required for such Bond Year, the amount then on deposit in a subaccount of the Alternative Penalty Account exceeds the amount required to be on deposit therein to make the payments required by Subsection (C) below, the Trustee, at the written direction of an Authorized County Representative, shall withdraw the excess from the applicable subaccount of the Alternative Penalty Account and credit the excess to the Special Tax Fund. (C) Payment to the Treasury. The Trustee shall pay, as directed in writing by an Authorized County Representative, to the Treasury Department, out of amounts in a subaccount of the Alternative Penalty Account, specified by the County in writing not later than 90 days after the close of the Six-Month Period the P/2% Penalty, if applicable and payable, 28