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on a year to year basis the extent to which earnings on the
investment of Cross Proceeds of the Bonds exceeds the Yield on
the Bonds. Such arbitrage ~rofits, if any, must be set aside in .
the Rebate Fund, invested and paid to the United States
Government at least every five years. For this purpose, positive
arbitrage sarnings in one fund may be offset by negative
arbitrage earnings in another fund (howevPr, all investment
earnings on the Excess Account and earnings in the Earnings
Account are rebatable). Further, positive and negative arbitrage
from one y~ar to the next, but with3n the five year payment
period, may offset each other (again, with the exception of
earnings on the Excess Account and in the Earnings Account).
Calculation of the Rebate Amount shall take into account,
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but shall not be limited to, investment in (a) the Series 1987A
Construction Fund, (c) the Sinking Fund, (d) the Reserve Account,
and (e) t~e Redemption Fund.
SECTION 7. RECORD~; BOND COUNSEL OPINION, DI7TIES OF
TRUSTEE. ~
(aj The ~rustee, the Issuer and the Borrower shall retai.n
all racords with respect to the c,alculations an3 instructions _
required by this Rebate Agreement for at least six years after
th~ date on which the las~ of the principal of and interest on
the Bonds has been paid, whethe~ upon ma~urity, rQdemption, or
acceleration thereof.
(b) Notw~~ChStanding ar.x provision of this Rebate Agre~m~nt,
if the Issiaer and the Borrower shall ptovide t~ t~e Trustee an
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