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~~ ~e pr-~~a~~ a~tiv~t~ bons, and ~~~ a.~o~~ ~~~~~ o~'t~~ dote i~ not ion~~r ti~a~~ ~•aonbly ~~cesary for its ov~r•r~r~~or~tai p~r~os~. ~, ~a~~x~~~~pt Status ~~ ti~~ dote; ~bat~; ~~o~ons, T~~e ~~ ~~~~~~ con~~~}~ ~~it~~ ,, ^_ _.,.., ~,_y,,,,~~ r•~q~r~r~n~on~~ r~eees~a~~r ~ndor ~l~e ads ~~ ~s~a~~isi~ and n1a~r~ta~n ~~~e ex~I~rs~on oftl~e ~nt~~~s~ on t~~~ ~~~ ron~ doss ir~~or~ne ~rnde~ S~~t~~n X03 o~'t~~ dodo, in~~udin~ ~~~t~~o~~t ~~~ni~ion r-e~r~~or~~ents ~a~i~~ to ~~r~~orar~ pods for ~n~~s~n~~nts, ~irn~~a~~o~~ an amounts ~n~e~od ~ }~io~d ~roate~ t~~an ~~~~ ~~eld on ~~ ~~, end ~~~e re~a~o o~ ices ~n~~tn~ent ea~nin~s to ~~~ '~r~~~~d States. ~~ an~r ~~ection ~ avaiia~~ no~~ o~ l~~~oaer ~~~~~~ rospoc~ ~~ ~rb~~~'a~ or ~ eb.to natter ro~at~n~ ~~ ~~~ Vote, ~~~~ ~ao~, ~'~na~~ee ~Ji~ecto~, ~~ e~~~~e~ o t~~~n~, aye I~e~eb~ a~r~~~or-~~ed and d~r•eeted to r~~ae ~~.~~~ ~~eeion as t~o~ deem nees~a~ a~ro~~~ate or desi~ab~e in eon~~~t~on ~~it~z t~~e ote~ and ~ sucl~ eieo~~or~ snail b~, end s~~ai~ be dee~ned and t~•eated ~, elections oftl~o Cit~~ ~ 9. ~a~~~e~~~ ~ Staters ~~ t~~e ~F fonds; Rebate. ~~~~ it ~~iti~ r•es~ect ~~ ~l~e ~~~ shall con~~l ~vi~~~ req~r~~en~en~s necessa~ ~rnder ~~~ ~~~ fio establi~~ ar~d ~~~aintin ~~~~ e~c~~~sion off' ~~~ interest on ~~~ N~PFA fonds f~•orn doss income ~rnde~ Section ~ ~~ a~ tlao bode, incl~rdin~ ~~itl~o~rt ir~~i~ation ~a~ re~u~r•err~ents r~~tir~~ ~~ ~ornporar ~cr•iods or• invctn~et~ts, ~~} ir~~itatior~s on an~a~rnt in~csted ~~ ~ }~icld ~.+~~te~ ~~~an ~~~~ y~~d ors ~i~ ~~. B~n~, end ~~~ ~~~~ zebate off' e~ccss invest~~~ent ea~~ir~~s ~~ tae united ~tcs. ~'~~ ~~~ co~cnar~ts and .+~~ ~~itl~ tl~e ~~.~ a~~d i~older~s ~` tl~e ~o~e ~~~~ t~~e ~nvestn~ents ~~` proceeds ~~` ~~~~ Dote, inc~~rdir~ tl~e investment o~ and re~ren~~es ~led~ed tc ~~~~ dote ~~~~ic~~ are considered ~~ proceeds ~~ ~~~~ ~~'A, ~or~ds under t~~e app~icab~e r~eula~ions, ar~d ~.ccur~n~r~ated sin~in ands, i` are, sl~a~~ be Iin~itcd a ~~ an~o~r~~t and field irr such n~ar~.~er ~~~~ ~~~~ ~'~. or~ds ~~a~~ not ~ arbi~rac bonds ~vrtl~rn ~~~~ n~ear~rn~ off' Sectron I48 o~tl~o o~.e and any re~llatrons t~~ere~r~~dcr• ~n ~~~~ basis ~~' ~~~~ e~istin `acts, estir~~a~es and c~ro~~n~stance, incudir~ ~~~ ~oreoin~ .ndin~s end co~enar~ts, tic ~~~ ~~~r+~~ ~~~ ~t~r~ ~~~a~ ~t ~s r~o~ ~~ct~d. ~1~~~ ~~~ ~roc~~~ ~' ~~~~ I~at~ ~~~~~ ~~ ~rs~ ~n ~~~~~ r~~a~~~or ~~ ~~ ca~~s~ ~~~~ ~". fonds ~o ~~ rbi~ra~e bonds ~rr~der Soc~or~ ~ ~S off' ~~ bode end any re~rlatio~~s ~i~ere~.nder. '~~~ ~~~or and in~r~ce ~~~cc~o~• sl~al~ ~~r~~~s~~ certi~ca~e ~~ ~~~~ ~~.F~ en~bracin~ or based ors tl~o ~`oreoir~~ cc~i~ication at the txn~e o~do~ivery a~ti~e odes ~~ tine ~~F~. ~'~~ proceeds ~~'~~~~ Note ~~~~~ ~il~e~~risc be ~rsed ire ~~ci~ n~ar~r~er that ~~~~ date is r~o~ a private activity bond lender Section lo~~b~ o~'~i~e fade. ?~, l~esi~rnation o~ ~.ra~i~red Tai-~or~ ~ ~bli~~.~ion. ~~ order ~~ qualm` ~~~~ date ~ a'#qua~i~d tai exe~~~pt oblia~tion" ~~riti~in ~~~~ n~eanin~ o~`Section ?~S~b}~~~ o~t~~e bode, ~~» icy ~~er•eby r~~a~~cs the oi~awir~ ~~ctual state~~~en~s and representations; ~a~ ~~~ Node is iss~red aver Au~rst 7, 8~; fade; ~~ tine dote is not ,private acti~rity bond" as de~r~ed ~n Section ~ ~ ~ off` ~~~ ~o} ~~~e pity hereby desi~ates tl~e dote as ~. t~q~ra~i~ed tai exerxrp~ obli~atiQ~~„ ~or• p~~r~oses off` Section ?C~b)~~} o~thc bode; ~d~ t~~e reasonably anticipated n~o~rnt o~ta een~pt ob~~~ations ~o~~~er tha~~ p~i~rate activity bonds, trea~in qualified ~~~~~~~ bands a not being private activity