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26 <br />(c) The Authority shall retain in the Rebate Fund all earnings on investments of amounts <br />held in the Rebate Fund (calculated by taking into account net gains or losses on sales or <br />exchanges and taking into account amortized discount or premium as a gain or loss, <br />respectively). Money shall not be transferred from the Rebate Fund except as provided in <br />paragraph (d) below. <br />(d) The Authority shall remit part or all of the balances in the Rebate Fund to the United <br />States, as required by Section 148(a) of the Code at the written direction of the firm engaged by <br />the Authority to provide rebate services. If on the first day of any Bond Year the amount <br />credited to the Rebate Fund exceeds the Rebate Requirement, if the Authority shall transfer such <br />excess to the Earnings Account of the Revenue Fund. Any funds remaining in the Rebate Fund <br />after redemption and payment of all of the Bonds, and receipt of evidence from the firm engaged <br />by the Authority to perform rebate services that any Rebate Requirement has been paid, and <br />satisfied, shall be withdrawn and remitted to the Authority. <br />(c) Notwithstanding any other provision of this Resolution, the obligation to remit the <br />Rebate Amounts to the United States and to comply with all other requirements of this Section <br />shall survive the defeasance or payment in full of the Bonds. <br />(f) Notwithstanding any provision of this Section, if the Authority shall provide to the <br />Authority an opinion of Bond Counsel to the effect that any action required under this Section is <br />no longer required, or to the effect that some further action is required, to maintain the exclusion <br />from gross income of the interest with respect to the Bonds pursuant to Section 103 of the Code, <br />the Authority may rely conclusively on such opinion in complying with the provisions hereof. <br />4.09 Priority of Payments to Cure Deficiency. in Bond Fund. Notwithstanding any <br />provisions in this Resolution to the contrary, if at any time sums in the Bond Fund are <br />insufficient to pay the principal of or interest on Bonds due and unpaid or payable within two (2) <br />days, such deficiency shall be cured first from amounts on deposit in the Revenue Fund and from <br />amounts on deposit in the Reserve Fund. <br />Section 5. Defeasance. When any Bond has been discharged as provided in this Section <br />5, all pledges, covenants and other rights granted by this resolution to the holders of such Bonds <br />shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution. The <br />Authority may discharge its obligations with respect to any Bond which is due on any date by <br />irrevocably depositing with the Registrar on or before that date a sum sufficient for the payment <br />thereof in full; or, if any Bond should not be paid when due, the Authority may nevertheless <br />discharge its obligations with respect thereto by depositing with the Registrar a sum sufficient for <br />the payment thereof in full with interest accrued to the date of such deposit. The Authority may <br />also at any time discharge its obligations with respect to any Bonds, subject to the provisions of <br />law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, <br />with a bank qualified by law as an escrow agent for this purpose, cash or securities which are <br />authorized by law to be so deposited, bearing interest payable at such times and at such rates and <br />maturing on such dates as shall be required, without reinvestment, to pay all principal and <br />interest to become due thereon to maturity or, if notice of redemption as herein required has been <br />duly provided for, to such earlier redemption date. <br />-21- <br />