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(c) The City covenants that it will not reimburse itself from proceeds of the Series 2024B Bonds for any costs paid prior to the date the Series 2024B Bonds are issued except in compliance with United States Treasury Regulation §1.150-2 (the ."Regulation"). . This Ordinance shall be considered an "official intent" for purposes of the Regulation. (d) The City will retain all documents and records pertaining to the Series 2024B Bonds and the Improvements for the life of the Series 2024B Bonds plus an additional three years. (e) The City shall pay any.arbitrage rebate due the United States Treasury under Section 148 of the Code from moneys in the Bond Fund. The costs of calculating the arbitrage rebate due and the arbitrage rebate amount shall be considered administrative costs payable from moneys in the Bond Fund. Section 22. The City covenants that it will take no action.which would cause the Series 2024B Bonds to be "federally guaranteed" within the meaning ,of Section 149(b) of the Code. The City further covenants that it will submit to the Secretary of the Treasury of the United States, not later than the 15th day of the second calendar month after the close of the calendar quarter in which the bonds are issued, a statement concerning the Series 2024B Bonds which contains the information required by Section 149(e) of the Code. Section 23. All references in this Ordinance to the Insurer shall cease when the bonds have been paid in full or defeased as provided herein and there are no amounts due the Insurer in connection with the Insurance Policy. Section 24. (a) The City will provide the Insurer with all notices and other information it is obligated to provide under the Disclosure Agreement and to the holders of the bonds or the Trustee under this Ordinance. The notice address of the Insurer is: Build America Mutual Assurance Company, 200 Liberty Street, 27th Floor, New York, NY 1-0281, Attention: Surveillance, Re: Policy No. Telephone: "(212) 235-2500, Telecopier: (212) 962-1710, Email: notices@buildamerica.com.In each case in which notice or other.communication refers to an event of default or a claim on the Insurance Policy, then a copy of such notice or other communication shall also be sent to the attention of the General Counsel at the same address and at claims@buildamerica.com or at Telecopier: (212) 962-1524 and shall be marked to indicate "URGENT MATERIAL ENCLOSED." (b) In the event that principal and/or interest due on the bonds shall be paid by the Insurer"pursuant to the Insurance Policy, the bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the City, the assignment and pledge granted hereby and all covenants, agreements and other obligations of the City to the registered owners shall continue to exist and shall run to the benefit of the Insurer, and the Insurer shall be subrogated to the rights of such registered owners. 29