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GOLD COAST BAKING COMPANY & CALIFORNIA INFRASTRUCTURE
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Last modified
9/5/2024 9:02:42 AM
Creation date
9/4/2024 2:47:45 PM
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Contracts
Company Name
GOLD COAST BAKING COMPANY & CALIFORNIA INFRASTRUCTURE
Contract #
A-2000-055
Agency
Community Development
Destruction Year
2009
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(m) The weighted average maturity of the Bonds (11.964 years) is not greater than <br />120% of the expected weighted average useful life of the Project (12 years as shown on Exhibit <br />F). In the event of the issuance of any tax-exempt obligations to refund the Bonds, (i) the <br />weighted average maturity shall be measured using the actual weighted average maturity of the <br />combined Bonds and the refunding issue and (ii) the Owner's expected weighted average useful <br />life of the Project shown on Exhibit F. <br />Section 3. Term of Compliance Agreement. The term of this Compliance Agreement <br />shall be from its dated date through the date that is the latest date defined by the following <br />restrictions: <br />(a) Empowerment Zone Business Restrictions. The Empowerment Zone $usiness <br />Restrictions set forth in Section 4 of this Compliance Agreement will remain in effect throughout <br />the Compliance Period. <br />(b) Qualified Zone Property Restrictions. The Qualified Zone Property Restrictions <br />set forth in Section 5 of this Compliance Agreement will remain in effect throughout the <br />Compliance Period. <br />(c) Prohibited Activities Restrictions, The Prohibited Activities Restrictions set forth <br />in Section 6 of this Compliance Agreement will remain in effect throughout the Bond Term. <br />(d) Intentionally Omitted. <br />(e) Refunding Bonds. In the event that tax-exempt obligations are issued to refund <br />the Bonds, the term of this Compliance Agreement shall be increased to take into account any <br />extension of the weighted average maturity or bond term of the refunding issue compared to the <br />remaining weighted average maturity or Bond Term. <br />(f) Miscellaneous. Notwithstanding the provisions of (a), (b), (c) and (.e) of this <br />Section, this Compliance Agreement and all other restrictions hereunder shall terminate in the <br />event of delivery to the Issuer, the Qualified Empowerment Zone and the Owner of an opinion of <br />Bond Counsel acceptable to the Issuer and the Qualified Empowerment Zone to the effect that <br />continued compliance with any Section of this Compliance Agreement is not required in order <br />for interest on the Bonds to remain excludable from the gross income of the Bondholders for <br />purposes of federal income taxation. <br />Section 4. Empowerment Zone Business Restrictions. The Owner represents, <br />warrants and covenants, in addition to the covenants contained in Section 2.02 of the Loan <br />Agreement, that: <br />(a) The Owner shall certify to its status as an Empowerment Zone Business as of the <br />Initial Testing Date. The Owner shall: (i) on the Initial Testing Date deliver to the Qualified <br />Empowerment Zone (or any Compliance Agent) an Empowerment Zone Business Certification <br />in the form set forth in Exhibit A hereto; (ii) maintain on a continuous basis its status as an <br />Empowerment Zone Business throughout the Compliance Period; and (iii) recertify and deliver <br />to the Qualified Empowerment Zone (or any Compliance Agent) an updated Empowerment Zone <br />Business Certification as of each Annual Reporting Date. <br />06-4514.05 6 <br />
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