Agenda - 06-24-1986 - Laserfiche WebLink

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rt (c) on the date when the Company shall be advised in writing by the Commissioner or any District Director of Internal Revenue that , based upon filings of the Company, or upon any other ground whatsoever , an Event of Taxability shall have occurred; (d) on that date when the Company shall receive notice from the Holder or any prior Holder that ( i ) the Internal Revenue Service has assessed as includable in the gross income of such Holder the interest on the Bond due to the occurrence of an Event of Taxability, or ( ii ) such Holder has been advised by the Commis- sioner or any District Director of the Internal Revenue Service that the interest on the Bond is includable in the gross income of any Holder of the Bond due to the occurrence of an Event of Taxability; provided, however , no Determination of Taxability shall occur under subparagraph ( c) or (d) hereof unless the Company has been afforded the opportunity, at its expense, to contest any such assessment and, further , no Deter- mination of Taxability shall occur until such contest , if made, has been finally determined. "Eminent Domain" shall mean the taking of title to, or the temporary use of, the Project or any part thereof pursuant to eminent domain or condemnation proceedings, or by any settlement or compromise of such proceedings, or any voluntary conveyance of the Project or any part thereof during the pendency of, or as a result of a threat of, such proceedings. "Enabling Act" shall mean Chapter 800 of the 1975 Session Laws of North Carolina, as amended, which as codified appears as Chapter 159C of the General Statutes of North Carolina. "Event of Taxability" shall mean a change in law or fact or the interpretation thereof, or the occurrence or existence of any fact, event or circumstance ( including, without limitation, the existence of obligations or the incurring of capital expenditures in excess of those permitted by Section 103(b) (6) (D) of the Code) , or the taking of any action by the Company, or the failure to take any action, or the making by the Company of any misrepre- sentation herein or in any certificate required to be given in connection with the issuance, sale or delivery of the Bond, which has the effect of causing the interest payable on the Bond to become includable in the gross income of the Holder or any prior Holder of the Bond (other than a Holder 6 .