No. 1054 regarding issuance of tax increment revenue refunding bonds

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s + a The Commission shall approve and confirm the findings and estimates set forth in the above - described certificate in any resolution authorizing the issuance of the Parity Bonds. Section 8. Tax Matters. In order to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes and as an inducement to purchasers of the Bonds, the Commission represents, covenants and agrees that, unless the Commission receives an opinion of nationally recognized bond counsel that compliance with any one or more of the following (as specified in such opinion) is not needed to preserve the exclusion from gross income for federal income tax purposes of the interest on the Bonds: (a) The Commission will make no use of the proceeds of the Bonds at any time during the term thereof which would cause the Bonds to be federally guaranteed within the meaning of Section 149(b) of the Internal Revenue Code of Refunded, as amended (the "Code "), and applicable regulations thereunder. (b) No action shall be taken which would cause the Bonds to be "private activity bonds" within the meaning of the Code. (c) No Bond proceeds will be loaned to any entity or person. No Bond proceeds will be transferred, directly or indirectly, or deemed transferred to a nongovernmental person in any manner that would in substance constitute a loan of the Bond proceeds. (d) The Commission will, to the extent necessary to preserve the exclusion of interest on the Bonds from gross income for federal income tax purposes, rebate or cause to be rebated all required arbitrage profits on Bond proceeds or other monies to the federal government as provided in Section 148 of the Code, or will pay applicable penalties in lieu of rebate as provided in Section 148 of the Code, and will set aside such monies in trust for such purpose. CIM