Economic Development Revenue Bonds Series 1996 (Crystal Mountain, Inc Project)

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the Bonds may be paid out of money attributable to Bond proceeds or from temporary investments thereof. Section 5. Arbitrage Provisions. Subject to the obligations of the Borrower and the Lessee set forth in the Loan Agreement, the Tax Compliance Certificate and the Principal User's Tax Compliance Certificate, the Issuer will use its best efforts to restrict the use of the proceeds of the Bonds in such a manner and to expectations at the time the Bonds are delivered to the purchasers thereof, so that they will not constitute arbitrage bonds under Section 148 of the Code and the regulations prescribed under that Section. The Mayor of the Issuer and the Clerk of the Issuer, or any other officer having responsibility with respect to the issuance of the Bonds, are authorized and directed, alone or in conjunction with any of the foregoing, or with any other officer, employee, consultant or agent of the Issuer,to deliver a certificate for inclusion in the transcript of proceedings for the Bonds, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 148 and regulations thereunder. The Clerk, or other appropriate officer of the Issuer, shall furnish to the Original Purchaser a true transcript of proceedings, certified by said officer, of all proceedings had with reference to the issuance of the Bonds, along with such information for the records as is necessary to determine the regularity and validity of the issuance of the Bonds. Section 6. Loan Agreement,Project Note, Lease Agreement and all other Documents to be Executed or Accepted by the Issuer. In order to better secure the payment of the principal of, premium,if any, and interest on the Bonds as the same shall become due and payable, the Mayor of the Issuer and the Clerk of the Issuer are authorized and directed to execute, acknowledge and deliver, in the name and on behalf of the Issuer, the Loan Agreement and the Project Note, and all other material documents and assignments to be executed or accepted by it in substantially the forms submitted to the Common Council, which are hereby approved, with such changes therein not inconsistent with this Bond Ordinance and not substantially adverse to the Issuer as may be permitted by the Act and approved by the officers executing the same on behalf of the Issuer without further approval of the Common Council or of the Commission if such changes do not affect terms set forth in I.C. 36-7-12-27(a)(1)through(a)(11). The approval of such changes by such officers to the extent such are not substantially adverse to the Issuer, shall be conclusively evidenced by the execution or acceptance of receipt of any of the foregoing documents by such officers. The Issuer hereby approves the Lease Agreement in substantially the form submitted to the Issuer, in connection with the issuance, sale and delivery of the Bonds. Section 7. Covenants of the Issuer. In addition to other covenants of the Issuer in this Bond Ordinance, the Issuer further covenants and agrees as follows: (a) Payment of Principal,Premium and Interest. The Issuer will, solely from the sources herein provided, pay or cause to be paid the principal of, premium, if any, and interest on each and all Bonds on the dates, at the places and in the manner provided herein and in the Bonds, and in all other documents referred to herein. ORD\SU 4\106503.1 -4-