12-13-2021 FINAL Packet - Laserfiche WebLink

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12 Section 3.10. Limitations on Use of Project. The Corporation agrees that it will not use the Project, or permit the Project to be used, in such a way as to subject the Corporation to the tax imposed by Section 511 of the Code, on unrelated business taxable income, as defined in Section 512 thereof, unless such use will in no way adversely affect the status of the Corporation as an organization described in Section 501(c)(3) of the Code or adversely affect the exclusion from gross income of the interest on the Series 2022 Bonds under the Code; nor will it use or permit the Project to be used by any non-exempt person in such manner as would result in the inclusion of interest on the Series 2022 Bonds in gross income for federal income tax purposes under Section 103 of the Code; nor will it act or fail to act in any other manner which would adversely affect the exclusion from gross income for federal income tax purposes of the interest on the Series 2022 Bonds. The Corporation further covenants that none of its revenues, income or profits, whether realized or unrealized, will be distributed to any of its officers or members, or inure to the benefit of any private person, association or corporation, other than for the lawful corporate purposes of the Corporation; provided, however, that the Corporation may pay to any person, association or corporation the value of any service or product performed for or supplied to the Corporation by such person, association or corporation. (End of Article III)