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1998-10-19 Resolution 130
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1998-10-19 Resolution 130
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. 4 ~ i <br />• this Agreement is fully paid, except upon compliance with the provisions of Section 10.02. The <br />Authority further covenants that any modification permitted by this paragraph will be made only <br />after a copy thereof has been filed with the Trustee. <br />Section 5.12. In order to preserve the exclusion of interest on the Bonds from gross <br />income for federal income tax purposes and as an inducement to purchasers of the bonds, the <br />Authority represents, covenants and agrees that, to the extent necessary: <br />(a) No person or entity or any combination thereof, other than the <br />Authority or a governmental unit (other than the federal government) will use proceeds of <br />the bonds or property financed by said proceeds.;~.other than as a member of the general <br />public. No person or entity or any combination thereof, other than the Authority or a <br />governmental unit (other than the federal government) will own property financed by Bond <br />proceeds or will have actual or beneficial use of such property pursuant to a lease, a <br />management or incentive payment contract, an arrangement such as a take-or-pay or other <br />type of output contract or any other type of arrangement that differentiates that person's or <br />entity's use of such property from use by the public at large of such property. <br />(b) No bond proceeds will be loaned to any entity or person. No Bond <br />proceeds will be transferred, directly or indirectly, or deemed transferred to a <br />nongovernmental person in any manner that would in substance constitute a loan of the Bond <br />• proceeds. <br />(c) The Authority will not take any action or fail to take any action with <br />respect to the Bonds that would result in the loss of the exclusion from gross income for <br />federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Code, as in <br />effect on the date of delivery of the Bonds, nor will the Authority act in any manner which <br />would adversely affect such exclusion. The Authority further covenants that it will not make <br />any investment or do any other act or thing during the period that any Bond is outstanding <br />hereunder which would cause any Bond to bean "arbitrage bond" within the meaning of <br />Section 148 of the Code and the Arbitrage Regulations as in effect on the date of delivery <br />of the Bonds. The Authority shall comply with the arbitrage rebate requirements under <br />Section 148 of the Code to the extent applicable. <br />(d) All officers, employees and agents of the Authority are authorized and <br />directed to provide certifications of facts and estimates that are material to the reasonable <br />expectations of the Authority as of the date of the bonds are issued and to enter into <br />covenants on behalf of the Authority evidencing the Authority's commitments made herein. <br />In particular, all or any officers, members, employees and agents of the Authority are <br />authorized to certify and/or enter into covenants for the authority regarding the facts and <br />circumstances and reasonable expectations of the Authority on the date the Bonds are issued <br />and the commitments made by the Authority herein regarding the amount and use of the <br />proceeds of the Bonds. <br />:ODMAU'CDOCS~.SBDOCS 1~24203~2 -21- <br />
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