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1994-06-21 Minutes
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1994-06-21 Minutes
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• a management or incentive payment contract, an arrangement such as <br />a take-or-pay or other type of output contract or any other type <br />of arrangement that differentiates that person's or entity's use <br />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 <br />person. No Bond proceeds will be transferred, directly or <br />indirectly, or deemed transferred to a nongovernmental person in <br />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 <br />take any action with respect to the Bonds that would result in the <br />loss of the exclusion from gross income for federal tax purposes <br />of interest on the Bonds pursuant. to Section 103(a) of the Code, <br />as in effect on the date of delivery of the Bonds, nor will the <br />Authority act in any manner which would adversely affect such <br />exclusion. The Authority further covenants that it will not make <br />any investment or do any other act or thing during the period that <br />any Bond is outstanding hereunder which would cause any Bond to be <br />an "arbitrage bond" within the meaning of Section 148 of the Code <br />and the Arbitrage Regulations as in effect on the date of delivery <br />of the Bonds. The Authority shall comply with the arbitrage rebate <br />requirements under Section 148 of the Code to the extent <br />applicable. In the event that at any time the Authority is of the <br />opinion that for purposes of this Section it is necessary to <br />• restrict or limit the yield on the investment of any moneys held <br />by the Trustee under this Agreement, the Authority shall so <br />instruct the Trustee in writing, and the Trustee shall take such <br />action as may be necessary in accordance with such instructions. <br />(d) All officers, employees and agents of the Authority <br />are authorized and directed to provide certifications of facts and <br />estimates that are material to the reasonable expectations of the <br />Authority as of the date the Bonds are issued and to enter into <br />covenants on behalf of the Authority evidencing the Authority's <br />commitment's made herein. In particular, all or any officers, <br />members, employees and agents of the Authority are authorized to <br />certify and/or enter into covenants for the Authority regarding the <br />facts and circumstances and reasonable expectations of the <br />Authority on the date the Bonds are issued and the commitments made <br />by the Authority herein regarding the amount and use of the <br />proceeds of the Bonds. <br />The Authority has furnished to the Trustee concurrently <br />with the execution and delivery of this Agreement, signed copies <br />of the arbitrage certificate of the kind contemplated by the Code. <br />The Trustee shall have the right in connection with any investment <br />of money in the Construction Fund, the Sinking Fund, the Reserve <br />Fund or the Operation and Reserve Fund to be made by it to require <br />that the Authority furnish the Trustee an opinion of counsel, <br />experienced in matters relating to the tax exemption of interest <br />• <br />67 <br />
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