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not available, then the Controller shall deliver the Series 1992 <br />Bonds to the purchaser, and deliver the proceeds to the Treasurer <br />of St. Joseph County. The Controller and the Treasurer of St. <br />Joseph County shall then report the proceedings to the Commission <br />and the Common Council of the City. <br />SECTION 14. In order to preserve the exclusion from <br />gross income of interest on the Series 1992 Bonds under federal law <br />and as an inducement to the purchasers of the Series 1992 Bonds, <br />the Commission on behalf of the Redevelopment District represents, <br />covenants and agrees that: <br />(a) No person or entity or any combination <br />thereof, other than the Redevelopment District <br />or the City, will use proceeds of the Series <br />1992 Bonds or property financed by said <br />proceeds other than as a member of the general <br />public. No person or entity or any combination <br />thereof, other than the Redevelopment District, <br />will own property financed by Series 1992 Bond <br />proceeds or will have actual or beneficial use <br />of such property pursuant to a lease, a <br />management or incentive payment contract, an <br />arrangement such as a take -or -pay or other type <br />of output contract or any other type of <br />arrangement that differentiates that person's <br />or entity's use of such property from the use <br />by the public at large of such property; <br />(b) No Series 1992 Bond proceeds will be <br />loaned to any entity or person. No Series 1992 <br />Bond proceeds will be transferred directly, or <br />indirectly transferred or deemed transferred <br />to a person other than a governmental unit in <br />• fashion that would in substance constitute <br />• loan of said Series 1992 Bond proceeds; <br />(c) The Redevelopment District will not take <br />any action or fail to take any action with <br />respect to the Series 1992 Bonds that would <br />result in the loss of the exclusion from gross <br />income for federal tax purposes of interest on <br />the Series 1992 Bonds pursuant to Section <br />103(a) of the Code, nor will the Commission <br />act in any manner which would adversely affect <br />such exclusion. The Commission further <br />covenants that it will not make any investment <br />or do any other act or thing during the period <br />that any Series 1992 Bond is outstanding <br />hereunder which would cause any Series 1992 <br />Bond to be an "arbitrage bond" within the <br />meaning of Section 148 of the Code and the <br />W <br />