The issuer covenants that it will restrict the use of the proceeds of the Series 1998 B Notes in such manner and to such extent as may be necessary, in view of the issuer’s reasonable expectations at the time of issuance of the Series 1998 B Notes, so that the Series 1998 B Notes will not constitute “arbitrage bonds” under § 148 of the Code, and it will take all actions that may be required of it (including, without implied limitation, the timely filing of a federal information return) with respect to the Series 1998 B Notes so that the interest on the Series 1998 B Notes will be and remain excluded from gross income for federal income tax purposes, and will not take any actions which would adversely affect such exclusion.
(Ord. passed - -)