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<br /> <br /> <br /> <br /> <br /> <br /> or provide for the payment of more than 10 percent of the debt service on the Certificates of <br /> Obligation, in contravention of Section 141(b)(2) of the Code; <br /> <br /> (b) to take any action to assure that in the event that the "private business use" described <br /> in subsection (a) hereof exceeds 5 percent of the proceeds of the Certificates of Obligation or the <br /> projects financed therewith (less amounts deposited into a reserve fund, if any) then the amount <br /> in excess of 5 percent is used for a"private business use" which is "related" and not <br /> "disproportionate," within the meaning of Section 141(b)(3) of the Code, to the governmental use; <br /> <br /> (c) to take any action to assure that no amount which is greater than the lesser of <br /> $5,500,000, or S percent of the proceeds of the Certificates of Obligation (less amounts deposited <br /> into a reserve fund, if any) is directly or indirectly used to finance loans to persons, other than <br /> state or local governmental units, in contravention of Section 141(c) of the Code; <br /> <br /> (d) to refrain from taking any action which would otherwise result in the Certificates of <br /> Obligation being treated as "private activity bonds" within the meaning of Section 141(b) of the <br /> Code; <br /> <br /> <br /> (e) to refrain from taking any action that would result in the Certificates of Obligation <br /> being "federally guaranteed" within the meaning of Section 149(b) of the Code; <br /> <br /> ( fl to refrain from using any portion of the proceeds of the Certificates of Obligation, <br /> directly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to <br /> acquire investment property (as defined in Section 148(b)(2) of the Code) which produces a <br /> materially higher yield over the term of the Certificates of Obligation, other than investment <br /> property acquired with <br /> <br /> (1) proceeds of the Certificates of Obligation invested for a reasonable temporary <br /> period of 3 years or less or, in the case of a refunding bond, for a period of 30 days or <br /> less until such proceeds are needed for the purpose for which the Certificates of Obligation <br /> are issued, <br /> <br /> (2) amounts invested in a bona fide debt service fund, within the meaning of Section <br /> 1.148-1(b) of the Treasury Regulations, and <br /> <br /> (3) amounts deposited in any reasonably required reserve or replacement fund to the <br /> extent such amounts do not exceed 10 percent of the proceeds of the Certificates of Obligation; <br /> <br /> (g) to otherwise restrict the use of the proceeds of the Certificates of Obligation or <br /> amounts treated as proceeds of the Certificates of Obligation, as may be necessary, so that the <br /> Certificates of Obligation do not otherwise contravene the requirements of Section 148 of the <br /> Code (relating to arbitrage) and, to the extent applicable, Section 149(d) of the Code (relating to <br /> advance refundings); <br /> <br /> 26 <br />