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them, and all such certified copies, certificates and affidavits,- <br />including any heretofore furnished, shall be deemed <br />representations of the City as to the facts recited therein. <br /> <br /> 22. Negative Covenant as to Use of Proceeds and <br />Improvements. The City hereby covenants not to use the <br />Improvements or to cause or permit the Improvements to be used, <br />or to enter into any deferred payment arrangements for the cost <br />of the Improvements, in such a manner as (or to take any action <br />or permit any other circumstance to exist or any action to be <br />taken, the effect to which would be) to cause the Bonds to be <br />"private activity bonds" within the meaning of Sections 103 and <br />141 through 150 of the Code. In particular, but without <br />limitation, the City covenants to forebear the implementation, <br />effectuation or enforcement of any and all contracts or other <br />agreements respecting the Improvements or any property benefitted <br />thereby or assessed with respect thereto, which it may now or in <br />the future have with developers, contractors, owners, lessees, <br />managers, or any other person or parties to the extent that such <br />implementation, effectuation or enforcement would (individually <br />or in the aggregate) cause the Bonds to become such "private <br />activity bonds," and to said limited extent the City would and <br />hereby does (solely for the benefit of the owners of the Bonds) <br />disavow any and all such provisions, entitlements and <br />enforcements which would or could become so offending. <br /> <br /> Without limitation of the foregoing, the City shall not <br />enter into any lease, use agreement, management or operation <br />contract or other agreement respecting the Improvements or any <br />portion thereof which would adversely affect the exemption from <br />federal income tax of the interest on the Bonds, taking into <br />account and observing the requirements of Revenue Procedure 97-13 <br />of the Internal Revenue Service and any similar or other <br />applicable revenue procedures or guidelines relating to leases, <br />management contracts and service contracts involving facilities <br />financed with tax-exempt obligations. <br /> <br /> 23. Tax-Exempt Status of the Bonds; Rebate. The City shall <br />comply with requirements necessary under the Code to establish <br />and maintain the exclusion from gross income under Section 103 of <br />the Code of the interest on the Bonds, including without <br />limitation (1) requirements relating to temporary periods for <br />investments, (2) limitations on amounts invested at a yield <br />greater than the yield on the Bonds, and (3) the rebate of excess <br />investment earnings to the United States if the Bonds (together <br />with other obligations reasonably expected to be issued and <br />outstanding at one time in this calendar year) exceed the <br />small-issuer exception amount of $5,000,000, or do not otherwise <br />qualify for available exceptions. For purposes of qualifying for <br />the small-issuer exception to the federal arbitrage rebate <br />requirements, the City hereby finds, determines and declares that <br />(1) the Bonds are issued by a governmental unit with general <br />taxing powers, (2) no Bond is a private activity bond, (3) <br />ninety-five percent (95%) or more of the net proceeds of the <br />Bonds are to be used for local governmental activities of the <br /> <br /> <br />