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(b) Private Person Use Limitation for Bonds. The City covenants that for as <br /> long as the Bonds are outstanding, it will not permit: <br /> (1) More than 10% of the Net Proceeds of the Bonds to be used for <br /> any Private Person Use; and <br /> (2) More than 10% of the principal or interest payments on the Bonds <br /> in a Bond Year to be directly or indirectly: (A) secured by any interest in property used or to be <br /> used for any Private Person Use or secured by payments in respect of property used or to be used <br /> for any Private Person Use, or (B) derived from payments (whether or not made to the City) in <br /> respect of property, or borrowed money, used or to be used for any Private Person Use. <br /> The City further covenants that, if: <br /> (3) More than five percent of the Net Proceeds of the Bonds are to be <br /> used for any Private Person Use; and <br /> (4) More than five percent of the principal or interest payments on the <br /> Bonds in a Bond Year are (under the terms of this ordinance or any underlying arrangement) <br /> directly or indirectly: <br /> (A) secured by any interest in property used or to be used for <br /> any Private Person Use or secured by payments in respect of property used or to be used for any <br /> Private Person Use, or <br /> (B) derived from payments (whether or not made to the City) in <br /> respect of property, or borrowed money, used or to be used for any Private Person Use, then, <br /> (i) any Private Person Use of the projects financed and refinanced with the proceeds of the 1993 <br /> Bonds or Private Person Use payments described in subsection (4) hereof that is in excess of the <br /> five percent limitations described in such subsections (3) or (4) will be for a Private Person Use <br /> -42- P:\CMW\CMW5NP 04/22/03 <br />