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that is related to the state or local governmental use of the projects financed and refinanced with <br /> the proceeds of the 1993 Bonds, and (ii) any Private Person Use will not exceed the amount of <br /> Net Proceeds of the Bonds used for the state or local governmental use portion of the projects <br /> financed and refinanced with the proceeds of the 1993 Bonds to which the Private Person Use of <br /> such portion of the projects financed and refinanced with the proceeds of the 1993 Bonds relates. <br /> The City further covenants that it will comply with any limitations on the use of the projects by <br /> other than state and local governmental users that are necessary, in the opinion of its bond <br /> counsel, to preserve the tax exemption of the interest on the Bonds. The covenants of this <br /> section are specified solely to assure the continued exemption from regular income taxation of <br /> the interest on the Bonds. <br /> (c) No Designation under Section 265(b). The Bonds are not "qualified tax <br /> exempt obligations for investment by financial institutions under Section 265(b) of the Code. <br /> (d) Modification of Tax Covenants. The covenants of this section are <br /> specified solely to assure the continued exemption from regular income taxation of the interest <br /> on the Bonds. To that end, the provisions of this section may be modified or eliminated without <br /> any requirement for formal amendment thereof upon receipt of an opinion of the City's bond <br /> counsel that such modification or elimination will not adversely affect the tax exemption of <br /> interest on any Bonds. <br /> -43- P:\CMW\CMW5NP 04/22/03 <br />