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for any Private Person Use or secured by payments in respect of property used or to be used for <br /> 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 allocable to <br /> any Private Person Use; and <br /> (4) More than five percent of the principal or interest payments on the Bonds <br /> in a bond year are (under the terms of this ordinance or any underlying arrangement) directly or <br /> indirectly: <br /> (A) secured by any interest in property used or to be used for any <br /> 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, <br /> then, (i) any Private Person Use of the projects financed or refinanced with the proceeds <br /> of the Bonds (including the Refunded Bonds) described in subsection (3) hereof or Private <br /> Person Use payments described in subsection (4) hereof that is in excess of the five percent <br /> limitations described in such subsections (3) or (4) will be for a Private Person Use that is related <br /> to the state or local governmental use of the projects financed or refinanced with the proceeds of <br /> the Bonds (including the Refunded Bonds), and (ii) any Private Person Use will not exceed the <br /> amount of Net Proceeds of the Bonds allocable to the state or local governmental use portion of <br /> the project(s) to which the Private Person Use of such portion of the projects financed or <br /> refinanced with the proceeds of the Bonds (including the Refunded Bonds) relate. The City <br /> -97- P\20287 CMW120287 AMT 10/14/14 <br />