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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 used for <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, then, <br /> (i) any Private Person Use of the Projects financed or refinanced with the proceeds of the Bonds <br /> or Private Person Use payments described in subsection (4) hereof that is in excess of the five <br /> percent limitations described in such subsections (3) or (4) will be for a Private Person Use that <br /> is related to the state or local governmental use of the Projects financed or refinanced with the <br /> proceeds of the Bonds, and (ii) any Private Person Use will not exceed the amount of Net <br /> Proceeds of the Bonds used for the state or local governmental use portion of the Projects <br /> financed or refinanced with the proceeds of the Bonds to which the Private Person Use of such <br /> portion of the Projects financed or refinanced with the proceeds of the Bonds relates. The City <br /> further covenants that it will comply with any limitations on the use of the Projects by other than <br /> state and local governmental users that are necessary, in the opinion of its bond counsel, to <br /> -53- P:\20287 CMW\20287 960 02/07/11 <br />