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(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 respect <br /> of property, or borrowed money, used or to be used for any Private Person Use, then, (i) any <br /> Private Person Use of the project described in subsection(3) hereof or Private Person Use <br /> payments described in subsection(4) hereof that is in excess of the five percent limitations <br /> described in such subsections(3) or(4) will be for a Private Person Use that is related to the state <br /> or local governmental use of the projects financed or refinanced with the proceeds of the Bonds <br /> (including the Refunded Bonds), and (ii) any Private Person Use will not exceed the amount of <br /> Net Proceeds of the Bonds allocable to the state or local governmental use portion of the <br /> project(s) to which the Private Person Use of such portion of the projects financed or refinanced <br /> with the proceeds of the Bonds (including the Refunded Bonds) relate. The City further <br /> covenants that it will comply with any limitations on the use of the projects financed or <br /> refinanced with the proceeds of the Bonds by other than state and local governmental users that <br /> are necessary, in the opinion of its bond counsel, to preserve the tax exemption of the interest on <br /> the Bonds. The covenants of this section are specified solely to assure the continued exemption <br /> from regular income taxation of the interest on the Bonds. <br /> (c) Modification of Tax Covenants. The covenants of this section are specified solely <br /> to assure the continued exemption from regular income taxation of the interest on the Bonds. To <br /> that end, the provisions of this section may be modified or eliminated without any requirement <br /> for formal amendment thereof upon receipt of an opinion of the City's bond counsel that such <br /> modification or elimination will not adversely affect the tax exemption of interest on any Bonds. <br /> -22- P:\20287 CMVN20287 9RD 08/14/12 <br />