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be relied upon. The City will comply with the requirements of Section 148 of the Code and the <br />applicable regulations thereunder throughout the term of the Bonds. <br />(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 with the proceeds of the Bonds or Private <br />-38- P:\CMW\CMW6WH 09/06/05 <br />