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i <br /> 3 <br /> purchasers thereof, would have caused the Bonds as "arbitrage bonds" within the meaning of <br /> such term as used in Section 148 of the Code. <br /> The City represents that it has not been notified of any listing or proposed listing by the <br /> Internal Revenue Service to the effect that it is an issuer whose arbitrage certifications may not <br /> 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 long as <br /> the Bonds are outstanding, it will not permit: <br /> (1) More than 10% of the Net Proceeds of the Bonds to be used for any <br /> Private Person Use; and <br /> (2) More than 10% of the principal or interest payments on the Bonds in a <br /> Bond Year to be directly or indirectly: (A) secured by any interest in property used or to be used <br /> 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 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 /> -45- P:120287_CM14A20287_9RC 01/02/13 <br /> 52 <br />