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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 />"5- P:120287-CMMO287 9RC 01/02/13 <br />