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13068487v2 <br /> <br /> <br /> 11 <br /> <br />(l) The Corporation is an organization described in Section 501(c)(3) of the <br />Internal Revenue Code, exempt from the payment of federal income taxes under Section <br />501(a) of the Code, and no revenues derived from any portion of the Project Facilities do <br />or shall constitute revenues from an “unrelated trade or business” within the meaning of <br />Section 513(a) of the Code, except as may be specifically contemplated by Section 145(a) <br />of the Code in amounts that would not require the interest on the Series 2021D Bonds to <br />become includable in the gross income of the recipients thereof, for purposes of Federal <br />income taxation. In furtherance of this covenant, at least 95% of the facilities (measured <br />by square footage and fair market rental value) financed by the Series 2021D Bonds is to <br />be used solely and exclusively by organizations described in Section 501(c)(3) of the <br />Internal Revenue Code (“Tax-Exempt Organizations”) in activities which do not constitute <br />unrelated trades or businesses, determined by applying Section 513(a) of the Code, and the <br />Corporation will not permit more than 5% of such facilities (measured by square footage <br />and fair market rental value) to be used (i) by a Tax-Exempt Organization in an unrelated <br />trade or business or (ii) in the trade or business of any person other than a unit of state or <br />local government or a Tax-Exempt Organization (whether pursuant to a lease, management <br />agreement or other arrangement), unless such use, according to an opinion of Bond <br />Counsel, does not jeopardize the excludability from gross income, for federal income tax <br />purposes, of interest on the Series 2021D Bonds. <br />(m) None of the proceeds of the Bonds shall be used to provide an airplane, <br />skybox or other private luxury box, facility primarily used for gambling, or store the <br />principal business of which is the sale of alcoholic beverages for consumption off premises, <br />and the Corporation does not expect that the Project Facilities, or any portion thereof, shall <br />subsequently be used for any of such purposes. <br />(n) The Official Statement relating to the issuance and sale of the Series 2021D <br />Bonds, including all Appendices thereto, does not contain any untrue statement of a <br />material fact, and does not omit to state a material fact, required to be stated therein or <br />necessary in order to make the statements contained therein not misleading. <br />(o) No council member or other officer or employee of the Issuer is directly or <br />indirectly interested in this Loan Agreement, the Series 2021D Bonds, the Project Facilities <br />or any contract, agreement or job hereby contemplated to be entered into or undertaken. <br />(p) The Corporation has approved the terms and conditions of the Indenture and <br />the Bonds. <br /> <br />[The balance of this page is intentionally left blank.]