09-23-24 City Council Agenda Packet

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(c) The Recipient will comply with all requirements of any certificate or agreement ("Tax Compliance Certificate") executed and delivered by it in connection with the issuance of the Note. (d) The Recipient will promptly notify the Executive Director of the Authority in writing of any action or event which adversely affects the status of the Note as a Tax-exempt Note or any of the Authority's Bonds as Tax-exempt Bonds. (e) The Recipient will not use any of the proceeds of the Loan to pay the co is of any facility used or to be used during the term of the Loan for any private business use or to a private loan within the meaning of Section 141 of the Internal Revenue Code of 1986, as am the "Code"). (f) The Recipient will not repay the Loan from, or secure repay t n by, property used or to be used for a private business use or payments in respect of such operty the meaning of Section 141 of the Code, except as specifically permitted in writingthe Authority. (g) The Recipient will not establish any fund or accou 4wer than a bona fide debt se und, securing the payment of the Tax-exempt Note or Tax-exemp ds or fro hich the Reci easonably expects to pay debt service on the Loan, or in any oth ec a "gross procee within the meaning of the Code, of the Tax-exempt Note or Tax-exem , except as specifically permitted in writing by the Authority. In addition, t lent will not in y gross proceeds in obligations or deposits issued by, guaranteed by or i S United Stany agency or instrumentality thereof if and to the extent that investme ohe Tax -Ex ote or Tax-exempt Bonds to be "federally guaranteed" within the mean of the (h) The Recipient will n moneys i "gross�l�eeds" of the Tax-exempt Note or Tax-exempt Bonds of n in arket, ar h transaction and at a yield, within the meaning of the Code, in ex f the less f the yiel the Tax-exempt Note or the Tax-exempt Bonds applicable to the Loa will ap Loan pro within five days of the receipt thereof by the Recipient consistent wit e . ient' ursement request. (i) Ex uncle ury Regulati s, Section 1.150-2, and Section 1.4(d) hereof, the Re ' will not u proc o reimburse itself for any payments of project costs that the R nt made from of nds, if iginal payment was made prior to the earlier of the issuance oft hority Bonds us fund th an or the execution and delivery of this Agreement or if the origina ent was made the proceeds of other debt of the Recipient. Q) Other tha rovided ection 4.1 hereof, the allocation by the Authority of funds it uses to purchase the L ' cl different series of Tax-exempt Bonds, is at the sole discretion of the Authority and that is binding on the Recipient. (k) With respect to any gross proceeds of the Tax-exempt Bonds created by the Recipient, the Recipient will be liable to the Authority for any amount the Authority is required to rebate to the United States as excess investment earnings pursuant to Section 148 of the Code. The Authority may, in its sole discretion and only upon receipt of an opinion of counsel to the Authority, waive any of the agreements set forth in this Article 3. Lino Lakes DWRF 01 Page 6of12 A-7