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9. Intentional Acts. The Issuer shall not intentionally use any portion of the <br />proceeds of the Certificates directly or indirectly to acquire higher yielding investments or to <br />replace funds which were used directly or indirectly to acquire higher yielding investments <br />except to the extent such investments would not have caused the Certificates to be arbitrage <br />bonds if reasonably expected on the date hereof. <br /> <br /> 10. Basis For Expectations. The facts and estimates on which the foregoing <br />expectations are based are (a) the documents included in the "Transcript" prepared for the <br />Closing, (b) all contracts, if any, heretofore executed for the acquisition of the Equipment, (c) all <br />expenditures which were heretofore made by the Issuer for the acquisition of the Equipment and <br />which are to be reimbursed out of the proceeds of the Certificates, and (d) such other facts and <br />estimates, if any, as may be set forth in an Exhibit A attached hereto. <br /> <br /> 11. No Abusive Arbitrage Device. No "abusive arbitrage device" within the meaning <br />of Section 1.148-10 of the Regulations is used in connection with the Certificates. No action <br />relating to the Certificates has the effect of (a) enabling the Issuer to exploit the difference <br />between tax-exempt and taxable interest rates to obtain a material financial advantage and (b) <br />overburdening the tax-exempt bond market <br /> <br /> 12. Familiarity; Conclusion. We are generally familiar with the requirements of the <br />Regulations, and nothing has been called to our attention to cause us to believe that the proceeds <br />of the Certificates will be used in a manner which would cause the Certificates to be arbitrage <br />bonds within the meaning of Section 148 of the Code. <br /> <br /> 13. No Other Facts. To the best of the knowledge and belief of the undersigned, there <br />are no other facts, estimates or circumstances which would materially change the foregoing facts <br />and conclusions. <br /> <br />WITNESS our hands and the seal of the City on December __, 2004 <br /> <br />CITY OF RAMSEY, MINNESOTA <br /> <br />By: <br /> Mayor <br /> <br />(SEAL) <br /> <br />By: <br /> <br />Administrator <br /> <br />1714595vl 4 <br /> <br /> <br />