Resolution - #04-12-373 - 12/14/2004

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Fund and Accounts. The Certificates are payable from the Issuer's General ()bligation Equipment Certificates of Indebtedness, Series 2004B Fund (the "Fund"), which Fund contains the following accounts: a Capital Account (for the acquisition of the Equipment), am la [)cbt Service Account (for payment of debt service on the Certificates). 5. Capital Account: Time Test; Due Diligence Test; Expenditure Test. (a) Costs of Acquisition and Issuance. The costs of acquiring the Equipment and i ssu lng thc Ccrtificatcs will be paid from the Capital Account in the Fund. With respect to the l!';q~ipment, the Issuer reasonably expects to satisfy the time test, the due diligence test and the cxpcmtiture test as set forth below: (i) Time Test. Substantial binding contracts or commitments for acquiring thc Equipment obligating the expenditure of not less than $ (5% of the Net Sale Proceeds of the Certificates) have heretofore been entered into or made or will be entered into or made within six months from the date hereof. "Net Sale Proceeds" is the issue price o F d~e Certificates less the accrued interest and less any bond proceeds deposited in any reserve fund or account. All such contracts are, or will be, binding obligations of the Issuer. (ii) Due Diligence Test. The acquisition of the Equipment and the allocation o I' the Net Sale Proceeds of the Certificates to expenditures has proceeded and will continue to proceed with due diligence to completion. The Equipment is estimated to be l~urchased by ,200_. (iii) Expenditure Test. Any contract or commitment for the acquisition of the I~quipmcnt hcretofore or hereafter executed has provided or will provide for the acquisition of the Equipment in less than three years from the date hereof; and proceeds oFthe Certificates in an amount equal to at least 85% of the Net Sale Proceeds of the ( icrti fi cares will be spent in paying the cost of acquisition of the Equipment within three years ti'om the date hereof. (b) Costs of Issuance, Transfer. The costs of issuing the Certificates will be incurred and paid within three years fi'om the date hereof. Any moneys remaining in the Capital Account allot acquisition of the Equipment and payment of the costs of issuing the Certificates will be lransl'crred to the Debt Service Account unless transferred to the fund of any other purchase as atll hori×cd by law. (c) Investments. The Issuer shall not invest amounts in the Capital Account at a yield m~tcd al ly higher than the yield on the Certificates or in obligations exempt from federal income tax at ion undcr Section 103(a) of the Code if and to the extent moneys remain therein after the carl itt o £ (i) acquisition of the Equipment is complete or, (ii) three years from the date hereof.