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9. Intentional Acts. The Issuer shall not intentionally use any portion of the <br />proceeds o f 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 />cxccpl 1o Ibc extent such investments would not have caused the Certificates to be arbitrage <br />bonds if' reasonably expected on the date hereof. <br /> <br /> I0. Basis For Expectations. The facts and estimates on which the foregoing <br />cxpcclations are based are (a) the documents included in the "Transcript" prepared for the <br />('losi ng, (b) all contracts, if any, heretofore executed for the acquisition of the Equipment, (c) all <br />cx pcmlitm'cs which were heretofore made by the Issuer for the acquisition of the Equipment and <br />which arc to bc reimbursed out of the proceeds of the Certificates, and (d) such other facts and <br />c.~ti mates, iF any, as may be set forth in an Exhibit A attached hereto. <br /> <br /> I 1. No Abusive Arbitrage Device. No "abusive arbitrage device" within the meaning <br />ol' Section 1. 148-10 of the Regulations is used in connection with the Certificates. No action <br />relating to thc 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 />ortl~c (:crtificatcs will be used in a mariner 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 />arc no other lhcts, estimates or circumstances which would materially change the foregoing facts <br />and conclusions. <br /> <br />W ITN ESS our bands and the seal of the City on December __, 2004 <br /> <br />CITY OF RAMSEY, MINNESOTA <br /> <br />(,~,; i~A L) <br /> <br />Mayor <br /> <br />I 714595;' I 4 <br /> <br /> <br />