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had been reasonably expected on the day of the issuance of the <br />Note, would have caused the Note to be an "arbitrage bond" within <br />the nleaning of Section 103(d) of the Internal Revenue Code of <br />1954, as amended, and applicable regulations promulgated from time <br />to time thereunder, and further covenants that it and the Borrower <br />will observe and'not violate the requirements of Section 103(c) of <br />said Code and any such applicable regulations to the extent <br />necessary so that the interest on such Note will not cease to be <br />exen~pt from federal income tax by reason of such use of proceeds. <br />The Lender may request and shall be entitled to receive and to <br />rely upon a written opinion of counsel recognized on the subject <br />of municipal bonds as to the conformity of any use or proposed use <br />of the proceeds of the Note with the requirements of said Section <br />103(d) and regulations. <br /> <br />Section 506. Effective Date of Resolution <br /> <br /> This Resolution shall take effect immediately upon the <br />adoption hereof according to law. <br /> <br />Adopted: <br /> <br />November 25, 1981 <br /> <br /> _M_~y__or/~of the ~t~/~f ~ /// <br /> <br />16 <br /> <br /> <br />