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-17- 502686980 v1 <br /> (A) secured by any interest in property used or to be used for any <br />Private Person Use or secured by payments in respect of property used or to be used for any <br />Private Person Use, or <br /> (B) derived from payments (whether or not made to the County) in <br />respect of property, or borrowed money, used or to be used for any Private Person Use, then, <br />(i) any Private Person Use of the project being refinanced by the Bond or Private Person Use <br />payments described in subsection (4) hereof that is in excess of the five percent limitations <br />described in such subsections (3) or (4) will be for a Private Person Use that is related to the state <br />or local governmental use of the projects refinanced with the proceeds of the Bond (including the <br />Refunded Bonds), and (ii) any Private Person Use will not exceed the amount of Net Proceeds of <br />the Bond allocable to the state or local governmental use portion of the project(s) to which the <br />Private Person Use of such portion of the projects refinanced with the proceeds of the Bond <br />(including the 2010 Bonds) relate. The County further covenants that it will comply with any <br />limitations on the use of the projects refinanced with the proceeds of the Bond by other than state <br />and local governmental users that are necessary, in the opinion of its bond counsel, to preserve <br />the tax exemption of the interest on the Bond. The covenants of this section are specified solely <br />to assure the continued exemption from regular income taxation of the interest on the Bond. <br /> (c) Modification of Tax Covenants. The covenants of this section are specified solely <br />to assure the continued exemption from regular income taxation of the interest on the Bond. To <br />that end, the provisions of this section may be modified or eliminated without any requirement <br />for formal amendment thereof upon receipt of an opinion of the County’s bond counsel that such <br />modification or elimination will not adversely affect the tax exemption of interest on the Bond.