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have caused the Bond to be treated as an "arbitrage bond" within the meaning of such term as <br />used in Section 148 of the Code. <br />The County represents that it has not been notified of any listing or proposed listing by <br />the Internal Revenue Service to the effect that it is an issuer whose arbitrage certifications may <br />not be relied upon. The County will comply with the requirements of Section 148 of the Code <br />and the applicable regulations thereunder throughout the term of the Bond. <br />(b) Private Person Use Limitation for Bond. The County covenants that for as long <br />as the Bond is outstanding, it will not permit: <br />(1) More than 10% of the Net Proceeds of the Bond to be allocated to any <br />Private Person Use; and <br />(2) More than 10% of the principal or interest payments on the Bond in a <br />Bond Year to be directly or indirectly: (A) secured by any interest in property used or to be used <br />for any Private Person Use or secured by payments in respect of property used or to be used for <br />any Private Person Use, or (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. <br />The County further covenants that, if - <br />(3) <br />£ <br />(3) More than five percent of the Net Proceeds of the Bond are allocable to <br />any Private Person Use; and <br />(4) More than five percent of the principal or interest payments on the Bond <br />in a Bond Year are (under the terms of this resolution or any underlying arrangement) directly or <br />indirectly: <br />-16- 502686980 v1 <br />