Res-2020-010 - Laserfiche WebLink

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