Common use of ARBITRAGE CERTIFICATIONS AND COVENANTS Clause in Contracts

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 Section 3.2. Reasonable Expectations 12 Section 3.3. Purpose of Financing 12 Section 3.4. Funds 12 Section 3.5. Amount and Use of Certificate Proceeds 13 Section 3.6. [Reserved.] 13 Section 3.7. No Advance Refunding 13 Section 3.8. Current Refunding 13 Section 3.9. Project Completion; New Money Portion 13 Section 3.10. Sinking Funds 13 Section 3.11. Reserve, Replacement and Pledged Funds 14 Section 3.12. Purpose Investment Yield 14 Section 3.13. Issue Price and Yield 14 Section 3.14. Miscellaneous Arbitrage Matters 14 Section 3.15. Conclusion 14 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 10 Section 3.2. Reasonable Expectations 12 10 Section 3.3. Purpose of Financing 12 10 Section 3.4. Funds 12 and Accounts 10 Section 3.5. Amount and Use of Certificate Proceeds 13 and Other Money 10 Section 3.6. [Reserved.] 13 Multipurpose Issue 11 Section 3.7. No Advance Refunding 13 11 Section 3.8. No Current Refunding 13 11 Section 3.9. Project Completion; New Money Portion 13 Completion 11 Section 3.10. Sinking Funds 13 11 Section 3.11. Reserve, Replacement and Pledged Funds 14 11 Section 3.12. Purpose Investment Yield 14 11 Section 3.13. Issue Purchase Price and Yield 14 11 Section 3.14. Miscellaneous Arbitrage Matters 14 12 Section 3.15. Conclusion 14 12 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 8 Section 3.2. Reasonable Expectations 12 8 Section 3.3. Purpose of Financing 12 8 Section 3.4. Funds 12 and Accounts 9 Section 3.5. Amount and Use of Certificate Proceeds 13 9 Section 3.6. [Reserved.] 13 Multipurpose Issue 9 Section 3.7. No Advance Refunding 13 9 Section 3.8. No Current Refunding 13 9 Section 3.9. Project Completion; New Money Portion 13 Completion 9 Section 3.10. Sinking Funds 13 9 Section 3.11. Reserve, Replacement and Pledged Funds 14 10 Section 3.12. Purpose Investment Yield 14 10 Section 3.13. Issue Price Purchase Prices and Yield 14 on Lease 10 Section 3.14. Miscellaneous Arbitrage Matters 14 10 Section 3.15. Conclusion 14 10 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 11 Section 3.2. Reasonable Expectations 12 11 Section 3.3. Purpose of Financing 12 11 Section 3.4. Funds 12 and Accounts 11 Section 3.5. Amount and Use of Certificate Proceeds 13 and Other Money 12 Section 3.6. [Reserved.] 13 Multipurpose Issue 12 Section 3.7. No Advance Refunding 13 Section 3.83.9. Current Refunding 13 12 Section 3.93.10. Project Completion; Completion New Money Portion 13 Section 3.103.11. Sinking Funds 13 Section 3.113.12. Reserve, Replacement and Pledged Funds 14 13 Section 3.123.13. Purpose Investment Yield 14 13 Section 3.133.14. Issue Price and Yield 14 on Certificates 13 Section 3.143.15. Miscellaneous Arbitrage Matters 14 Section 3.153.16. Conclusion 14 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 10 Section 3.2. Reasonable Expectations 12 10 Section 3.3. Purpose of Financing 12 10 Section 3.4. Funds 12 and Subaccounts 10 Section 3.5. Amount and Use of Certificate Proceeds 13 and Other Money 11 Section 3.6. [Reserved.] 13 Multipurpose Issue 11 Section 3.7. No Advance Refunding 13 12 Section 3.8. Current Refunding 13 12 Section 3.9. Project Completion; New Money Portion 13 Completion of Financed Facility 12 Section 3.10. Sinking Funds 13 12 Section 3.11. Reserve, Replacement and Pledged Funds 14 12 Section 3.12. Purpose Investment Yield 14 12 Section 3.13. Issue Price Offering Prices and Yield 14 13 Section 3.14. Miscellaneous Arbitrage Matters 14 13 Section 3.15. Conclusion 14 13 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 9 Section 3.2. Reasonable Expectations 12 9 Section 3.3. Purpose of Financing 12 9 Section 3.4. Funds 12 10 Section 3.5. Amount and Use of Certificate Proceeds 13 10 Section 3.6. [Reserved.] 13 Multipurpose Issue 10 Section 3.7. No Advance Refunding 13 10 Section 3.8. No Current Refunding 13 10 Section 3.9. Project Completion; New Money Portion 13 Completion 10 Section 3.10. Sinking Funds 13 10 Section 3.11. Reserve, Replacement and Pledged Funds 14 10 Section 3.12. Purpose Investment Yield 14 11 Section 3.13. Issue Price Offering Prices and Yield 14 on Certificates 11 Section 3.14. Miscellaneous Arbitrage Matters 14 11 Section 3.15. Conclusion 14 11 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 9‌ Section 3.2. Reasonable Expectations 12 9 Section 3.3. Purpose Purposes of the Financing 12 9‌ Section 3.4. Funds 12 and Accounts 9 Section 3.5. Amount and Use of Certificate Bond Proceeds 13 and Other Money 9 Section 3.6. [Reserved.] 13 Multipurpose Issue 10‌ Section 3.7. No Advance Current Refunding 13 10 Section 3.8. Current Refunding 13 Project Completion 10 Section 3.9. Project Completion; New Money Portion 13 Sinking Funds 10‌ Section 3.10. Sinking Funds 13 Section 3.11. Reserve, Replacement and Pledged Funds 14 10 Section 3.123.11. Purpose Investment Yield 14 11 Section 3.133.12. Issue Price and Yield 14 on Bonds 11‌ Section 3.143.13. Miscellaneous Arbitrage Matters 14 11 Section 3.153.14. Conclusion 14 11 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 9 Section 3.2. Reasonable Expectations 12 9 Section 3.3. Purpose of Financing 12 9 Section 3.4. Funds 12 9 Section 3.5. Amount and Use of Certificate Proceeds 13 9 Section 3.6. [Reserved.] 13 Multipurpose Issue 9 Section 3.7. No Advance Refunding 13 10 Section 3.8. No Current Refunding 13 10 Section 3.9. Project Completion; New Money Portion 13 Completion 10 Section 3.10. Sinking Funds 13 10 Section 3.11. Reserve, Replacement and Pledged Funds 14 10 Section 3.12. Purpose Investment Yield 14 10 Section 3.13. Issue Price Offering Prices and Yield 14 10 Section 3.14. Miscellaneous Arbitrage Matters 14 11 Section 3.15. Conclusion 14 11 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 8 Section 3.2. Reasonable Expectations 12 9 Section 3.3. Purpose of Financing 12 9 Section 3.4. Funds 12 9 Section 3.5. Amount and Use of Certificate Proceeds 13 Proceeds. 9 Section 3.6. [Reserved.] 13 Multipurpose Issue 10 Section 3.7. No Advance Refunding 13 10 Section 3.8. No Current Refunding 13 10 Section 3.9. Project Completion; New Money Portion 13 Completion 10 Section 3.10. Sinking Funds 13 10 Section 3.11. Reserve, Replacement and Pledged Funds 14 10 Section 3.12. Purpose Investment Yield 14 11 Section 3.13. Issue Price Offering Prices and Yield 14 11 Section 3.14. Miscellaneous Arbitrage Matters 14 11 Section 3.15. Conclusion 14 11 ARTICLE IV

ARBITRAGE CERTIFICATIONS AND COVENANTS. Section 3.1. General 12 8 Section 3.2. Reasonable Expectations 12 8 Section 3.3. Purpose of Financing 12 8 Section 3.4. Funds 12 and Accounts 9 Section 3.5. Amount and Use of Certificate Bond Proceeds 13 and Other Moneys 9 Section 3.6. [Reserved.] 13 Multipurpose Issue 9 Section 3.7. No Advance Refunding 13 9 Section 3.8. Current Refunding 13 10 Section 3.9. Project Completion; New Money Portion 13 Completion 10 Section 3.10. Sinking Funds 13 10 Section 3.11. Reserve, Replacement and Pledged Funds 14 10 Section 3.12. No Purpose Investment Yield 14 10 Section 3.13. Issue Price Prices and Yield 14 on Bonds 11 Section 3.14. Miscellaneous Arbitrage Matters 14 11 Section 3.15. Conclusion 14 11 ARTICLE IV