Common use of Arbitrage Clause in Contracts

Arbitrage. The Issuer and the Company hereby covenant with each other, the Trustee and each of the holders of any Bonds that neither of them will cause or permit the proceeds of the Bonds to be used in a manner that will cause the interest on the Bonds to be includable in gross income of the recipients thereof other than a person who is a "substantial user" of the Facilities or a "related person" to such "substantial user" within the meaning of the Code for federal income tax purposes. In addition, the Company covenants that to the extent permitted by law, it shall take all actions within its control necessary to maintain, and shall refrain from taking any action that impairs, the exclusion of the interest on the Bonds from gross income for federal income tax purposes under federal tax law existing on the date of delivery of the Bonds. In furtherance of the foregoing, the Company also agrees on behalf of the Issuer to comply with all rebate requirements and procedures as may become applicable to the Bonds under the Code. Without limiting the generality of the foregoing, the Company further covenants and agrees, as follows: (a) The Facilities are located within the jurisdiction of the Issuer. (b) Substantially all of the net proceeds of the sale of the Prior Bonds have been used to undertake the acquisition of air or water pollution control facilities or sewerage or solid waste disposal facilities within the meaning of Section 103(b)(4) of the Internal Revenue Code of 1954, as amended. All of the proceeds of the Prior Bonds have been expended. (c) The weighted average maturity of the Bonds does not exceed 120% of the reasonably expected economic life of the Facilities financed with the proceeds of the Prior Bonds. (d) The principal amount of the Bonds shall not exceed the outstanding principal amount of the Prior Bonds being refunded from the proceeds of the Bonds. (e) The Bonds are not and will not be "federally guaranteed" (as defined in Section 149(b) of the Code). (f) None of the proceeds of the Bonds will be used, and none of the proceeds of the Prior Bonds were used, to provide any airplane, skybox or other private luxury box, or health club facility; any facility primarily used for gambling; or any store the principal business of which is the sale of alcoholic beverages for consumption off premises. (g) The information furnished by the Company and used by the Issuer in preparing the certification pursuant to Section 148 of the Code and the information statement pursuant to Section 149(e) of the Code, is accurate and complete as of the date of the issuance of the Bonds. (h) None of the proceeds of the Bonds will be used to finance Costs of Issuance of the Bonds. (i) The Company will take no action that would cause any funds constituting gross proceeds of the Bonds to be used in a manner as to constitute a prohibited payment under the applicable regulations pertaining to, or in any other fashion as would constitute failure of compliance with, Section 148 of the Code.

Arbitrage. The Issuer and the Company hereby covenant with each other, the Trustee and each of the holders of any Bonds that neither of them will cause or permit the proceeds of the Bonds to be used in a manner that will cause the interest on the Bonds to be includable in gross income of the recipients thereof other than a person who is a "substantial user" of the Facilities or a "related person" to such "substantial user" within the meaning of the Code for federal income tax purposes. In addition, the Company covenants that to the extent permitted by law, it shall take all actions within its control necessary to maintain, and shall refrain from taking any action that impairs, maintain the exclusion of the interest on the Bonds from gross income for federal income tax purposes under federal tax law existing on the date of delivery of the Bonds. In furtherance of the foregoing, the Company also agrees on behalf of the Issuer to comply with all rebate requirements and procedures as may become applicable to the Bonds under the Code. Without limiting the generality of the foregoing, the Company further covenants and agrees, as follows: (a) The Facilities are located within the jurisdiction of the Issuer. (b) Substantially all of the net proceeds of the sale of the Prior Bonds have been used to undertake the acquisition of "air or water pollution control facilities or sewerage or solid waste disposal facilities facilities" within the meaning of Section 103(b)(4103(b)(4)(E) and (F) of the Internal Revenue Code of 1954, as amended. All of the proceeds of the Prior Bonds have been expended. (c) The weighted average maturity of the Bonds does not exceed 120% of the remaining reasonably expected economic life of the Facilities financed with the proceeds of the Prior Bonds. (d) The principal amount of the Bonds shall not exceed the outstanding principal amount of the Prior Bonds being refunded from the proceeds of the Bonds. (e) The Bonds are not and will not be "federally guaranteed" (as defined in Section 149(b) of the Code). (f) None of the proceeds of the Bonds will be used, and none of the proceeds of the Prior Bonds were used, to provide any airplane, skybox or other private luxury box, or health club facility; any facility primarily used for gambling; or any store the principal business of which is the sale of alcoholic beverages for consumption off premises. (g) The information furnished by the Company and used by the Issuer in preparing the certification pursuant to Section 148 of the Code and the information statement pursuant to Section 149(e) of the Code, is accurate and complete as of the date of the issuance of the Bonds. (h) None of the proceeds of the Bonds will be used to finance Costs of Issuance of the Bonds. (i) The Company will take no action that would cause any funds constituting gross proceeds of the Bonds to be used in a manner as to constitute a prohibited payment under the applicable regulations pertaining to, or in any other fashion as would constitute failure of compliance with, Section 148 of the Code.

Arbitrage. The Issuer Village has covenanted and agreed and the Company Escrow Agent hereby covenant with each othercovenants and agrees, to the Trustee extent any action is within its control and each to its knowledge, to and for the benefit of the holders of any Bonds the Refunding Obligations and the Refunded Obligations, that neither of them will cause or permit the proceeds no investment of the Bonds to monies on deposit in the Escrow Account will be used made in a manner that will would cause the interest on Refunding Obligations or the Bonds Refunded Obligations to be includable in gross income of the recipients thereof other than a person who is a "substantial user" of the Facilities or a "related person" to such "substantial userarbitrage bonds" within the meaning of the Code for federal income tax purposes. In addition, the Company covenants that to the extent permitted by law, it shall take all actions within its control necessary to maintain, and shall refrain from taking any action that impairs, the exclusion of the interest on the Bonds from gross income for federal income tax purposes under federal tax law existing on the date of delivery of the Bonds. In furtherance of the foregoing, the Company also agrees on behalf of the Issuer to comply with all rebate requirements and procedures as may become applicable to the Bonds under the Code. Without limiting the generality of the foregoing, the Company further covenants and agrees, as follows: (a) The Facilities are located within the jurisdiction of the Issuer. (b) Substantially all of the net proceeds of the sale of the Prior Bonds have been used to undertake the acquisition of air or water pollution control facilities or sewerage or solid waste disposal facilities within the meaning of Section 103(b)(4) 148 of the Internal Revenue Code of 19541986, as amended. All of amended (the proceeds of the Prior Bonds have been expended. (c"Code") The weighted average maturity of the Bonds does not exceed 120% of the reasonably expected economic life of the Facilities financed with the proceeds of the Prior Bonds. (d) The principal amount of the Bonds shall not exceed the outstanding principal amount of the Prior Bonds being refunded from the proceeds of the Bonds. (e) The Bonds are not and will not be "federally guaranteed" (as defined in Section 149(b) of the Code). (f) None of the proceeds of the Bonds will be used, and none of the proceeds of the Prior Bonds were used, to provide any airplane, skybox or other private luxury box, or health club facility; any facility primarily used for gambling; or any store Regulations promulgated or proposed thereunder (the principal business of which is the sale of alcoholic beverages for consumption off premises. (g) The information furnished by the Company and used by the Issuer in preparing the certification pursuant "Regulations"). In order to ensure continuing compliance with Section 148 of the Code and the information statement pursuant to Section 149(e) Regulations, the Escrow Agent agrees that it will not invest the cash balance nor reinvest any cash received in payment of the Codeprincipal of and interest on the federal securities held in the Escrow Account nor redeem such federal securities except as specifically provided in Section 1 hereof. Said prohibition on reinvestment shall continue unless and until the Village requests that such reinvestment be made and shall be restricted to noncallable direct obligations of the United States Treasury. Prior to any such request for reinvestment of the proceeds from the federal securities held in the Escrow Account, is accurate the Village shall provide to the Escrow Agent: (i) an opinion by an independent certified public accounting firm that after such reinvestment the principal amount of the substituted securities, together with the earnings thereon and complete other available monies, will be sufficient to pay, as the same become due, any required interest payments on the Refunding Obligations and all principal of, redemption premium where required, and interest on the Refunded Obligations which have not then previously been paid, and (ii) an unqualified opinion of nationally recognized bond counsel to the effect that (a) such reinvestment will not cause the Refunding Obligations or the Refunded Obligations to be "arbitrage bonds" within the meaning of Section 148 of the Code and the Regulations in effect thereunder on the date of such reinvestment, and (b) such reinvestment complies with the Constitution and laws of the State of Wisconsin and the provisions of all relevant documents relating to the issuance of the BondsRefunding Obligations and the Refunded Obligations. (h) None of the proceeds of the Bonds will be used to finance Costs of Issuance of the Bonds. (i) The Company will take no action that would cause any funds constituting gross proceeds of the Bonds to be used in a manner as to constitute a prohibited payment under the applicable regulations pertaining to, or in any other fashion as would constitute failure of compliance with, Section 148 of the Code.

Arbitrage. The Issuer and the Company hereby covenant with each other, the Trustee and each of the holders of any Bonds that neither of them will cause or permit the proceeds of the Bonds to be used in a manner that will cause the interest on the Bonds to be includable in gross income of the recipients thereof other than a person who is a "substantial user" of the Facilities or a "related person" to such "substantial user" within the meaning of the Code for federal income tax purposes. In addition, the Company covenants that to the extent permitted by law, it shall take all actions within its control necessary to maintain, and shall refrain from taking any action that impairs, maintain the exclusion of the interest on the Bonds from gross income for federal income tax purposes under federal tax law existing on the date of delivery of the Bonds. In furtherance of the foregoing, the Company also agrees on behalf of the Issuer to comply with all rebate requirements and procedures as may become applicable to the Bonds under the Code. Without limiting the generality of the foregoing, the Company further covenants and agrees, as follows: (a) The Facilities are located within the jurisdiction of the Issuer. (b) Substantially all of the net proceeds of the sale of the Prior Series 1974 Bonds have been used to undertake the acquisition of "air or water pollution control facilities or sewerage or solid waste disposal facilities facilities" within the meaning of Section 103(b)(4103(b)(4)(E) and (F) of the Internal Revenue Code of 1954, as amended. All of the proceeds of the Series 1974 Bonds and of the Prior Bonds have been expended. (c) The weighted average maturity of the Bonds does not exceed 120% of the remaining reasonably expected economic life of the Facilities financed with the proceeds of the Prior Series 1974 Bonds. (d) The principal amount of the Bonds shall not exceed the outstanding principal amount of the Prior Bonds being refunded from the proceeds of the Bonds. (e) The Bonds are not and will not be "federally guaranteed" (as defined in Section 149(b) of the Code). (f) None of the proceeds of the Bonds will be used, and none of the proceeds of the Series 1974 Bonds or the Prior Bonds were used, to provide any airplane, skybox or other private luxury box, or health club facility; any facility primarily used for gambling; or any store the principal business of which is the sale of alcoholic beverages for consumption off premises. (g) The information furnished by the Company and used by the Issuer in preparing the certification pursuant to Section 148 of the Code and the information statement pursuant to Section 149(e) of the Code, is accurate and complete as of the date of the issuance of the Bonds. (h) None of the proceeds of the Bonds will be used to finance Costs of Issuance of the Bonds. (i) The Company will take no action that would cause any funds constituting gross proceeds of the Bonds to be used in a manner as to constitute a prohibited payment under the applicable regulations pertaining to, or in any other fashion as would constitute failure of compliance with, Section 148 of the Code.