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• L 0 - <br /> meaning <br /> of Section 148 of the Internal Revenue Code of 1986 , as <br /> amended (the "Code") . <br /> (b) The County represents that is has not used or <br /> permitted the use of, and covenants that it will not use or permit <br /> the use of, the Facility or the proceeds of the Bonds, in such <br /> manner as to cause the Bonds to be "private activity bonds" within <br /> the meaning of Section 141 of the Code. In this regard, the County <br /> covenants that (i) it will not use (directly or indirectly) the <br /> proceeds of the Bonds to make or finance loans to any person, ( ii) <br /> that while the Bonds are outstanding the System and the Facility <br /> will only be used by persons as members of the general public and <br /> that ( iii) charges for use of the System while the Bonds are <br /> outstanding will be based upon rates for usage only and not by take <br /> or pay or like contract with any nongovernmental person. <br /> (c) The Bonds are hereby designated as "qualified <br /> tax-exempt obligations" within the meaning of the Code. The County <br /> represents and covenants that the aggregate principal amount of its <br /> tax-exempt obligations (excluding private activity bonds within the <br /> meaning of Section 141 of the Code, except qualified 501 (c) (3 ) <br /> bonds within the meaning of Section 145 of the Code) , including <br /> those of its subordinate entities, issued in the calendar year in <br /> which these Bonds are issued, does not and will not exceed <br /> $10 , 000 , 000 . The County further covenants and represents that (i) <br /> the aggregate principal amount of its tax-exempt obligations (not <br /> including "private activity bonds" within the meaning of Section <br /> 141 of the Code) , including those of its subordinate entities , <br /> issued in the calendar year in which these Bonds are issued, will <br /> not exceed $5 , 000 , 000 and ( ii) at least 950 of the proceeds of the <br /> bonds will be expended for the cost of the construction (exclusive <br /> of costs of issuance of the Bonds) . <br /> (d) The County covenants that it will take no action <br /> which would cause the bonds to be "federally guaranteed" within the <br /> meaning of Section 149 (b) of the Code; specifically, (A) the <br /> payment of any portion of principal or interest with respect to the <br /> Bonds will not be guaranteed (directly or indirectly) by the United <br /> States or any agency or instrumentality thereof , (B) none of the <br /> proceeds of the Bonds (exclusive of proceeds invested for an <br /> initial temporary period until needed for the purpose for which the <br /> Bonds were issued and proceeds deposited into the Bond Fund) will <br /> be invested (directly or indirectly) in federally insured deposits <br /> or accounts. Nothing in this Section shall prohibit investments in <br /> bonds issued by the United States Treasury . <br /> (e) The County covenants that it will submit to the <br /> Secretary of the Treasury of the United States, not later than the <br /> 15th day of the second calendar month after the close of the <br /> calendar quarter in which any Bonds (temporary or permanent) are <br /> l:4— ,U"S-IS-Zcd <br /> .M. 7, 1997 17 <br />