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• conformity with the Authorizing Legislation, entitled to the.benefit and security of the Bond Ordinance; (d) The execution and delivery of this Agreement and the Bond, the adoption of the Bond Ordinance and the Tax Ordinance, the levy of the Tax, the pledge of the Tax collections to the Bond (and to the Financing Fee), and the carrying out and consummation of the transactions contemplated by this Agreement and the Bond Ordinance will not conflict with or constitute a breach of or default under any applicable law or administrative regulation of the State of Arkansas or the United States or any judgment or decree or any agreement or other instrument to which the Issuer is a party or is otherwise subject; (e) There is no action, suit, proceeding or investigation involving the Issuer before or by any court, public board or body pending or, to the knowledge of the Issuer, threatened wherein an unfavorable decision, ruling or finding would: (i) affect the creation, organization, existence or powers of the Issuer or the titles of its officials to their offices,(ii)enjoin or restrain the issuance, sale and delivery of the Bond, the levy of the Tax, or the pledge of Tax collections, (iii) in any way question or affect any of the rights, powers, duties or obligations of the Issuer with respect to the Tax collections, (iv) in any way question or affect any authority for the issuance of the Bond or the validity or enforceability of the Bond, the Bond Ordinance or the Tax Ordinance, or (v) in any way question or • affect this Agreement or the transactions contemplated by this Agreement, or any other agreement or instrument relating thereto to which the Issuer is a party; (f) The Tax has been duly levied under the Authorizing Legislation, and the Tax collections have been duly pledged to the payment of the Bond (and the Financing Fee) under the Bond Ordinance pursuant to the authority granted by the Authorizing Legislation; and (g) The Issuer will promptly remit each Disbursement to the person or persons to whom payment is then due and owing. 10. The Issuer covenants and agrees with the Commission and the Authority: (a) To comply with all applicable Arkansas and federal statutes and regulations,including particularly, without limitation,Title XVI; (b) To utilize and expend the proceeds of the Bond in a timely and expeditious manner by: (1) utilizing Bond proceeds for eligible Project Costs and approved issuance costs, (2) proceeding expeditiously with and completing the Project, and (3) completing all facilities recommended in the approved facilities plan; • 5