08-83 Hospital Improvement revenue bonds

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paying Bond Service Charges when due as aforesaid, and shall do so without necessity for any order on behalf of the Issuer and without restriction by reason of any such order. Until the completion of the 1982 Project (as defined in the Prior Indenture), any income on an investment made from moneys credited to any Special Fund shall be credited to the Construction Fund. After such completion, income on investments made from the various Special Funds shall be credited as follows: (i) income on investments made from the Debt Service Fund shall be credited to such Fund; (ii) income on investments made from the Depreciation Reserve Fund shall be credited to such Fund; and (iii) income on investments made from the Debt Service Reserve Fund shall be credited to the Debt Service Fund; provided, how- ever, that any Series Bond Legislation authorizing the issuance of a Series of Additional Bonds to pay Costs of Hospital Facilities may pro- vide that, during and until the completion of the Project referred to in such Series Bonds Legislation, the income on investments made from all or any Special Funds shall be credited to the Construction Fund. For purposes of this Bond Legislation and the Indenture, investments shall be valued at the lower of cost or current market value, whichever is less. (j) Arbitrage Provisions and Transcript of Proceedings. The Issuer hereby covenants that it will restrict the use of the respective proceeds of the Series 1983-A Bonds and the Series 1983-B Bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the respective times of the delivery of and payment for the Series 1983-A Bonds and Series 1983-B Bonds so that the Series 1983-A Bonds and the Series 1983-B Bonds will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Sec- tion. The Fiscal Officer or any other officer, including the Clerk, having responsibility with respect to the issuance of the Series 1983-A Bonds and the Series 1983-B Bonds, is authorized and directed, alone or in conjunction with any other officer, employee, consultant or agent of the Issuer, to give, with respect to each such Series, an appropriate certificate on behalf of the Issuer for inclusion in the transcript of proceedings with respect to such Series, setting forth the r%asonable expectations of the Issuer regarding the amount and use of all proceeds of such Series and the facts, estimates, and circumstances on which they are based, such certificate to be premised on the reasonable expecta- tions and the facts, estimates, and circumstances on which they are based, all as of the respective dates of delivery of and payment for the Series 1983-A Bonds and the Series 1983-B Bonds. The Clerk shall fur- nish to the Original Purchaser of each such Series a true transcript, certified by the Clerk, of all proceedings had with reference to the issuance of such Series, along with such information from the records of the Issuer as is necessary to determine the regularity and validity of the issuance of said Bonds. -45-