101-84 Loan for Detroit/Warren bldg project

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-- 5 -- Section 7. Security for the Bonds. To the extent provided in, and except as otherwise permitted under the Indenture, the Bonds shall be equally and ratably payable solely from the Revenues and shall be secured by an as- signment of the Revenues and by the Indenture. The Bonds also shall be se- cured by the Notes and by the Mortgage, Guaranty and Assignment of Rents and Leases given by the Company to the Trustee pursuant to the Agreement. Anything in the Bond Legislation, the Bonds or the Indenture to the contrary notwithstanding, the Bonds do not and shall not represent or consti- tute a debt or pledge of the faith and credit of the Issuer, and the Bonds shall contain a statement to that effect and to the effect that the Bonds are payable solely from the Revenues. Nothing herein or in the Indenture, how- ever, shall be deemed to prohibit the Issuer, of its own volition, from using to the extent that it is authorized by law to do so, any other resources for the fulfillment of any of the terms, conditions or obligations of the Inden- ture, the Bond Legislation or any of the Bonds. Section 8. Federal Tax Election. This Legislative Authority elects to have the limitation on capital expenditures specified in Section 103(b)(6)(D) of the Code applied to the Project Bonds. The execution and filing by the ExecUtive or the Fiscal Officer with the Internal Revenue Ser- vice of a statement regarding that election, as provided in the Code, is au- thorized, directed and approved. Section 9. Covenants and Agreements of Issuer. In addition to the other covenants and agreements of the Issuer in this Bond Legislation and the Indenture, the Issuer covenants and agrees that: (a) Arbitrage Provisions and Issuer Information Return. The Issuer will restrict the use of the proceeds of the Project Bonds in the manner and to the extent, if any, which may be necessary so that the Project Bonds will not constitute arbitrage bonds under Section 103(c) of the Code, after taking into account reasonable expectations at the time of the delivery of and pay- ment for the Project Bonds. To those ends, the Executive or the Fiscal Officer and any other officer having responsibility for issuing the Project Bonds is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee or agent of or consultant to the Issuer, or with the Company or any officer, employee or agent of or consultant to the Company, to give: (i) an appropriate certificate of the Issuer, for in- clusion in the transcript of proceedings for the Project Bonds, setting forth the reasonable expectations of the Issuer regarding the amount and use of the proceeds of the Project Bonds and the facts, estimates and circumstances on which those expectations are based, that certificate to be premised on the reasonable expectations and the facts, estimates and circumstances on which those expectations are based, as provided by the Company, all as of the date of delivery of and payment for the Project Bonds; and (ii) the statement setting forth the information re- quired by Section 103(1) of the Code, which shall be based on the relevant information provided by the Company. (b) Transcript of Proceedings. The Clerk, or other appropriate officer of the Issuer, shall furnish to the Original Purchaser a true tran- script of proceedings, certified by the Clerk or other officer, of (i) all proceedings had with reference to the issuance of the Project Bonds and (ii) any other information from the records of the Issuer which may be necessary or appropriate to determine the regularity and validity of the issuance of the Project Bonds.