51-91 $4,750,000 Water System Mortgage Revenue Bonds

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(i) The Issuer will use the proceeds of the Series 1991 Bonds to pay the costs of Project 1991, to fund the Bond Reserve Requirement and to pay expenses of the issuance of the Series 1991 Bonds. (ii) The Issuer will at all times prescribe and charge such rates for the services of the Utility and will so restrict Operating Expenses as shall result in Net Revenues sufficient to meet the rate covenant and other requirements of Section 10.02 of the Indenture. (iii) The Issuer will segregate the Revenues and the funds established under the Indenture from all other revenues and funds of the Issuer. (iv) The Issuer shall, at any and all times, cause to be done all such further acts and things and cause to be executed and delivered all such further instruments as may be necessary to carry out the purpose of the Indenture, Bonds and Bond Legislation or as may be required by Article XVIII of the Constitution of Ohio and will, subject to the provisions of the Indenture, comply with all requirements of law applicable to the Utility and the operation thereof. (v) The Issuer will observe and perform all agreements, covenants, undertakings, stipulations and provisions contained in the Bond Legislation, the Indenture and the Bonds, and in all proceedings of the Legislative Authority pertaining to the Bonds or the Utility. (b) The Issuer represents and warrants that it is duly authorized by the Constitution and the laws of the State of Ohio, particularly Article XVIII of the Constitution of Ohio and the Charter, to issue the Series 1991 Bonds authorized hereby and to execute the Indenture, and to pledge the Special Funds and the Water Revenue Fund and the Water Reserve Fund in the manner and to the extent herein and in the Indenture set forth; all acts, conditions and things necessary to be done precedent to and in the issuance of the Series 1991 Bonds in order to make such Series 1991 Bonds legal, valid and binding special obligations of the Issuer have, or prior to the delivery thereof will have, happened, been done and performed in regular and due form as required by law and the Charter; and no limitation of indebtedness or taxation, either statutory or constitutional, is applicable to the Series 1991 Bonds or their issuance. (c) It is further found and determined, and is hereby represented and recited, that the provisions of the Charter and the rules of this Legislative Authority have been fully complied with and that this Bond Legislation was adopted in conformity therewith. (d) All of the obligations and duties of the Issuer and its officers in its behalf, under the Bonds, the Bond Legislation and the Indenture are hereby established as duties specifically enjoined by law and resulting from an office, trust or station of the Issuer and its officers within the meaning of Section 2731.01, Ohio Revised Code. (e) The Issuer has not heretofore made or suffered to exist any pledges of or liens on the Special Funds, the Water Revenue. Fund or Water Reserve Fund. Except as permitted by the Indenture, the Issuer will not make any pledge or assignment of or create any lien or encumbrance upon the Net Revenues, th® Special Funds or the Water Revenue Fund or Water Reserve Fund having a priority higher than or equal to that of the Bonds. Section 9. Th~ IDde~ture and Other Document~. -8-