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<br />The Clerk or other appropriate officer of the Issuer, shall <br />furnish to the Original Purchaser a true transcript of <br />proceedings, certified by said Clerk or officer, of all <br />proceedings had with reference to the issuance of the Project <br />Bonds along with such information from the records as is <br />necessary to determine the regularity and validity of the <br />issuance of the Project Bonds. <br />Section 11. Federal Tax Matters. <br />(a) Bond Approval. As required by Section 147(f) of <br />the Code, the Legislative Authority hereby approves the <br />Project Bonds. <br />(b) Arbitrage. The Fiscal Officer and any other <br />officer of the Issuer is hereby authorized and directed to <br />provide such certificates and to take such other action as <br />may be necessary and requested by the Borrower, in order to <br />comply with the Issuer's covenants set forth in Section 3.8 <br />of the Loan Agreement relating to arbitrage and federal <br />guaranties. <br />(c) Average Maturity of Project Bonds. The Fiscal <br />Officer is hereby authorized to certify, which certificate <br />shall be based on certifications supplied by the Borrower to <br />the Fiscal Officer for the benefit of the Issuer, that in <br />accordance with Section 147(b) of the Code, the average <br />maturity of the Project Bonds does not exceed 120 of the <br />remaining average reasonably expected economic life of the <br />Project. <br />(d) Information Reporting. The Executive, the Fiscal <br />Officer, and the Clerk, as appropriate, are hereby <br />authorized and directed to execute and file such documents, <br />including any forms prescribed by the Internal Revenue <br />Service, as are necessary in the opinion of bond counsel to <br />the Issuer, to comply with the information reporting <br />requirements of Section 149(e) of the Code. <br />(e) Bond Registration. In compliance with Section <br />149(a) of the Code, the Project Bonds shall only be issued <br />as fully registered Bonds as provided in the Indenture. <br />(f) $10,000,000 Election. This Legislative Authority <br />hereby elects to have the $10,000,000 limitation specified <br />in Section 144(a)(4) of the Code applied to the Project <br />Bonds. <br />Section 12. Compliance with 0 en Meeting Requirements. It <br />is hereby found and determined that all formal actions of this <br />Legislative Authority concerning and relating to the enactment of <br />this Bond Legislation were taken in an open meeting of this <br />Legislative Authority, and that all deliberations of this <br />Legislative Authority and of any of its committees that resulted <br />- 15 - <br />