2008-99 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS

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tax-exempt obligation" as provided therein. In support of such designation, the City certifies, represents and covenants as follows: 1. None of the Bonds is a "private activity bond" as defined in Section 141(a) of the Code. 2. Other than the Bonds and the 2008 Note, the City (including any entities subordinate thereto) has not and does not reasonably expect to issue in excess of $10,000,000 in Tax-exempt obligations during calendar year 2008. 3. Including the Bonds and the 2008 Note, not more then $10,000,000 of obligations issued by the City (including any entities subordinate thereto) during the calendar year 2008 have been to date or will be designated by the City for purposes of said Section 265(b)(3). D. NO ARBITRAGE BONDS. The City also certifies and further covenants with the Purchaser and registered owners of the Bonds from time to time outstanding that moneys on deposit in any fund or account in connection with the Bonds, whether or not such moneys were derived from the proceeds of the sale of the Bonds or from any other source, will not be used in a manner which will cause the Bonds to be "arbitrage bonds" within the meaning of Code Section 148 and any lawful regulations promulgated thereunder, as the same presently exist or may from time to time hereafter be amended, supplemented or revised. Section 19. Opinion of Counsel Exception. The City reserves the right to use or invest moneys in connection with the Bonds in any manner, notwithstanding the tax-related covenants set forth in Sections 15 through 17 herein, provided it shall first have received an opinion from Bond Counsel, or, in the event Bond Counsel is unable or unwilling to provide such opinion, then from an attorney or a firm of attorneys of nationally recognized standing as having expertise in Tax-exempt obligations, to the effect that use or investment of suchl moneys as contemplated -34- � ,