R2002-154 AUTHORIZING THE EXECUTION OF A TAX EXEMPTION CERTIFICATION AND AGREEMENT

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, JUL-25-02 THU 16� 11 IEPR �ATER FAX N0. 2177851225 P. 13 , - "Loan or Loans"means ttxc IEPA Loan(s) cvidcnced by the Loan Agieemcnt(s)execut�d � by the Agcncy and tho Rocipient for thace projects idennfled on Pagc 1 of this document by the�r L17#(s). "Non-AM7' Tr�-Eaempt Inti�estments" (i) any oblioation deseribal in Sccrion I03(a) of the Intemal Revenue Code of 1986 (the "Code"), thc int�crestana��o��of��fer�ce income of any owner tttereof for fcderal ineome cax purp for purposes of thc alternaiive minimum tax imposcd bY Section 55 of tho Code; (ii) an inCerast in a regulated investmcnt comp�ny to the exlent that at least ninety-fivc percert of the iacome to thc holder of the intcrest is interest that is excludable from gross income undcr Secrion 103 of the Code of any owner thercof for fedEral income tax ptuposes and is not an itcm of tax preference for purposes of the��ass e�min�um a S��Treasury pursuant to the Demand Deposit cc�rtificatcs of mdebt Y State and Loca1 Government Scries pmgram described in 31 C.F.R. part 344 (w ttie extent ptr�titted by law). "Projeet"means che eligible capital improvemcnts of the watex or wastewate�'sYstccns°� thc Rxipie,nt hnanced with the Loan• Qualifzed Sma111ssuer" means a mwvcipality, water district, sanitarY district, or othe� �I unit of local governmcnt if(a)it is a govcramtntal unit that has tbe power (without obtaining II uon-ministcrial approval of any other governmental tuiit)to impose a tax of generdl applicabiutY that, when cvllxted may be uscd for the govemmcntal purposes af the Recipien� A tax vf general applicability is one that is not limited to a smail number of persvns; (b)it is not subject to thc control of any atter gove�rnmcntal unit; (c)95% or more of the I,oat� Proc�ds ��Y borrowed by it have bccn and wil� be used for loc,�l g�vernmcutal acti�+ities� and (�Neithcr it nor any cntiry that issue tax cxempt bonds on its behalf nor any entity under its control has issaed or will issue during Calendar year 2002 and durin8 vach calendar year during which the I.aan has been or is funded, more than $5,004,000 aggrcg�ate face amount of tax exempt bonds(excluding qtialified ptivate acti�ity bonds) reduced by the commitment aznount of the Loan. For purposes of this te.st if any such tax-exempt bonds are sold with original issue premium in exccss of 2%, the issue price of those bonds is uscd in place of aggregate face amount. "Reeipfent"is defincd in tho prcambla. "Related Person"means a member of Che same controlled group• "Repayment Pund"mecins the fund or account (or funds or account) maintain�d by the Recipient to hold revenues (possibly inciuding tax or utility rcvenues) pettdin8 use to pay principal of or interrat on ILPA T.,oans. � B-2 C9 CxaPMAN AIrD CUTLER,APA�c,2001(VBRNMAI)