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1 <br /> user of any property or equipment acquired as part of the Proj- <br /> ect, and paid for with proceeds of the Bonds, as a result of ( i) <br /> ownership or (ii) actu�al or beneficial use pursuant to a lease, a <br /> management or incentive payment contract, or (iii) any other <br /> arrangement. <br /> E. That, pursuant to the provisions of Section <br /> 148(f) (4) (C) of the Internal Revenue Code of 1986 (the "Code") : <br /> (1) the City is a governmental unit with general taxing <br /> powers, <br /> (2) none of the Bonds is a "private activity bond" (as <br /> defined in Section 141(a) of the Code) , <br /> ( 3) 95 percent or more of the net proceeds of the Bonds <br /> are to be used for local governmental activities of the City (or <br /> of a governmental unit the jurisdiction of which is entirely <br /> within the jurisdiction of the City) , and <br /> (4) the aggregate face amount of all tax-exempt bonds <br /> (other than private activity bonds) issued by the City (and all <br /> subordinate entities thereof) during the calendar year in which <br /> the Bonds are issued is not reasonably expected to exceed <br /> $5,000,000. <br /> Section 13. General Arbitrage Covenants <br /> The City represents and certifies as follows with re- <br /> spect to the Bonds: <br /> A. The City has heretofore incurred, or within six <br /> months after delivery of the Bonds expects to incur, substantial <br /> -22- <br />