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the Bonds, subject to the reserved right of the Council to <br /> transfer certain interest income or investment profit earned in <br /> the Debt Service Fund to other funds of the City, as described in <br /> the preceding sentence. <br /> The principal proceeds of the Bonds shall be set aside <br /> in a separate fund, hereby created, and designated as the "Series <br /> 1987 Bonds Project Fund" (the "Project Fund" ) , hereby created, <br /> and to be used solely and only for the purpose for which the <br /> Bonds are authorized. <br /> Section 12. Not Private Activity Bonds <br /> None of the Bonds is a "private activity bond" as de- <br /> fined in Section 141(a) of the Code. In support of such conclu- <br /> sion, the City certifies, represents and covenants as follows: <br /> A. None of the proceeds of the Bonds are to be used, <br /> directly or indirectly, in any trade or business carried on by <br /> any person other than a state or local governmental unit. <br /> B. No direct or indirect payments are to be made on <br /> any Bond with respect to any private business use by any person <br /> other than a state or local governmental unit. <br /> C. None of the proceeds of the Bonds are to be used, <br /> directly or indirectly, to make or finance loans to persons other <br /> than a state or local overnmental un' <br /> g it. <br /> D. No user of any property or equipment acquired as <br /> part of the Project, and paid for with proceeds of the Bonds, <br /> other than the City, will use the same on any basis other than <br /> -21- <br />