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various legal opinions to be delivered concurrently with the delivery of the <br /> Bonds will be qualified as to the enforceability of the various legal instru- <br /> ments by limitations imposed by bankruptcy, reorganization, insolvency or <br /> other similar laws or equitable principles affecting the rights of creditors <br /> generally. <br /> Lack of Secondary Market. There is no established secondary market for <br /> the Bonds, and there is no assurance that a public secondary market will <br /> develop for the purchase and sale of the Bonds. Although the Underwriter does <br /> presently intend to engage in secondary market trading of the Bonds, subject <br /> to applicable securities laws, the Underwriter is not obligated to do so; nor <br /> is the Underwriter obligated to repurchase any of the Bonds at the request of <br /> the holders or owners thereof. The Underwriter does not guarantee that there <br /> will be a continuing secondary market in the Bonds. <br /> Determination of Taxability Due to Statutory Change. Legislation has been <br /> introduced in the Congress and sent for consideration to the Ways and Means <br /> Cou�ittee of the House, which, because of its effective date of December 31, <br /> 1981, would make interest on the Bonds taxable. The sponsor has said that the <br /> effective date of the legislation will be changed in the second session of the <br /> 93rd Congress such that it will become effective on the date of enactment and <br /> not retroactively to December 31, 1981. (See "Tax Exemption" herein. ) <br /> 18 <br />