Agmt 2011 California State Water Resources Control Board SWRCB

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City of San Leandro Agreement No.: 11- 806 -550 Project No.: C -06- 7002 -110 The service provider must not have any role or relationship with the Recipient, that, in effect, substantially limits the Recipient's ability to exercise its rights, including cancellation rights, under the contract, based on all the facts and circumstances. • 4.8 No Disposition of Financed Property. The Recipient does not expect to sell•or otherwise dispose of any portion of the Project, in whole or in part, prior to the final maturity date of the Obligation. 4.9 Useful Life of Project. The economic useful life of the Project, commericing at Project Completion, is at least equal to the term of this Agreement, as set forth on Exhibit B hereto. 4.10 Installment Payments. Installment Payments generally are expected to be derived from current revenues of the Recipient in each year, and current revenues are expected to equal or exceed debt service on the Obligation during each payment period. 4.11 No Other Replacement Proceeds. The Recipient will not use any of the Project Funds to replace funds of the Recipient which are or will be used to acquire investment property reasonably expected to produce a yield that is materially higher than the yield on the Bonds. 4.12 Reimbursement Resolution. • See Exhibit E, Recipient Reimbursement Resolution. 4.13 Change in Use. The Recipient reasonably expects to use all Project Funds and the Project for the entire stated term to maturity of the Obligation. Absent an opinion of Nationally- Recognized Bond Counsel to the effect that such use of Project Funds will not adversely affect the exclusion from federal gross income of interest on the Bonds pursuant to Section 103 of the Code, the Recipient will use the property financed or refinanced with Project Funds solely as set forth in the Agreement. 4.14 No Federal Guarantee. The Recipient will not directly or indirectly use any of the Project Funds that would cause the Bonds to be "federally guaranteed" within the meaning of Section 149(b) of the Code. 4.15 No Notices or Inquiries From IRS. The Recipient has not received any notice or inquiry by the Internal Revenue Service within the last ten (10) years regarding any obligations issued by the Recipient, the interest on which obligations is excludable from federal income taxation. 4.16 Amendments; Application. The provisions in this Article may be amended or supplemented at any time to reflect changes in the Code upon obtaining an opinion of Nationally- Recognized Bond Counsel that such amendment will not adversely affect the exclusion from federal gross income of interest on the Bonds pursuant to 17 cae 14410