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(v) Maintenance of Tax-Exemption. Lessee will take all actions <br />necessary to assure the exclusion of interest with respect to the Agreement from <br />the gross income of the owner of the Agreement to the same extent as such <br />interest is permitted to be excluded from gross income under the Code as in effect <br />on the date of delivery of the Agreement. <br /> (vi) Record Retention. Lessee will retain its records of all accounting <br />and monitoring it carries out with respect to the Agreement for at least 3 years <br />after the Agreement matures or is prepaid (whichever is earlier); provided, that if <br />Lessee’s Rental Payments under the Agreement are prepaid and refunded, Lessee <br />will retain its records of accounting and monitoring at least 3 years after the <br />earlier of the maturity or prepayment of the obligations that refunded the <br />Agreement. <br /> (vii) Compliance with Tax Documents. The City will comply with the <br />provisions of the tax certificate and use of proceeds certificate with respect to the <br />Agreement, which are incorporated herein as if fully set forth herein. The <br />covenants of this Section will survive payment in full of the Agreement. <br />ARTICLE III <br /> Section 3.01. Lease of Equipment. Subject to the terms and conditions of this Agreement, <br />Lessor agrees to provide the Acquisition Amount to acquire the Equipment. Lessor hereby <br />demises, leases, sells and transfers to Lessee, and Lessee hereby acquires, rents and leases from <br />Lessor, the Equipment. The Lease Term may be continued, solely at the option of Lessee, at the <br />end of the Original Term or any Renewal Term for the next succeeding Renewal Term up to the <br />maximum Lease Term as set forth in the Payment Schedule. At the end of the Original Term <br />and at the end of each Renewal Term until the maximum Lease Term has been completed, <br />Lessee shall be deemed to have exercised its option to continue this Agreement for the next <br />Renewal Term unless Lessee shall have terminated this Agreement pursuant to Section 3.03 or <br />Section 10.01. The terms and conditions during any Renewal Term shall be the same as the <br />terms and conditions during the Original Term, except that the Rental Payments shall be as <br />provided in the Payment Schedule. <br /> Section 3.02. Continuation of Lease Term. Lessee intends, subject to Section 3.03, to <br />continue the Lease Term through the Original Term and all Renewal Terms. Lessee affirms that <br />sufficient funds are legally available for the current fiscal year, and Lessee reasonably believes <br />that an amount sufficient to make all Rental Payments during the entire Scheduled Term can be <br />obtained from legally available funds of Lessee. Lessee further intends to do all things lawfully <br />within its power to obtain and maintain funds sufficient and available to discharge its obligation <br />to make Rental Payments due hereunder, including making provision for such payments to the <br />extent necessary in each budget or appropriation request submitted and adopted in accordance <br />with applicable provisions of law. Notwithstanding the foregoing, the decision whether or not to <br />budget and appropriate funds or to extend the Lease Term for any Renewal Term is within the <br />sole discretion of the governing body of Lessee. <br />162