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Golf Course, (ii) establishing a reserve fund for the Bonds, and (iii) paying the costs of issuance of the Bonds. The Bonds will be insured by a municipal bond insurance policy (the "Insurance Policy") to be issued by AMBAC Indemnity Corporation (the "Insurer") at closing. 3. The Underwriter represents that it is registered under the Securities Exchange Act of 1934 as a municipal securities dealer. 4. The Underwriter agrees to make a bona fide public offering of all the Bonds to the general public at the initial public offering prices set forth in Exhibit "A" hereto; provided, however, that the Underwriter reserves the right to sell the Bonds to municipal securities dealers, brokers, or similar persons acting in the capacity of underwriters or wholesalers at prices lower than the initial public offering prices. Subsequent to such initial offering, the Underwriter reserves the right to change such initial public offering price as it deem necessary in conjunction with the marketing of the Bonds. The Underwriter shall furnish the Issuer and Bond Counsel (as herein defined), at closing, (1) a certificate satisfactory in form and substance to Bond Counsel to the effect that each maturity of the Bonds was the subject of a bona fide public offering and stating the initial or revised initial reoffering prices at which at least a substantial amount of each maturity of the Bonds was sold to the public (excluding bond houses, brokers and similar persons or entities acting in the capacity of underwriters or wholesalers), and (2) such other information as the Issuer or Bond Counsel may request to establish or assure compliance with the Internal Revenue Code of 1986, as amended, and the regulations thereunder pertaining to tax-exempt obligations such as the Bonds. 5. Within seven (7) business days after the Issuer's acceptance hereof, the Issuer will deliver to the Underwriter: (A) One certified copy of the Resolution; (B) One executed copy of the Official Statement of the Issuer with only such changes, alterations and corrections as may be approved pursuant to the Resolution (which, together with all appendices thereto, is herein called the "Official Statement"); (C) One certified copy of the ordinance or resolution of the Issuer establishing the Issuer's schedule of rates, charges and fees for use of the golf course (the "Rate Ordinance"); 2