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payment of the principal of such Bonds or <br />the County covenants to refund such Bonds, <br />in either case at a date not later than <br />five years preceding the stated maturity <br />thereof. <br />Arbitraee. No use will be made of the proceeds of the Bonds which, <br />if such use were reasonably expected on the date of issuance of the Bonds, would <br />cause the same to be "arbitrage bonds" within the meaning of the Internal Revenue <br />Code. The County at all times while the Bonds and the interest thereon are <br />outstanding will comply with the requirements of Section 103 of the Internal <br />Revenue Code and any valid and applicable rules and regulations promulgated <br />thereunder, to the extent required to preserve the exclusion of the interest on <br />the Bonds from gross income for federal income tax purposes. <br />Payment From Sales Tax and Investment Income. The County will duly <br />and punctually pay or cause to be paid from the Sales Tax, the principal of, and <br />interest and premium, if any, on the Bonds. <br />Modification or Amendment. No adverse material modification or <br />amendment of the Master Bond Resolution or any ordinance or resolution amendatory <br />thereof or supplemental thereto may be made without the consent in writing of the <br />Holders of fifty-one percent (518) or more in principal amount of the Bonds of <br />each series then outstanding; provided, however, that in the event the County <br />obtains a policy of municipal bond insurance covering the Bonds of a series, then <br />only the consent of the Municipal Bond Insurer for such Bonds shall be required; <br />provided, further, that no modification or amendment shall permit a change in the <br />maturity of the Bonds or a reduction in the rate of interest thereon or in the <br />amount of principal obligation thereof or affecting the promise of the County to <br />C -II <br />