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• <br />ry <br />The Issuer further covenants with the <br />purchasers of the issue that is compr i sed of the <br />Notes that it will comply with the provisions of <br />H.R. 3838, 99th Congress, 1st Sess. (1985), as <br />passu by the United States Clouse of <br />Representatives on December 17, 1985, to the <br />extent required to maintain Federal income tax <br />exemption of the interest on the Notes, giving <br />effect to a joint statement issued on March 14, <br />1986, by ranking Republican and Democratic mreabers <br />of the House Ways and Means Committee and the <br />Senate Finance Committee and the Secretary of the <br />Treasury with respect to the effective dates of <br />certain provisions of such Dill affecting state <br />and local government notes. This covenant shall <br />be of no further force or effect as to any or all <br />of the provisions of such Bill, as applicable and <br />appropriate, at such time as the Issuer receives <br />an opinion of nationally recognized bond counsel <br />to the effect that continuing compliance by the <br />Issuer with such provision or provisions is not <br />required to maintain Federal income tax exemption <br />with respect to interest on the Notes. <br />D. Defeasance. If, at any time, the Issuer shall have <br />paid, or shall have made provision for paynent of, the <br />principal avid interest with respect to the Notes, then, and <br />-34- <br />