1. MIDA Bond-Oak Grove School - Laserfiche WebLink

Bond Year and within sixty (60) days after the day on which the last of the Bonds is redeemed. If the Lender is not furnished with such calculations, the Lender may undertake to have such calculations made or verified at the expense of the Corporation and the Corporation shall promptly furnish the Lender with such information as the Lender may request for that purpose. Such calculations shall be retained until six (6) years after the retirement of the last Bond. The rebate shall be calculated as provided in Section 1.148-0 through 1.148-11 of Treasury Regulations; (m) the Bonds have satisfied the public approval requirements of Section 147(f) of the Code since they have been approved by the Issuer by its elected legislative body after reasonable public notice published in a newspaper of general circulation in the Issuer not less than fourteen (14) days prior to the date of a public hearing with respect to the Project; (n) the Corporation will incur within six (6) months a binding obligation to expend an amount at least equal to five percent (5%) of the net sale proceeds of the Bonds on the Project; the Corporation will proceed with due diligence to acquire and construct the Project; and the Corporation reasonably expects at least eighty-five percent (85%) of the proceeds ofthe Bonds to be spent for costs ofthe Project within three (3) years from the date thereof; (0) the Corporation will maintain its status as an organization described in Section 501 (c )(3) ofthe Code and its exemption from federal income taxation under Section 501(a) of the Code; (P) the Corporation will not otherwise use Bond proceeds, including earnings thereon, or take, or permit or cause to be taken, any action that would adversely affect the exemption from federal income taxation of the interest on the Bonds, nor otherwise omit to take or cause to be taken any action necessary to maintain such tax-exempt status; and, ifit should take or permit, or omit to take or cause to be taken, as appropriate, any such action, the Corporation shall take all lawful actions necessary to rescind or correct such actions or omissions promptly upon having knowledge thereof. SECTION 7.11. REDEMPTION OF BONDS. The Issuer, at the request at any time of the Corporation and if the Bonds are then callable, shall forthwith take all steps that may be necessary under the applicable redemption provisions of the Resolution to effect redemption of all or part of the then Outstanding Bonds, as may be specified by the Corporation, on the earliest redemption date on which such redemption may be made under such applicable provisions, provided that the Corporation shall have made available funds in adequate amount therefor or shall have made arrangements satisfactory to the Lender therefor. SECTION 7.12. To OBSERVE LAWS. ORDINANCES AND REGULA TIONS. The Corporation will observe all applicable laws, regulations, ordinances and orders of the United States, State of North Dakota and agencies and political subdivisions thereof and each department or agency thereof, 7-6