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Certificate (which is incorporated herein by reference) Subject to the provisions of this section, moneys held in the Rebate Fund are hereby pledged to secure payments to the United States of America The City, the Authority and the owners of the Authority's Series 2017 Bonds will have no rights in or claim to such moneys The City will invest all amounts held in the Rebate Fund in Permitted Investments Upon receipt of the Rebate Instructions required by the Tax Certificate, the City shall remit part or all of the balance held in the Rebate Fund to the United States of America as so directed In addition, if the Rebate Instructions so direct, the City will deposit, or cause to be deposited moneys into or transfer or cause to be transferred moneys out of the Rebate Fund from or into such accounts or funds as the Rebate Instructions direct (c) Notwithstanding any provision of this section or of Article VIII, if the City receives an opinion from a nationally recognized bond counsel that any specified action required under this section is no longer required or that some further or different action is required to maintain the exclusion from gross income for federal income tax purposes on the Authority's Series 2017 Bonds, the City may conclusively rely on such opinion in complying with the requirements of this section, and the covenants hereunder shall be deemed to be modified to that extent SECTION 5 06 Acquisition and Construction of the Project The City does hereby represent and warrant that it has taken all necessary and appropriate steps to acquire and construct the Project, as agent of the Authonty SECTION 5 07 Maintenance and Operation of the Water System, Budgets The City will maintain and preserve the Water System in good repair and working order at all times and will operate the Water System in an efficient and economical manner and will pay all Maintenance and Operation Costs as they become due and payable Bi-annually, not later than September 1 of each year in which the City prepares its biannual budget, the City will adopt and, if requested, make available to the Authority and the Trustee, a budget approved by the City Council of the City setting forth the estimated Maintenance and Operation Costs and the estimated payments for Debt Service for the then current Fiscal Year and the next following Fiscal Year, provided, that any such budget may be amended at any time during any Fiscal Year and such amended budget shall be made available, if requested, the Authority or Trustee SECTION 5 08 Compliance with Contracts The City will comply with, keep, observe and perform all agreements, conditions, covenants and terms, express or implied, required to be performed by it contained in all contracts for the use of the Water System and all other contracts affecting or involving the Water System to the extent that the City is a party thereto SECTION 5 09 Payment of Claims The City will pay and discharge any and all lawful claims for labor, materials or supplies which, if unpaid, might become a lien on the Net Water Revenues or any part thereof pnor or superior to the obligation to make the 2017 13 2762682 3