Section 4. The Board covenants that for so long as any of the Refunding Bonds
are outstanding, the Institution will not enter into any operating lease, management
contract or similar agreement (or any amendment to any existing lease, management
contract or similar agreement) with any person or entity, other than a state or local
governmental unit, for all or any portion of the projects financed or refinanced with such
bonds without first obtaining the written approval of the State Treasurer and an opinion
of nationally recognized bond counsel acceptable to the Treasury Board that entering
into such agreement will not cause the interest on the Refunded Bonds or the Refunding
Bonds to be includable in the gross income of the owners thereof for federal income tax
purposes.
