Section 5. The Board covenants that for so long as any of the Refunding Bonds
are outstanding, the Institutions will not sell or dispose of all or any part of the projects
financed with such bonds or allow any such project to cease being a revenue producing
capital project of the Institution within the meaning of Article X, Section 9 of the
Constitution without first obtaining the written approval of the State Treasurer and an
opinion of nationally recognized bond counsel acceptable to the Treasury Board that
such sale, disposition or cessation will not cause 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.
