Section 7. The Board acknowledges that the Treasury Board will rely on the
representations and covenants set forth herein in issuing the Refunding Bonds, that such
representations and covenants are critical to the security for the Refunding Bonds and
the exclusion of the interest on the Refunded Bonds and the Refunding Bonds from the
gross income of the owners thereof for federal income tax purposes, that the Board will
not repeal, revoke, rescind or amend any of such covenants without first obtaining the
written approval of the Treasury Board and an opinion of nationally recognized bond
counsel acceptable to the Treasury Board that repealing, revoking, rescinding or
amending any such covenant 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, and that such covenants will be binding upon the Board and the
Institution so long as any of the Refunded Bonds and the Refunding Bonds are
outstanding.
