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<br />JI <br /> <br />I <br /> <br />B. Loan (including Note) Requirements <br /> <br />1. <br /> <br />Bonds <br /> <br />a. The Grantee/Borrower shall initiate and prosecute to completion <br />all proceedings necessary to the authorization, issuance, and sale <br />of the Bonds and to the security thereof. When said proceedings <br />have been completed to the point of, but not including, the <br />delivery of the Bonds to the Government, the Grantee/Borrower may <br />file a requisition requesting the Government to purchase the Bonds. <br />The requisition shall be supported by such data as the Government <br />shall require to determine whether the Government is obligated <br />under the provisions of this Agreement to honor such requisition. <br />If the Government is so obligated, it will purchase the Bonds <br />covered by such requisitions, within the limitations, however, <br />specified in this agreement. <br /> <br />b. The Grantee/Borrower shall furnish the Government a transcript <br />of proceedings for the authorization, issuance, sale and security <br />of the Bonds evidencing that the Bonds, when delivered and paid <br />for will constitute binding and legal obligations payable and <br />secured in accordance with their tenor, and that all proceedings <br />for the financing and the acquisition, construction and development <br />of the project preliminary to the delivery of the Bonds to the <br />Government have occurred in due time, form, and manner, as required <br />by law. <br /> <br />c. In the event that the Government, pursuant to its bid, is <br />requested to purchase all or any part of the Bonds, the Grantee/ <br />Borrower shall deliver upon closing one or more Bonds in principal <br />amount(s) ,satisfactory to the Government, registered as to principal <br />and interest in the name of the Government. <br /> <br />d. The Grantee/Borrower agrees that upon ninety (90) days written <br />notice it will, at its own expense, issue in exchange for the Bonds <br />held by the Government, coupon bonds of equal aggregate principal <br />amount in denominations satisfactory to the Government maturing as <br />provided in the Bond Specification which Bonds shall be substantially <br />in the form required by,the Government. <br /> <br />e. Simultaneously with the delivery of any Bonds to the Government, <br />the Grantee/Borrower shall furnish to the Government from Bond Counsel <br />satisfactory to the Government an opinion which shall express its <br />general approval of all of the Bonds, and specifically and unquali- <br />fiedly the Bonds then being delivered to the Government, and shall <br />state that said Bonds have been issued pursuant to all requirements <br />of law, and that said Bonds, when delivered and paid for, will <br />constitute binding and legal obligations payable and secured in <br />accordance with the tenor thereof and the terms and conditions of <br />this Agreement. <br /> <br />f. The Grantee/Borrower shall include in the proceedings for the <br />authorization, issuance, sale and security of the Bonds, provisions <br />for the payment of the principal of and interest on the Bonds and for <br /> <br />- 9 - <br />