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i 85- UQ63 ". , (c) The Project is of the type authorized and permitted by the Act and the estimated Eligible Costs of the Project are in excess of $1,000,000. The Project will be located at all times during the Lease Term within the corporate boundaries of the Issuer. (d) Company has complete and lawful authority to operate the Project and has received all governmental ` permits necessary therefor, required as of this,date, and will obtain, if and when required, all necessary governmental and administrative approvals and permits required in the future in connection with the construction and operation of the Project. (e) The Company agrees to operate the Project as an industrial facility, or as otherwise permitted by the Act through the date on which all of the Bonds have been fully paid and are no longer outstanding. (f) Substantially all the proceeds from the sale of the Bonds will be used for the acquisition, construc- tion, improving and equipping of the Project, which consists and will consist of the facilities and equipment described in Exhibit "B" attached hereto, and no changes shall be made in the Project which will affect the qualification of the Project as a "project" under the Act or impair the exemption of interest on the Bonds from federal income taxation. (g) The estimated costs of the Project, as set forth in Exhibit "B" attached hereto, have been determined in accordance with standard engineering practices and generally accepted accounting principles. (h) In estimating the cost of the Project, no amount has been included which, under the federal income tax laws, would be deductible by Company in the year in which paid or incurred, except for an allowance for depreciation.. (i) The proceeds of the Bonds will not be used to provide working capital for Company or for any "related ` person" as defined in the Internal Revenue Code, or for the purchase of inventory. -11- u