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85 ,-. 006359 r person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the Congress of the United States; and (viii) certificates of deposit or savings accounts issued by banks organized under the laws of any state or of the United States Which have a combined capital and surplus and undivided profits and reserves of at least $5,000,000. The Trustee may make any and all such investments through its own trust or bond departments and in its own savings accounts, certificates of deposit and repurchase agreements and commercial paper of any of its affiliates. The investments so purchased shall be held by the Trustee and shall be deemed at all times a part of the Bond Fund, the Construction Fund or any other Fund, as the case may be, and the interest accruing thereon and any profit realized therefrom shall be credited to such fund and any losses resulting from such investment shall be charged to such fund and paid by the Company. The Issuer and the Company covenant and certify to each other and to and for the benefit of the purchaser of the Bonds that no use will be made of the proceeds from the issue and sale of the Bonds which will cause any of the Bonds to be classified as arbitrage bonds within the meaning of Section 103(c)(2) of the Internal Revenue Code. Pursuant to such covenant the Issuer and the Company obligate themselves to comply throughout the term of the issue of the Bonds with the requirements of Section 103(c) of the Internal Revenue Code and any regulations promulgated or proposed thereunder. Section 4.8. Special Arbitrage Certifications. Company hereby certifies, warrants and represents to Issuer that it is reasonably expected that: (a) The original proceeds of the Series 1985 Bonds will not exceed the costs of the Project. (b) At least 85% of the spendable proceeds of the Series 1985 Bonds will be expended to pay the Eligible Costs of the Project on or before September 30, 1988, and by the end of the temporary period referred to in Section 1.103- 14(b)(1) of the Regulations under Section 103(c) of the Code, the amount remaining in the Con- struction Fund established pursuant to Section 5.06 of the Indenture will be Less than a major portion of the proceeds of the Series 1985 Bonds (computed in accordance with Section 1.103- 13(b)(1)(ii) of said Regulations). -22- U