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200906255 of acquiring the Project, including expenses for the issuance of the Building Bonds, upon requisitions for payment signed by the Project Manager or Alternate Project Manager. Section 4.2. Lessor hereby confirms the appointment of Project Manager and Alternate Project Manager as set forth in the foregoing Section 4.1. Requisitions for payment for costs of the Project shall be signed by the Project Manager or Alternate Project Manager and shall be submitted to the Trustee for payment as provided in Article VI of the Indenture. ARTICLE V COVENANTS OF LESSEE Section 5.1. Lessee covenants that it is a duly organized and existing as a community college area of the State of Nebraska with full and lawful power and authority to enter into this Lease - Purchase Agreement pursuant to Section 85- 1511(4), R.R.S. Neb. 2008, as amended; that it has received written approval for the Project and its financing by lease - purchase agreement from the Coordinating Commission for Postsecondary Education; and that it has taken all actions necessary to validly enter into this Lease- Purchase Agreement. Section 5.2. Lessee covenants that the rentals payable under this Lease- Purchase Agreement do not exceed any limitation imposed by law. Until the Building Bonds and interest thereon are fully paid, Lessee covenants and agrees to make and continue to make for so long as permitted by law an annual levy on all the taxable property within its geographical area pursuant to Section 85- 1517(2)(a), R.R.S. Neb. 2008, as amended, which will be sufficient, along with any other funds available for the purpose, to enable Lessee to pay all basic and additional rent as and when the same become due, and to take all action required to provide funds to make rental payments as herein required. Lessee hereby covenants and warrants with respect to the capital improvement and bond sinking fund as established under Section 85 -1515, R.R.S. Neb. 2008, that (a) it has no bonds outstanding payable from such fund; (b) that in each budget year it will provide for the purposes and programs described and referred to in Section 85 -1515 (2)(a), (2)(b) and (2)(c), R.R.S. Neb. 2008, in such manner as to leave remaining in each budget year available tax levy monies from the tax levy permitted under Section 85- 1517(2), R.R.S. Neb. 2008, amounts sufficient to pay all amounts due under this Lease - Purchase Agreement (including lease - purchase rentals and all other required payments) as the same fall due; (c) that the Lessee has and will have no other obligations outstanding, bonded or otherwise, for purchasing or purchasing on contract or for constructing or improving facilities during the term of this Lease - Purchase Agreement which would cause the tax levy amounts required to be available for payments due under this Lease - Purchase Agreement to be insufficient to pay all amounts due under this Lease - Purchase Agreement (including lease- purchase rentals and all other required payments) as the same fall due. Section 5.3. Lessee covenants and agrees that throughout the term of this Lease- Purchase Agreement it will observe all budget, tax and spending limitations now or hereafter imposed by law in such a manner that a sufficient portion of its tax levy or other monies shall be lawfully available to pay all rentals due under this Lease - Purchase Agreement. Lessee agrees that commencing with its budget for the fiscal year 2009 -2010 it will include amounts sufficient to pay lease rentals as the same fall due in its annual budget and appropriations. Section 5.4. Lessee covenants and agrees that it shall neither take any action nor omit to take such action which such action or omission would have the affect of causing interest on the Building Bonds to be no longer excludable from gross income under the Internal Revenue Code of 1986, as amended. no