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expected to occur in a transaction that is separate and apart from the original sale of the <br /> Bonds. No qualified hedge is expected with respect to the Bonds. <br /> (d) The Bonds are not hedge bonds within the meaning of Treas. Reg. <br /> § 1.148-4(h)(2)(iii). <br /> (e) All payments of interest and scheduled principal on the Bonds are <br /> unconditionally due. <br /> (0 Guarantees: There are no qualified guarantees for which fees are <br /> payable with respect to the Bonds. <br /> (g) Matters Related to Optional Redemptions. (i)No Bonds are subject <br /> to optional redemption within five years after the issue date; (ii)no issue price of any such <br /> Bond exceeds its stated redemption price at maturity by more than one-fourth of one percent <br /> multiplied by the product of its stated redemption price at maturity and the number of <br /> complete years to the first optional date for the Bond; and (iii) there is no increase in the <br /> interest rate of any such Bond after the issue date. <br /> (h) Matters Related to Mandatory Redemptions. The Bonds are not <br /> subject to mandatory early redemption or a reasonably expected contingent redemption <br /> except for mandatory sinking fund redemptions which unconditionally require payments <br /> equal to the principal amount of the Bonds so redeemed,plus accrued unpaid interest thereon <br /> (which payments are being taken into account in the calculation of yield on the Bonds). <br /> There is no excess proceeds call for any Bonds. The stated redemption price at maturity of <br /> each Bond subject to sinking fund redemption does not exceed the issue price of such Bond, <br /> if at all, by more than one-fourth of one percent multiplied by the product of the stated <br /> redemption price at maturity and the number of years to the weighted average maturity date <br /> of all substantially identical Bonds (calculated taking into account the mandatory <br /> redemptions). Consequently, upon any foregoing redemption of a Bond, for purposes of <br /> calculating yield, the Bond will be treated as being redeemed at its outstanding stated <br /> principal amount, plus accrued unpaid interest. <br /> 3.4. Yield on the Purpose Investment. <br /> (a) Payments for Purpose Investments. Investment. All sale proceeds of <br /> the Bonds will be paid to acquire the Loan Agreement,which will be the purpose investment <br /> for the Bonds. <br /> (b) Program Investment. The purpose investment is part of a <br /> governmental program in which: <br /> (i) The program involves the origination or acquisition of <br /> purpose investments; <br /> -4- <br />