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prepayment; and the City obtains an opinion of nationally recognized bond counsel stating that the issuance of the Additional Bonds will not cause the interest on any bonds payable from the Revenue Bond Account to be includable in gross income for federal tax purposes; and (d) The City is not in default under this Resolution or any other resolution authorizing the issuance of any outstanding bonds payable from the Revenue Bond Account. Junior or subordinate bonds secured by the revenues of the Project may be issued at any time by the City. 4.03. Money in the funds and accounts created by this Resolution will be kept separate from other municipal ftmds in accordance with the City's accounting and investment policies, and deposited only in a bank or banks which are members of the Federal Deposit Insurance COIporation (FDIC). Deposits which cause the aggregate deposits of the City in anyone bank to be in excess of the amount insured by FDIC must be continuously secured in the manner provided by law for the investment of municipal funds. Income derived from investments in the ftmds and accounts may at any time be liquidated and the proceeds thereof applied for the purpose or purposes for which the respective Account was created. 4.04. Subject to the provisions of Section 4.02, the Bonds are and will be a first charge and lien on the gross revenues of the Facility and the Brightwood Golf Course Project, and of all additions, improvements and extensions thereto. Section 5. Covenants. 5.01. For the protection of the holders of the Bonds, the City covenants and agrees with the holders of the Bonds from time to time as follows: 5.02. It will complete the Project and will cause it to be constructed and completed free from all liens in accordance with plans and specifications heretofore approved, with the proceeds of the Bonds supplemented with other funds if necessary. 5.03. It will at all times provide for and insure the adequate maintenance and efficient operation of the Facility as part of its program of public recreation. It will from time to time make all needed and proper repairs, replacements, additions and betterments of the Facility so that it may at all times be operated properly and advantageously, and whenever any equipment is worn out, destroyed or otheIWise become insufficient for its intended use, the equipment will be promptly replaced or repaired so that the value and efficiency of the Facility will be at all times fully maintained and the revenues unencumbered by reason thereof. The City may replace obsolete, worn out, or destroyed equipment with different kinds of equipment recognizing teclmological and operational changes, so long as the operation of the Facility for its intended purpose and the reve- nues therefrom are not impaired. DJK-165146 NE136-152