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2.15. Taxable Bonds. Bonds the interest on which is <br />included in the gross income of recipients thereof by reason of <br />the failure to comply with applicable requirements of the Code. <br />2.16. Tax Exempt Bonds. Bonds the interest on which is not <br />included in the gross income of the recipients thereof by reason <br />of section 103(a) of the Code of 1986 as amended. <br />Article I I. TERM OF AGREEMENT. <br />This Agreement shall be effective when executed by both <br />parties and shall remain in effect for twenty (20) years <br />following the date of issuance of Bonds for the Projects, or the <br />term of said Bonds, whichever is longer, unless terminated <br />earlier pursuant to this Agreement. <br />Article IV. CONDITIONS OF AGREEMENT. <br />Section 4.1. Project pescription /Usa of $ond Proceeds. <br />Bond Proceeds made available to the City pursuant to this <br />Agreement may be used to defray the Capital Costs of Projects <br />pursuant to the Election Ordinance and this Agreement. The <br />Projects currently approved by the County are listed in <br />Attachment A, which is incorporated herein by reference. <br />Section 4.3. Project implementation. Project <br />implementation shall be as set forth in Attachment B, which is <br />incorporated herein, by reference or as set forth in approved <br />modifications to the implementation schedule set forth in <br />Attachment B. The parties recognize that delay in implementation <br />901- 319.AG <br />5 <br />