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<br />here in; and the amount necessa.ry in each year to pay the interest <br />on the Series 1982 Bond, is as follows: <br /> ( i) for the period from the date of issue through <br /> , 1984 , with the initial tax-exempt interest <br /> - <br /> rate of eleven percent (11%) per annum in effect, interest <br /> payments at said 11 % rate will be due on the Bond semi- <br /> annually: <br /> ( i i ) for the period from , 1984 <br /> - <br /> through , 1992, adjustable interest pay- <br /> - <br /> ments up to a maximum tax-exempt interest rate of fourteen <br /> percent ( 14% ) per annum will be due on the Bond semiannually; <br /> (iii) for the period from , 1992 through <br /> - <br /> . 2002, adjustable interest payments up to a <br /> - <br /> maximum tax-exempt interest rate of twenty-four percent (24%) <br /> per annum will be due on the Bond semiannually; <br /> ( iv) assuming the maximum taxable interest rate of <br /> thirty percent (30%) per annum is in effect, interest pay- <br /> ments at said 30% rate will be due on the Bond semiannually. <br /> (b) a Bond Fund shall be established in connection with <br />the issuance of the Series 1982 Bond and the Proceeds derived <br />therefrom; no reserve fund shall be established; <br /> ( c) the Loan Agreement provides that the Borrower shall <br />pay all costs of maintaining the Project in good repair and shall <br />carryall proper insurance with respect thereto; <br /> (d) the Loan Agreement requires that the Borrower pay <br />the taxes which the taxing entities specified in Section 29-3-l20 <br />( 3 ) of the Act are entitled to receive with respect to the proj- <br />ect: <br /> ( e) the payments required to be made by the Borrowe r <br />under the Loan Agreement are sufficient to pay the principal of <br />and interest on the Series 1982 Bond, when due, and are sufficient <br />to pay all other costs required to be paid by the Loan Agreement. <br /> ( f) based upon the representations of Borrower, the <br />Project, as more fully described in the Loan Agreement, con- <br />stitutes a project authorized by and described in Section <br />29-3-103(10 ) of the Act, and it is hereby found, determined, and <br />declared that the Project will serve a valid public purpose: <br /> - 9 - <br />