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City of Santa Ana <br />Agreement No.: D2202006 <br />Project No.: 3010038-002C <br />Page 49 of 49 <br />service fund, investments of a reasonably required reserve or replacement fund, investments in bonds issued by <br />the United States Treasury, investments in refunding escrow funds or certain other investments permitted under <br />the Treasury Regulations. <br />F.24 Amendments. <br />The provisions in this Exhibit may be amended, modified or supplemented at any time to reflect changes in the <br />Code upon obtaining written approval of the State Water Board and the Bank and an opinion of Nationally - <br />Recognized Bond Counsel to the effect that such amendment, modification or supplement will not adversely affect <br />the exclusion from federal gross income of interest on the Bonds pursuant to Section 103 of the Code. <br />F.25 Reasonable Expectations. <br />The Recipient warrants that, to the best of its knowledge, information and belief, and based on the facts and <br />estimates as set forth in the tax covenants in this Exhibit, the expectations of the Recipient as set forth in this <br />Exhibit are reasonable. The Recipient is not aware of any facts or circumstances that would cause it to question <br />the accuracy or reasonableness of any representation made in the provisions in this Exhibit. <br />F.26 Assignment. <br />The Recipient consents to any pledge, sale, or assignment to the Bank or a trustee for the benefit of the owners <br />of the Bonds, if any, at any time of any portion of the State Water Board's estate, right, title, and interest and claim <br />in, to and under this Agreement and the right to make all related waivers and agreements in the name and on <br />behalf of the State Water Board, as agent and attorney -in -fact, and to perform all other related acts which are <br />necessary and appropriate under this Agreement, if any, and the State Water Board's estate, right, title, and <br />interest and claim in, to and under this Agreement to Payments (but excluding the State Water Board's rights to <br />Additional Payments and to notices, opinions and indemnification under each Obligation). <br />Exhibit F <br />