Issuance of Additional Series of Bonds

(A)In addition to the 1997 Series A Bonds, the Government may by supplemental Indenture establish one or more other Series of Bonds, payable from and secured by the assets pledged by THIS Indenture on a parity with Bonds previously issued, and the Government may issue, and the Registrar may authenticate and deliver to the purchasers thereof Bonds of any Series so established, in such principal amount as shall be determined by the Government but only upon compliance by the Government with the provisions of § 3.05 and any additional requirements set forth in said Supplemental Indenture, and subject to the following specific conditions, which are hereby made conditions precedent to the issuance of any such additional Series of Bonds:

(1)No Event of Default shall have occurred and then be continuing.

(2)The Supplemental Indenture providing for the issuance of such additional Series of Bonds shall specify the purposes for which such Series is being issued, which shall be one or both of the following

(a)to provide moneys for deposit into the Construction Fund and withdrawal therefrom in accordance with law for purposes other than the refunding of Bonds, or

(b)to refund all or part of the Bonds of any one or more Series then Outstanding, by depositing with the Trustee, in trust, moneys or noncallable Investment Securities constituting direct obligations of the United States in the necessary amount to discharge all liability of the Government with respect to the Bonds to be refunded as provided in § 10.02.

(3)The Supplemental Indenture providing for the issuance of such additional Series of Bonds also shall provide COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS for such deposit as may be necessary to increase the balance in the Bond Reserve Fund to an amount at least equal to the Bond Reserve Fund Requirement with respect to all Series of which any Bonds will be Outstanding upon the issuance of such additional Series of Bonds. Said deposit may be made from the proceeds of sale of such additional Series of Bonds or any other lawful source, as provided in said Supplemental Indenture.

(4)Fixed serial maturities or Mandatory Sinking Account Payments, or any combination thereof, shall be established in amounts sufficient to provide for the retirement of all of the Bonds of such additional Series on or before their respective maturity dates.

(5)The aggregate principal amount of Bonds issued hereunder shall not exceed any limitation imposed by law or by any Supplemental Indenture.

(6)Interest payment dates for such additional Series shall be on either or both Interest Payment Dates, and maturity dates and Mandatory Sinking Account Payment dates shall be on Principal Payment Dates.

(7)The amount of Hotel Room Taxes for any consecutive twelve month period out of the eighteen months next preceding the date of execution of the Supplemental Indenture providing for the issuance of such additional Series of Bonds, as shown by a Certificate of the Government (and, if appropriate, making the assumption set forth in the following sentence), have been (or would have been) an amount equal to at least the sum of

(a)annual Bond Expenses projected to be budgeted to be paid from Revenues, plus

(b)one hundred fifty percent (150%) of Annual Debt Service on the Bonds; all as computed for the Bond Year in which such sum shall be largest upon and after the issuance of such additional Series of Bonds. If the rate or rates at which Hotel Taxes are levied has been modified since the commencement of such twelve month period, the Certificate of the Government shall assume that Hotel Room Taxes were collected at such rates as have been enacted and are effective as of the date of execution of such Supplemental Indenture. COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS

(B)Nothing in this Section or in this Indenture contained shall prevent or be construed to prevent the Supplemental Indenture providing for the issuance of an additional Series of Bonds from pledging or otherwise providing, in addition to the security given or intended to be given by this Indenture, additional security for the benefit of all Bonds, such additional Series of Bonds or any portion of such additional Series of Bonds.

(C)Nothing in this Section or in this Indenture shall affect any provision of any Credit Agreement requiring the Government to obtain the consent of the Credit Provider or to satisfy any other conditions before issuing an additional Series of Bonds.