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4. The County does not expect to sell or otherwise dispose <br /> of any property comprising a part of the Project prior to <br /> December 16, 1987, the maturity date of the notes, except such <br /> minor parts or portions thereof as may be disposed of due to <br /> normal wear, obsolescence or depreciation in the ordinary course <br /> of business. <br /> 5. Work on the Project is expected to commence on or after <br /> July 20, 1987 and the County has entered into binding contracts <br /> or commitments obligating the expenditure of not less than <br /> $100,000 toward the cost of the Project. Work on the Project is <br /> expected to proceed with due diligence to the completion thereof <br /> presently expected on or about January 20, 1988. <br /> 6. On the basis of the facts, estimates and circumstances <br /> in existence on the date hereof, which is the date on which the <br /> notes are to be delivered (the "date of issue") , we reasonably <br /> expect the following in respect of the notes and as to the use of <br /> the proceeds of the notes, investment earnings thereon, the <br /> proceeds of state and federal grants and certain other moneys: <br /> (a) The proceeds of the notes, in the amount of <br /> $200, 000, investment earnings thereon, the proceeds of <br /> state and federal grants and certain other moneys are <br /> expected to be needed and will be applied to pay the <br /> costs of Project and the Issuance Expenses. <br /> (b) It is expected that all of the proceeds of <br /> the notes, together with all earnings or net profits <br /> derived from the investment or deposit of such <br /> proceeds, will have been expended by June 30, 1989, a <br /> date less than three years from June 29, 1987, the date <br /> of issue of the notes. <br /> (c) The proceeds of "the notes, the estimated <br />