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003 <br />bom 17 a i <br />Each of said notes shall be signed by the Chairman of the governing body of the Issuer and <br />the Clerk of the Issuer and the seal of the Issuer shall be affixed to each of said notes. <br />(3) The power to fix the rate of interest to be borne by said notes and to <br />determine the denomination or denominations of the notes and the place of payment of the <br />notes is hereby delegated to the Chairman of the governing body of the Issuer and Clerk <br />of the Issuer who are hereby authorized and directed to cause said notes to be prepared <br />and to execute said notes when they shall have been sold by the Local Government <br />Commission of North Carolina. <br />(4) The Chairman of the governing body of the Issuer and Clerk of the Issuer <br />are hereby authorized to make application to the Local Government Commission of North <br />Carolina for its approval of said notes in the manner prescribed by The Local Government <br />Finance Act. Said Local Government Commission is hereby requested to sell the notes in <br />the manner prescribed by said Act. Said notes, when they shall have been sold by said <br />Commission in the manner provided by law and when they shall have been executed in the <br />manner prescribed by this resolution, shall be turned over to the State Treasurer of the <br />State of North Carolina for delivery to the purchasers to whom they may be sold by said <br />Commission. <br />(5) The Issuer covenants to comply with the provisions of the Internal <br />Revenue Code of 1986, as amended (the "Code"), to the extent required to preserve the <br />exclusion from gross income of interest on the notes for Federal income tax purposes. <br />(6) The Issuer hereby represents that (i) the proposed notes are not private <br />activity bonds as defined in the Code and (ii) the Issuer, together with any subordinate <br />entities or any entities which issue obligations on behalf of the Issuer, reasonably expects <br />that it will not issue in the aggregate more than $10,000,000 tax-exempt obligations (other <br />than private activity bonds) during the current calendar year. In addition, the Issuer <br />hereby designates the above-mentioned notes as "qualified tax-exempt obligations" for the <br />purposes of section 265(b) of the Code. <br />(7) The power to make any election on behalf of the Issuer with respect to the <br />arbitrage rebate provisions of the Code applicable to the notes is hereby delegated to the <br />Chairman of the governing body and Finance Officer of the Issuer. <br />Commissioner Matthews seconded the motion, and upon a vote, the results were as <br />follows: <br />Aye: Cox, Garner, Mansfield, Matthews, Moretz, Paschal and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />3 <br />