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, <br />Bou . 17 PAGE 316 1 <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)(3) 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 />Chairperson of the governing body and Finance Officer of the Issuer. <br />Commissioner Cox seconded the motion, and upon a vote, the results were as follows: <br />Aye: Cox, Garner, Mansfield, Matthews, Moretz, Paschal and Reives <br />Nay: None <br />The Chairperson ruled the motion had been adopted unanimously. <br />Commissioner Reives moved to go out of The Lee County Water and Sewer <br />District No. 1 meeting. Commissioner Moretz seconded the motion, and upon a vote, the <br />results were as follows: <br />Aye: Cox, Garner, Mansfield, Matthews, Moretz, Paschal and Reives <br />Nay: None <br />The Chairperson ruled the motion had been adopted unanimously and the meeting <br />adjourned. <br />Bertha L. Matthews, Chairperson <br />RM CAROLINA LEE~_ <br />ee tm npimr.Wn <br />Ite p0 <br />rMd1n -7 Y" 3~ <br />t"wW flw Ma.ft trd We& <br />3 <br />