2002 - 04-15-02 Regular Meeting - Laserfiche WebLink

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�cc; 8 FecF 841 As to any note, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such note and the interest on any such note . shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such note, including the interest thereon, to the extent of the sum or sums so paid. The Issuer shall appoint such registrars, transfer agents, depositaries or other agents and make such other arrangements as may be necessary for the registration, registration of transfer and exchange of notes within a reasonable time according to then commercial standards and for the timely payment of principal and interest with respect to the notes. . The Finance Officer of the Issuer is hereby appointed the registrar, transfer agent and paying agent for the . notes (collectively, the "Note Registrar "), subject to the right of the governing body of the Issuer to appoint another Note Registrar, and as such. shall keep at her office in the Lee County Government Center, 106 Hillcrest Drive, Sanford, North Carolina 27330, books for the registration, registration of transfer and exchange of the notes as provided in this resolution. (7) The Chairman of the governing body of the Issuer and Clerk of the Issuer are hereby authorized to make application to the Local Government Commission of North Carolina for its approval of said notes in the manner prescribed by The Local Government Finance Act. The Local Government Commission is hereby requested to sell the notes in the manner prescribed by said Act. Said notes, when they shall have been sold by the Commission in the manner provided by law and when they shall have been executed in the manner prescribed by this resolution, shall be turned over to the State Treasurer of the State of North Carolina for delivery to the purchasers to whom they may be sold by said Commission. (8) The Issuer covenants to comply with the provisions of the. Internal Revenue Code of 1986, as amended (the "Code "), to the extent required to preserve the exclusion from gross income of interest on the notes for federal income tax purposes. (9) The Issuer hereby represents that (i) the proposed notes are not private activity bonds as defined in the Code and (ii) the Issuer, together with any subordinate entities or any