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a r <br />e _U o L8 �acE 81, <br />entities which issue obligations on behalf of the Issuer, <br />reasonably expects that it will not issue in the aggregate more <br />than $10,000,000 tax - exempt obligations (other than private <br />activity bonds, except for 501(c)(3) bonds) in the current <br />calendar year. In addition, the Issuer hereby designates the <br />above - mentioned notes as "qualified tax - exempt obligations" for <br />the purposes of section 265(b)(3) of the Code. <br />(10) The power to make any election on behalf of the Issuer <br />with respect to the arbitrage rebate provisions of the Code <br />applicable to the notes is hereby delegated to the Chairman of <br />the governing body and Finance Officer of the Issuer. <br />(11) The Letter of Representations between the Issuer and <br />DTC is hereby authorized and approved. <br />(12) This resolution shall take effect upon.its passage. <br />The motion having been duly seconded and the resolution <br />having been considered, it was adopted by the following vote: <br />AYES: Adams, Hincks, Lemmond, Matthews, Paschal, Reives, and Satils <br />NAYS: None <br />NORTH CAROUNA, LEE COU,I( <br />fa mgwja*m an the f Lay <br />AWF <br />/ m eok <br />o.G ..- p <br />Ne@e W. Thomas, ReBh" of Deed$ <br />NYA 419144.1 56910 00519 04/04/02 06:36pm <br />