1996 - 09-16-96 Regular Meeting - Laserfiche WebLink

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003 7 nor 16 -r -t 559 the notes is hereby delegated to the Chairman and Clerk of the Issuer who are hereby authorized and directed to cause said notes to be prepared and to execute said notes when they shall have been sold by the Local Government Commission of North Carolina. (4) The Chairman 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. Said 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 said 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. (5) 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. (6) 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 entities which issue obligations on behalf of the Issuer, reasonably expects that it will not issue more than $10,000,000 tax-exempt obligations (other than private activity bonds) during the current calendar year. In addition, the Issuer hereby designates the above-mentioned notes as "qualified tax-exempt obligations" for the purposes of section 265(b)(3) of the Code. (7) The power to make any election on behalf of the Issuer with respect to the arbitrage rebate provisions of the Code applicable to the notes is hereby delegated to the Chairman and Finance Officer of the Issuer. Commissioner Cox seconded the motion, and upon a vote, the results were as follows: Aye: Cox, Dossenbach, Garner, Groce, Matthews, Moretz and Reives Nay: None The Chairman ruled the motion had been adopted unanimously. The Board considered a contract from Computer Center Software for Tax Department software. Information Services Director Lesa Price asked the Board to consider an agreement between Computer Center Software and Lee County for the purchase and licensing of tax office software. Lee County will receive a reduced purchase price for this software. Commissioner Reives moved to approve an agreement between Computer Center Software and the County of Lee for Tax Department software. Commissioner Groce seconded the motion, and upon a vote, the results were as follows: 6