1992 - 06-15-92 Regular Meeting - Laserfiche WebLink

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? BOOK l ?ACS A -d ® 10. The Chairman and the Clerk of the Board of Commissioners of the Issuer and the Finance Director of the Issuer are hereby authorized and directed to cause the Bonds to be prepared and, when they shall have been duly sold by said Local Government Commission, to execute the Bonds and have the Bonds endorsed and authenticated as provided herein and to deliver the Bonds to the purchaser or purchasers to whom they may be sold by said Local Government Commission. 11. The. Issuer covenants, to the extent permitted by the Constitution and laws of the State of North Carolina, 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 Bonds for Federal income tax purposes. 12. The Board of Commissioners of the Issuer hereby approves the terms of the Escrow Deposit Agreement by and between the Issuer and First-Citizens Bank & Trust company, in the form presented to the Board (draft of 6/8/92) and hereby authorizes the officers of the Issuer designated therein to execute and deliver the Escrow Deposit Agreement in substantially such form with such changes and insertions as any of such officers shall deem necessary to accomplish the purposes for which the Bonds are being issued, their execution thereof constituting conclusive evidence of such approval. ® 13. The Chairman and the Clerk of the Board of Commissioners, the Finance Director and the other officers of the Issuer are hereby authorized and directed to execute and deliver for and on behalf of the Issuer any and all financing statements, certificates, documents or other papers and to perform any and all acts they may deem necessary or appropriate in order to carry out the intent of this resolution and the matters herein authorized. 14. The power to make any election on behalf of the Issuer with respect to the arbitrage rebate provisions of the Code applicable to the Bonds is hereby delegated to the Chairman of the Board of Commissioners and the Finance Director of the Issuer. The motion having been duly seconded by.Commissioner Paschal, and the resolution having been considered, it was adopted by the following vote: AYES: Cox, Hall, Paschal, Reives, Stafford and Wicker NAYS: None E 28