1991 - 09-16-91 Regular Meeting - Laserfiche WebLink

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0 ~oti3 frn.~ S9 Negotiable notes, each designated "public Building Bond Anticipation Note," shall be issued for said sum so borrowed. (3) The bond anticipation notes authorized by sections 1 and 2 hereof shall be collectively referred to hereinafter as the "Notes." (4) Each of the Notes shall be dated October 8, 1991, shall be payable July 8, 1992 and shall bear interest from their date at a rate which shall not exceed twelve per centum (12e) per annum. Such interest shall be payable at the maturity of the Notes. Each of the Notes shall be signed by the Chairman and the Clerk of the Board of Commissioners of the Issuer and the seal of the Issuer shall be affixed to each of the Notes. (5) The power to fix the rate of interest to be borne by the Notes and to determine the denomination or denominations of the Notes and the place of payment of the Notes is hereby delegated to the Chairman and the Clerk of the Board of Commissioners of the Issuer who are hereby authorized and directed to cause the Notes to be prepared and to execute the Notes when they shall have been sold by the Local Government Commission of North Carolina. (6) The Chairman and the Clerk of the Board of Commissioners of the Issuer are hereby authorized to make application to the Local Government Commission of North Carolina for its approval of the 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. The 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. (7) 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. (8) The Issuer hereby represents that (i) the Notes are not private activity bonds as defined in the Code and (ii) the Issuer, together with any subordinante entities and 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 which are not qualified as 501(e)(3) bonds) during the current calendar year. In addition, the Issuer hereby designates the Notes as "qualified tax-exempt obligations" for the purposes of section 26s(b)(3) of the code. (9) 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 the Clerk of the Board of Commissioners of the Issuer. 7