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eooK 13 763 <br />at the rate of 5.20% per annum, payable at maturiy. <br />(2) The Chairman and the Clerk of the Board of <br />Commissioners of the Issuer are hereby authorized to make <br />application to the Local Government Commission of North <br />Carolina for its approval of said notes in the manner <br />prescribed by The Local Government Finance Act. The Local <br />Government Commission is hereby requested to deliver said <br />notes through the State Treasurer in exchange for said <br />outstanding notes upon payment of the interest payable with <br />respect to said outstanding notes to the holders of said <br />outstanding notes. <br />(3) The Issuer covenants to comply with the provisions <br />of the Internal Revenue Code of 1986, as amended (the "Code"), <br />to the extent required to preserve the exclusion from gross <br />income of interest on the notes for Federal income tax <br />purposes. <br />(4) The Issuer hereby represents that (i) the proposed <br />$465,000 School Bond Anticipation Notes, dated May 15, 1991, <br />authorized by Section 1, hereof, are not private activity <br />bonds as defined in the Code and (ii) the Issuer, together <br />with any subordinate entities of the Issuer or any entities <br />which issue obligations on behalf of the Issuer, reasonably <br />expects that it will not issue more than $10,000,000 of <br />tax-exempt obligations (other than private activity bonds <br />which are not qualified 501(c)(3) bonds) during the current <br />calendar year. In addition, the Issuer hereby designates the <br />above-mentioned notes as "qualified tax-exempt obligation" for <br />the purposes of Section 265(b)(3) of the Code. <br />(5) The notes shall be sold to First Charlotte <br />Corporation at private sale without advertisement at the <br />interest rate of 5.20% per annum, provided that the Local <br />Government Commission shall determine that such price is in <br />the best interest of the Issuer. <br />(6) The power to make any election on behalf of the <br />Issuer with respect to the arbitrage rebate provisions of the <br />Code applicable to said notes is hereby delegated to the <br />Chairman of the Board of Commissioners of the Issuer and the <br />Finance Officer of the Issuer. <br />The motion having been duly seconded and the resolution <br />having been considered, it was adopted by the following vote: <br />Ayes: Hall, Matthews, Paschal, Reives, Stafford, and <br />wicker <br />Nay: None <br />The Chairman ruled the resolution had been unanimously <br />adopted. <br />Mr. Donny Hunter, Superintendent of Lee County Schools, <br />5 <br />