1990 - 11-05-90 Regular Meeting - Laserfiche WebLink

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ff~_ (3) 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. (4) 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. (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 Notes are not private activity bonds as defined in the Code and (ii) the Issuer, together with any subordinate entities of the Issuer and any entities which issue obligations on behalf of the Issuer, reasonably expects that it will not issue more than $10,000,000 of tax-exempt obligations (other than private activity bonds which are not qualified 501(c)(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 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 of the Board of Commissioners of the Issuer. The motion having been duly seconded and the resolution having been considered, it was adopted by the following vote: Ayes: Commissioner Commissioner Commissioner Commissioner Albert L. Cox Jack Dossenbach, Jr. William C. Stafford Gordon A. Wicker 9