1990 - 05-02-90 Special Meeting - Laserfiche WebLink

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.q ~ ~i! 'fir+~r•`. +L~.s (2) The Chai an and the Clerk of the Bo d of Commissioners of the Issuer are hereby authorized and directed to cause the Notes to be prepared and to execute the Notes. (3) 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 deliver the Notes through the State Treasurer in exchange for said outstanding note upon payment of the interest payable with respect to said outstanding note to the holder of said outstanding note. (4) 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. (5) The Issuer hereby represents that (i) the Notes are not a private activity bond as defined in the Code and (i) 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. (6) 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 by Commissioner Dossenbach and the resolution having been considered, it was adopted by the following vote: Ayes: Cox, Dossenbach, Matthews, Stafford and Wicker Nays: None There being no further business to come before this session, Commissioner Dossenbach moved that the meeting be adjourned. Commissioner Matthews seconded the motion and upon a vote the results were as follows: Aye: Dossenbach, Matthews, Stafford, Wicker and Cox Nay: None The Chairman ruled the motion had been unanimously adopted and the meeting adjourned. 3