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0 0 <br />6o6K V rIA,u 734 <br />receipt of the proceeds of the sale of said school bonds, as hereinafter <br />provided; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of <br />the County of Lee (the "Issuer"), as follows: <br />(1) The sum of $465,000 will be borrowed by the Issuer in <br />anticipation of the receipt of the proceeds of the sale of bonds authorized <br />to be issued by the school bond order, adopted by the Board of <br />Commissiaoners of the Issuer on April 3, 1989, for the purpose for which <br />said bonds are authorized to be issued. Negotiable notes, each designated <br />"School Bond Anticipation Note," shall be issued for said sum so borrowed. <br />(2) Said notes shall be dated may 23, 1989, shall be payable May <br />16, 1990 and shall bear interest from their date at a rate which shall not <br />exceed twelve per centum (12%) per annum. Such interest shall be payable <br />at the maturity of said notes. Each of said notes shall be signed by the <br />Chairman and the Clerk of the Board of Commissioners of the Issuer and the <br />seal of the Issuer shall be affixed to each of said notes. <br />(3) The power to fix the rate of interest to be borne by said <br />notes and to determine the denomination or denominations of the notes and <br />the place of payment of the notes is hereby delegated to the Chairman and <br />the Clerk of the Board of Commissioners of the Issuer who are hereby <br />authorized and directed to cause said notes to be prepared and to execute <br />said notes when they shall have been sold by the Local Government <br />Commission of North Carolina. <br />(4) The Chairman and the Clerk of the Board of Commissioners of <br />the Issuer are hereby authorized to make application to the Local <br />Government Commission of North Carolina for its approval of said notes in <br />the manner prescribed by The Local Government Finance Act. Said Local <br />Government Commission is hereby requested to sell the notes in the manner <br />prescribed by the Act. Said notes, when they shall have been sold by said <br />Commission in the manner provided by law and when they shall have been <br />executed in the manner prescribed by this resolution, shall be turned over <br />to the State Treasurer of the State of North Carolina for delivery to the <br />purchasers to whom they may be sold by said Commission. <br />(5) The Issuer covenants, to the extent permitted by the <br />Constitution and laws of the State of North Carolina, to comply with the <br />provisions of the Internal Revenue Code of 1986 (the "Code") as enacted <br />into law to the extent required to preserve the exclusion from gross income <br />of interest on the notes for Federal income tax purposes. <br />(6) The Issuer hereby represents that (i) the proposed $465,000 <br />School Bond Anticipation Notes, dated May 23, 1989, authorized by Section <br />- 9 - <br />