1986 - 12-22-86 Adjour. Reg. Meeting

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t4 a^o~ 12... 125 MINUTES OF THE ADJOURNED REGULAR MEETING OF THE BOARD OF COMMISSIONERS FOR THE COUNTY OF LEE, STATE OF NORTH CAROLINA Y Monday, December 22nd, 1986 The adjourned regular meeting of the Board of Commissioners for the County of Lee, State of North Carolina, convened in the Commissioners Room on the second floor of the County Office Building, 200 Wicker Street, Sanford, North Carolina, on Monday, December 22, 1986, at 3:00 o'clock P.M. Those present were Commissioners Raymond C. Cox, Jr. , John A. Dossenbach, Jr. , John E. Dotterer, Bertha L. Matthews, and Gordon A. Wicker. The Chairman declared a quorum present and the meeting open for the transaction of business. Chairman John E. Dotterer presided and the following business was transacted: Commissioner Gordon A. Wicker moved that the following resolution be adopted: "WHEREAS, the County of Lee, North Carolina has issued $10, 000, 000 School Bonds, dated August 1, 1986; and WHEREAS, the Board of Commissioners of the County of Lee, North Carolina wishes to make certain representations with respect to the $10, 000, 000 School Bonds, NOW, THEREFORE, BE IT RESOLVED by The Board of Commissioners of the County of Lee, North Carolina (the "County"), that the County hereby represents that (i) the $10, 000, 000 School Bonds, dated August 1, 1986, and issued on August 19, 1986 (the "Bonds"), are not private activity bonds as defined in the Tax Reform Act of 1986 (the "Act") and (ii) the County, together with any subordinate entities, reasonably expects that it will not issue more than $10, 000, 000 of tax-exempt obligations (other than private activity bonds) during calendar year 1986. BE IT FURTHER RESOLVED, that the County hereby designates the Bonds as "qualified tax-exempt obligations" for the purposes of Title IX of the Act.