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27 all purposes, and payment of or on account of the principal or redemption price of any such Bond and the interest on any such Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. The Issuer shall appoint such registrars, transfer agents, depositaries or other agents as may be necessary for the registration, registration of transfer and exchange of Bonds within a reasonable time according to then current commercial standards and for the timely payment of principal, interest and any redemption premium with respect to the Bonds. The Finance Officer of the Issuer is hereby appointed the registrar, transfer agent and paying agent for the Bonds (collectively the "Bond Registrar"), subject to the right of the governing body of the Issuer to appoint another Bond Registrar, and as such shall keep at his office the books of the Issuer for the registration, registration of transfer, exchange and payment of the Bonds as provided in this resolution. Section 6. The Issuer covenants that, to the extent permitted by the Constitution and laws of the State of North Carolina, it will comply with the requirements of the Code except to the extent that the Issuer obtains an opinion of bond counsel to the effect that noncompliance would not result in interest on the Bonds being includable in gross income of their owners for purposes of federal income taxation. Section 7. The action of the County Manager and the Finance Officer of the Issuer in applying to the Local Government Commission of North Carolina to advertise and sell the Bonds is hereby ratified and confirmed and the Local Government Commission of North Carolina is hereby requested to ask for sealed bids for the Bonds by publishing notices and printing and distributing an Official Statement relating to the sale of the Bonds. Such Official Statement, dated January 20, 1989 and substantially in the form presented at this meeting,'is hereby approved and the Chairman of the Board of Commissioners for the Issuer, the County Manager and the Finance Officer of the Issuer are each hereby authorized to approve changes in such Official Statement and to execute such Official Statement for and on behalf of the Issuer. Section 8. This resolution shall take effect upon its passage. Upon motion of Commissioner Hamby, seconded by Commissioner Moss, the foregoing resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE OF $2,000,000 TECHNICAL COLLEGE BONDS" was passed by the following vote: Ayes: Commissioners Hamby, Moss, Melvin, and Simmons and Chairman Lentz. Noes: None. Thereupon, Commissioner Hamby introduced the following resolution, a copy of which had been provided to each Commissioner and which was read by title: RESOLUTION PROVIDING FOR THE ISSUANCE OF $8,500,000 WATER BONDS, SERIES 1989 BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus: Section 1. The Board of Commissioners has determined and does hereby find and declare: (a) That an order authorizing $14,500,000 Water Bonds was adopted by the Board of Commissioners for the County of Cabarrus on February 16, 1987, which order was approved by the vote of a majority of the qualified voters of said County who voted thereon at a referendum duly called and held on May 19, 1987. (b) That none of said bonds has been issued, that no notes have been issued in anticipation of the receipt of the proceeds of the sale of said bonds and that it is necessary to issue $8,500,000 of said bonds at this time. (c) That the maximum period of usefulness of the enlargements and extensions of the water system of said County to be provided with the proceeds of said bonds is estimated as a period of 40 years from March 1,