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requirements of the Internal Revenue Code of 1986, as amended (the "Code "), in order to assure <br />that interest paid with respect to the 2016 Limited Obligation Bonds will not be includable in the <br />gross income of the owners thereof for purposes of federal income taxation, except to the extent <br />that the County obtains an opinion of bond counsel to the effect that noncompliance would not <br />result in interest with respect to the 2016 Limited Obligation Bonds being includable in the gross <br />income of the owners of the 2016 Limited Obligation Bonds for purposes of federal income <br />taxation. <br />Section 10. This Resolution shall become effective immediately upon its adoption. <br />Thereupon, upon motion of Commissioner , seconded by <br />Commissioner , the foregoing resolution entitled "RESOLUTION <br />APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS PUBLIC <br />SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $112,000,000 <br />AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY <br />DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION AND /OR <br />LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE <br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION <br />THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS" was <br />adopted and passed by the following vote: <br />AYES: <br />NOES: <br />I, Megan I.E. Smit, Clerk to the Board of Commissioners for the County of Cabarrus, <br />North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so much of the <br />proceedings of said Board of Commissioners at a meeting held on February 15, 2016, as relates <br />in any way to the approval of a plan of financing for the various public school projects described <br />8 Attachment number 1 \n <br />G -4 Page 131 <br />