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that the interest component of the Installment Payments paid pursuant to the Contract will not be <br />includable in gross income for purposes of federal income taxation, except to the extent that the <br />County obtains an opinion of special counsel to the effect that noncompliance would not result in <br />the interest component of said Installment Payments being includable in gross income for <br />purposes of federal income taxation. <br />Section 7. 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 PUBLIC SCHOOL <br />PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $ ,AUTHORIZING <br />THE 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 /> <br />I,ra~.k;~-,-~aKay,Hongyc~tt, Clerk to the Board of Commissioners for the County <br />of Cabarrus, North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so <br />much of the proceedings of said Board of Commissioners at a meeting held on July 23, 2007, as <br />relates in any way to the approval of a plan of financing for the public school projects described <br />therein utilizing an installment financing contract under North Carolina General Statutes Section <br />5 <br />~' S <br />