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that interest paid with respect to the 2008 Certificates will not be includable in the gross income <br />of the owners thereof for purposes of federal income taxation, except to the extent that the <br />County obtains an opinion of bond counsel to the effect that noncompliance would not result in <br />interest with respect to the 2008 Certificates being includable in the gross income of the owners <br />of the 2008 Certificates for purposes of federal income taxation. <br />Section 9. This Resolution shalt 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 $63,000,000 AND THE <br />EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT <br />CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, <br />AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN <br />CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED <br />MATTERS" was adopted and passed by the following vote: <br />AYES: <br />NOES: <br /> <br />I, Kay Honeycutt, Clerk to the Board of Commissioners for the County of Cabamts, <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 December 17, 2007, as relates <br />in any way to the approval of a plan of financing for the public school projects described therein <br />utilizing an installment financing contract under North Carolina General Statutes Section <br />G-s' <br />7 <br />