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AG 2006 08 21
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AG 2006 08 21
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Last modified
8/24/2006 1:40:13 PM
Creation date
11/27/2017 11:33:43 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/21/2006
Board
Board of Commissioners
Meeting Type
Regular
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<br />interest amounts shall not exceed 4.75% per annum on a true interest cost basis. Execution of <br /> <br />the Contract by the Chairman of the Board of Commissioners or the County Manager shall <br /> <br /> <br />conclusively evidence such approval of all such details of said financing. <br /> <br /> <br />Section 5. The Chairman of the Board of Commissioners, the County Manager, the <br /> <br /> <br />Finance Director and the County Attorney are each hereby authorized to take any and all such <br /> <br /> <br />further action, including approval of modifications to the Financing Documents, and to execute <br /> <br /> <br />and deliver for and on behalf of the County such other documents and certificates (including, <br /> <br /> <br />without limitation, agreements with securities depositories, financing statements, appropriate tax <br /> <br /> <br />certificates and agreements and other documents and agreements (including repurchase <br /> <br /> <br />agreements) relating to the investment of the proceeds from the execution and delivery of the <br /> <br /> <br />Contract) as they may deem necessary or advisable to carry out the intent of this resolution and <br /> <br /> <br />to effect the financing pur~uant to the Contract and the other Financing Documents. The County <br /> <br /> <br />Clerk is hereby authorized to affix the seal of the County to such documents and certificates as <br /> <br /> <br />may be appropriate and to att.est to the same and to execute and deliver the same as may be <br /> <br /> <br />needed. <br /> <br />Section 6. The County covenants that, to the extent permitted by the Constitution and <br /> <br /> <br />laws of the State of Northi Carolina, it will do and perform all acts and things to comply with the <br /> <br /> <br />requirements of the Internal Revenue Code of 1986, as amended (the "Code"), in order to assure <br /> <br /> <br />that the interest component of the Installment Payments paid pursuant to the Contract will not be <br /> <br /> <br />includable in gross income for purposes of federal income taxation, except to the extent that the <br /> <br /> <br />County obtains an opiniorl of special counsel to the effect that noncompliance would not result in <br /> <br /> <br />the interest component of said Installment Payments being includable in gross income for <br />purposes of federal income taxation. <br /> <br />4 <br />E-'l <br />
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