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Section 8. The County covenants that, to the extent permitted by the Constitution and <br />laws of the State of North Carolina, it will do and perform all acts and things to comply with the <br />requirements of the Internal Revenue Code of 1986, as amended (the "Code"), in order to assure <br />that interest paid with respect to the 2003 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 2003 Certificates being includable in the gross income of the owners <br />of the 2003 Certificates for purposes of federal income taxation. <br /> <br /> Section 9. This Resolution shall become effective immediately upon its adoption. ~"' <br /> <br /> Thereupon, upon motion of Commissioner ., seconded by <br /> <br />Commissioner , the foregoing resolution entitled "RESOLUTION <br />APPROVING INSTALLMENT CONTRACT FINANCING FOR PUBLIC SCHOOL <br />PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $45,000,000 AND THE <br /> <br />EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT <br />CORPORATION OF CERTIFICATES OF PARTICIPATION RE~ATED THERETO, <br /> <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 /> <br />AYES: <br /> <br />NOES: <br /> <br /> I, Frankie F. Bonds, 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 /> <br /> 10 <br /> <br /> <br />