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(C) any such modification does not materially impair the <br /> <br /> interests of the beneficial owners, as determined either <br /> by parties unaffiliated with the Issuer (such as bond <br /> counsel), or by 'the approving vote of the registered <br /> owners of a majority in principal amount of the Bonds <br /> pursuant to the te£ms of this bond resolution, as it may <br /> be amended from time to time, at the time of the <br /> amendment. <br /> <br /> Any annual financial information containing modified operating <br />data or financial information shall explain, in narrative form, the <br />reasons for the modification and the impact of the change in the <br />type of operating data or financial information being provided. <br /> <br /> The provisions of this Section shall terminate upon payment, <br />or provision having been made for payment in a manner consistent <br />with Rule 15c2-12, in full of the principal of and interest on all <br />of the Bonds. <br /> <br /> Section 9. The Issuer covenants that, to the extent permitted <br />by the Constitution and laws of the State of North Carolina, it <br />will do and perform all acts and things to comply with the <br />requirements of the Internal Revenue Code of 1986, as amended (the <br />"Code"), in order to assure that interest paid on the Bonds will <br />not be includable in the gross income of the owners thereof for <br />purposes of federal income taxation, except to the extent that the <br />Issuer obtains an opinion of bond counsel to the effect that <br />noncompliance would not result in interest on the Bonds being <br />includable in the gross income of the owners of the Bonds for <br />purposes of federal income taxation. <br /> <br />28 <br /> <br /> <br />