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Thereafter, commissioner introduced the following resolution which was read: RESOLUTION APPROVING THE LAW FIRM OF KENNEDY, COVINGTON, LOBDELL & HICKMAN, CHARLOTTE, NORTH CAROLINA, COUNSEL IN CONNECTION WITH THE ISSUANCE BY THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF BONDS PURSUANT TO CHAPTER 159C OF THE NORTH CAROLINA GENERAL STATUTES. BE IT RESOLVED, by the Board of Commissioners for the County of Cabarrus: Section 1o The Board of Commissioners has reviewed the Statement of Qualification of Kennedy, Covington, Lobdell & Hickman to act as Bond Counsel, a copy of which is attached to and made a part of this resolution and based thereon on the recom~endation of The Cabarrus County Industrial Facilities and Pollution Control Financing Authority (the "Authority"), the Board of Commissioners finds as follows: 1. Kennedy, Covington, Lobdell & Hickman is a law firm with its only office in Charlotte, North Carolina and has capabilities in each of the following areas: (a) North Carolina municipal law including~ in particular, Chapter 159C of the North Carolina General Statutes, the Industrial and Pollution Control Facilities Financing Act; (b) Municipal finance and municipal securi- ties law; (c) Corporate finance and corporate securi- ties law; and (d) Tax law including Section 103 of the Internal Revenue Code. 2. Kennedy, Covington, Lobdell & Hickman is prepared to render an independent unqualified approving opinion as to the validity of bonds issued by the Authority and as to the exemption of interest on the bonds from North Carolina and Federal income tax. 3. Kennedy, Covington, Lobdell & Hickman has in- dicated that it will not permit to exist a situation in which it will have a conflict of interest in serving as Bond Counsel. 4. The basis upon which~Kennedy, Covington, Lobdell & Hickman fixes legal fees is reasonable and acceptable to the Authority. ~ 2 -