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Board of Commissioners for the <br />County of Cabarrus, North Carolina Page 2 <br /> <br /> We are of the opinion that such proceedings and proofs <br />shoW lawful authority for the issuance and sale of said bonds pur- <br />suant to Chapter 602 of the North Carolina Session Laws of <br />The County Finance Act, as amended, and the Local Government Act, <br />as amended, and that said bonds constitute valid and binding-general <br />obligations of said County of Cabarrus, all the taxable real and <br />tangible personal property within which is subject to the levy of <br />an ad valorem gms;, without limitation of rate or amount, to pay said <br />bonds and the interest thereon. <br /> <br /> We are further of the opinion that the interest on said <br />bonds is exempt from all present Federal income taxes. <br /> <br /> Respectfully submitted, <br /> <br /> <br />