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Board of Commissioners for the <br />County of Cabarrus, North Carolina Page <br /> <br />levy of an ad valorem tax, without limitation of rate or. amount, <br />to pay said bonds and the interest thereon. <br /> <br /> We are further of the opinion that the interest on said <br />~onds is exempt from all present Federal income taxes. <br /> <br /> Re spectfully submitted, <br /> <br /> ¢ <br /> <br /> <br />