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(0 <br /> Agreements. <br /> 4. Resolutions As To Tax Matters; Obligations are "Bank-Qualified" -- (a) <br /> The County will not take or omit to take any action the taking or omission of which will <br /> cause its obligations to pay principal and interest (the "Obligations") under the <br /> Agreements to be "arbitrage bonds," within the meaning of Section 148 of the "Code" (as <br /> defined below), or "private activity bonds" within the meaning of Code Section 141, or <br /> otherwise cause interest components of the installment payments to be includable in gross <br /> income for federal income tax purposes. Without limiting the generality of the foregoing, <br /> the County will comply with any Code provision that may require the County at any time <br /> to pay to the United States any part of the earnings derived from the investment of the <br /> financing proceeds. In this resolution, "Code" means the United States Internal Revenue <br /> Code of 1986, as amended, and includes applicable Treasury regulations. <br /> (b) The County designates its payment Obligations as "qualified tax-exempt <br /> obligations" for the purpose of Code Section 265(b)(3), which provides certain tax <br /> advantages for financial institutions providing financing to the County. <br /> (c) Notwithstanding the foregoing, the County intends that $1,000,000 of the <br /> amount financed for affordable housing purposes will be financed as taxable financing. <br /> The Board directs the Finance Officer to take appropriate steps to confirm such portion as <br /> taxable financing. <br /> S. Miscellaneous Provisions -- All County officers and employees are <br /> authorized and directed to take all such further action as they may consider necessary or <br /> desirable in furtherance of the purposes of this resolution. All such prior actions of <br /> County officers and employees are ratified, approved and confirmed. Upon the absence, <br /> unavailability or refusal to act of the County Manager, the Board's Chair or the Finance <br /> Officer, any other of such officers may assume any responsibility or carry out any <br /> function assigned in this resolution. All other Board proceedings, or parts thereof, in <br /> conflict with this resolution are repealed, to the extent of the conflict. This resolution <br /> takes effect immediately. <br />