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6 <br />reports (including the reports of material events) constituting the continuing disclosure <br />provided for in this resolution. <br />13. Resolutions As To Tax Matters -- The County will not take or omit to take <br />any action the taking or omission of which will cause the Bonds to be "arbitrage bonds," <br />within the meaning of Section 148 of the "Code" (as defined below), or "private activity <br />bonds" within the meaning of Code Section 141, or otherwise cause interest on the Bonds <br />to be includable in gross income for federal income tax purposes. Without limiting the <br />generality of the foregoing, the County will comply with any Code provision that may <br />require the County at any time to pay to the United States any part of the earnings derived <br />from the investment of the proceeds of the Bonds, and the County will pay any such <br />required rebate from its general funds. For this resolution, "Code" means the United <br />States Internal Revenue Code of 1986, as amended, including applicable Treasury <br />regulations. <br />14. Bonds Are "Bank-Qualified" Obligations -- The County designates the <br />Bonds as "qualified tax-exempt obligations" for the purpose of Code Section 265(b)(3), <br />which provides certain tax advantages for financial institutions that own the Bonds. <br />IS. Book-Entry System for Bond Registration -- The Bonds will be issued <br />by means of a book-entry system, with one bond certificate for each maturity <br />immobilized at The Depository Trust Company, New York, New York ("DTC"), and not <br />available for distribution to the public. The book-entry system for registration will <br />operate as described in the Official Statement. Therefore, (a) the County will pay <br />principal and interest on the Bonds to DTC or its nominee as registered owner of the <br />Bonds, (b) the County will not be responsible or liable for any transfer of payments to <br />parties other than DTC or for maintaining, supervising or reviewing the records <br />maintained by DTC or any other person related to the Bonds, and (c) the County will not <br />mail redemption notices (or any other notices related to the Bonds) to anyone other than <br />DTC or its nominee so long as the book-entry system of registration. with. DTC is in <br />effect. The County may elect to discontinue the book-entry system with DTC by <br />resolution of the Board. The Finance Officer is authorized and directed to enter into any <br />agreements such officer deems appropriate to put into place and maintain the book-entry <br />system with DTC. <br />16. Call of Prior Bonds for Redemption -The Board authorizes and directs the <br />Finance Officer to make, on the County's behalf, an irrevocable call for redemption of <br />such of the County's General Obligation Public Improvement Bonds, Series 2001 and <br />Series 2003, as the Finance Officer (after consultation with the LGC) deems beneficial to <br />the County. The Finance Officer will make this call for redemption by the execution and <br />delivery of an appropriate certificate in connection with the original delivery of the <br />Bonds. <br />5 <br />