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2z z to the extent that the Issuer abtairs an cpinian of bond counsel to the effect tfiat noncompliance would not result in interest on the bands being includable in gross incnme_for purposes of federal income tax. i Section 8. The Issuer hereby represents that it reasonably expects that it and all subordinate entities thereof will not issue in the aggregate more than $10,000,000 of tax- exempt obligations (not counting private-activity bonds except far qualified 501(c)(3) bonds as defined in the Code) during calendar year 1988. In addition, the Issuer hereby designates each of »'~e bonds as a "qualified tax-exempt obligation" for the purposes of the Code. Section 9 . The action of the F~:~~rc~ ~~ rec tox of the Issuer in applying to the Local Government Comzaission of North Carolina to approve, adve~ise and sell the bonds and the action of the Local Government Commission of the North Carolina in asking for sealed bids for the bands by printing and distributing circulars and publishing a notice relating to the sale of the , bonds are hereby approved, ratified and confirmed. Section 10. 'lf the bands are awarded to a purchaser other than the ~nriA, the bands will be delivered in such author- iced denominations and registered in such names as the purchaser may request no later than five days prior to the data of ~~.heir delivery. If the purchaser fails to submit such information by the required time, then a single bond will be issued for each -, maturity date registered in tie name of ~~he purchaser or the senior manager of the bidding group constituting the purchaser. .-' Section 11. If the bonds are awarded to a purchaser ~- other than the FmHA, there shall be printed on '~.he reverse of each of the bonds the legal opinion of Brown & wood, band counsel to the Issuer, with respect to the validity of the bonds, and there shall be printed immediately following such legal opinion a -24-