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4 + <br /> more of such Proceeds being used with respect to any "output facility" (other than a facility for <br /> the furnishing of water), within the meaning of Code Section 141(b)(4), or (iii) 5% or more of <br /> such Proceeds being used directly or indirectly to make or finance loans to any persons other <br /> than a governmental unit, as provided in Code Section 141(c); provided, however, that if the <br /> County receives an opinion of bond counsel acceptable to NationsBank that compliance with any <br /> such covenant is not required to prevent the interest components of Exempt Payments from being <br /> includable in the gross income for federal income tax purposes of the registered owners of the <br /> Obligations under existing law, the County need not comply with such covenant. <br /> (d) The County hereby designates the Obligations as "qualified tax-exempt <br /> obligations" for the purpose of Code Section 265(b)(3). The County represents and covenants as <br /> follows; <br /> (i) The County will in no event designate more than $10,000,000 of <br /> obligations as qualified tax-exempt obligations in 1997, including the Obligations, for the <br /> purpose of such Section 265(b)(3); <br /> (ii) Barring circumstances unforeseen as of the date of delivery of the <br /> Agreement, the County will not issue tax-exempt obligations itself or approve the <br /> issuance of tax-exempt obligations of any "subordinate entities," within the meaning of <br /> Code Section 265(b)(3), and all entities which issue tax-exempt obligations on behalf of <br /> the County and its subordinate entities, if the issuance of such tax-exempt obligations <br /> would, when aggregated with all other tax-exempt obligations theretofore issued in 1997 <br /> by the County and such other entities,result in the County and such other entities having <br /> issued a total of more than $10,000,000 of tax-exempt obligations in 1997 (not including <br /> "private activity bonds," within the meaning of Code Section 141, other than "qualified <br /> 501(c)(3) bonds," within the meaning of Code Section 145), including the Obligations; <br /> and, <br /> (iii) The County has no reason to believe that the County and such other <br /> entities will issue tax-exempt obligations in 1997 in an aggregate amount that will exceed <br /> such$10,000,000 limit; <br /> provided, however, that if the County receives an opinion of bond counsel acceptable to <br /> NationsBank that compliance with any covenant set forth in (i) or (ii) above is not required for <br /> the Obligations to be qualified tax-exempt obligations, the County need not comply with such <br /> covenant. <br /> 7. Miscellaneous provisions— All other actions of County officers in Airtherance of <br /> the purposes of this resolution are hereby ratified, approved and confirmed. All other <br /> resolutions, or parts thereof, in conflict with this resolution are hereby repealed, to the extent of <br /> the conflict. This resolution shall take effect immediately. <br /> g1 •d EE65-68�-6i6 '�( dnssar -W gjag0N d8Z :21 LG Sa noW <br />