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gross income of the Lender or its assignees for purposes of federal <br /> income taxation. <br /> Section 7. The County hereby represents that it reasonably <br /> expects that it and all subordinate entities thereof will not issue <br /> more than $10, O00,000 of tax-exempt obligations (not counting <br /> private-activity bonds except for qualified 501 (c) (3) bondo as <br /> defined in the Code) during calendar year 1996 . in addition, the <br /> County hereby designates each of the Installment Payments with a <br /> tax-exempt interest component as a Hqualified tax-exempt <br /> obligation" for the purposes of the Code. <br /> section S. Brawn & Wood, New York, New York, is hereby <br /> confirmed as special tax counsel to the County in connection with <br /> the execution and delivery by the County of the Installment <br /> Purchase Contract. <br /> section 9. This resolution shall take effect immediately upon <br /> its passage. <br /> Upon motion duly made and seconded, the foregoing resolution <br /> was passed by the following votes : <br /> Ayes: Commissioners Carey, Crowther, Gordon and Willhoit <br /> Noes; NONE <br /> I', Beverly L. Blythe, Clerk to the Board of Commissioners for <br /> . the County of Orange, North Carolina, DO HEREBY CERTIFY that the <br /> foregoing has been carefully copied from the recorded minutes of <br /> the Board of Commisajoners for said County at a regular meeting of <br /> 3361bQ.1. 8 <br />