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4 <br /> furnishing of water), within the meaning of Code Section 141(b)(4), or (iii) 5% or more of such <br /> Proceeds being used directly or indirectly to make or finance loans to any persons other than a <br /> governmental unit, as provided in Code Section 141(c); provided, however, that if the County <br /> receives an opinion of bond counsel acceptable to BB&TLC that compliance with any such <br /> covenant is not required to prevent the interest components of Installment 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 <br /> as follows: <br /> (i) The County will in no event designate more than $10,000,000 of <br /> obligations as qualified tax-exempt obligations in 1996, 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(bX3), 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 1996 <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 1996(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 1996 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 /> BB&TLC that compliance with any covenant set forth in(i) or(ii) above is not required for the <br /> Obligations to be qualified tax-exempt obligations, the County need not comply with such <br /> covenant. <br /> 6. A[fscelloaeoas provisions — All other actions of County officers in conformity, <br /> with and furtherance of the purposes of this resohition are hereby ratified, approved and <br /> confirmed. All other resolutions or parts thereof in conflict with this resolution are hereby <br /> rcpcaled, to the extent of the conflict. This resolution shall take effect immediately. <br /> RAL:29821 <br />