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3 <br /> RES-2016-057 Attachment 1 <br /> RESOLUTION OF THE COUNTY COMMISSIONERS OF ORANGE <br /> COUNTY,NORTH CAROLINA,APPROVING THE ISSUANCE BY THE <br /> PUBLIC FINANCE AUTHORITY(WISCONSIN)OF UP TO$6,500,000 <br /> AGGREGATE PRINCIPAL AMOUNT OF ITS EDUCATION FACILITIES <br /> REVENUE BONDS(CAROLINA FRIENDS SCHOOL),SERIES 2016 <br /> FOR THE PURPOSE OF PAYING FOR CERTAIN FACILITIES IN THE <br /> COUNTY OF ORANGE,NORTH CAROLINA <br /> WHEREAS, The Carolina Friends School desires to issue Education Facilities Revenue Bonds <br /> through the Public Finance Authority (the "Authority") in an amount not to exceed$6,500,000 for the <br /> purpose of financing and equipping a new performing arts center;and <br /> WHEREAS, in order for such bonds to be tax exempt, Federal tax law (specifically, Section <br /> 147(f) of the Internal Revenue Code, as amended (the "Code")) requires the governing body of the <br /> governmental unit having jurisdiction of the area in which a bond financed project is located to approve <br /> the issuance of the bonds after a public hearing;and <br /> WHEREAS,the Board of County Commissioners today held a public hearing with respect to the <br /> proposed Education Facilities Revenue Bonds(Carolina Friends School),Series 2016(the"Bonds")to be <br /> issued by the Authority in an amount not to exceed$6,500,000 to finance the project(as defined in the <br /> notice of public hearing attached hereto as Exhibit A);and <br /> WHEREAS,pursuant to Wisconsin law, the Bonds must be approved by the governing body of <br /> the political subdivision within whose boundaries the project is to be located;and <br /> WHEREAS,County taxpayers will have no responsibility for payment of the Bonds. <br /> NOW,THEREFORE,the Board of County Commissioners of Orange County,North Carolina, <br /> meeting in regular session at Chapel Hill, Orange County, North Carolina, on September 20, 2016, <br /> resolves as follows: <br /> Section 1. The Board of County Commissioners hereby approves the issuance of the Bonds in <br /> the principal amount of not to exceed $6,500,000, SOLELY FOR THE PURPOSE of Borrower's <br /> compliance with Wisconsin law and Section 147(f)of the Code. <br /> Section 2. The Board of County Commissioners, through this resolution and associated public <br /> hearing DO NOT, AND NO ACTION OF THE COUNTY COMMISSIONERS SHALL BE <br /> CONSTRUED TO,pledge or commit Orange County's taxing power or any Orange County revenues for <br /> the payment or repayment of the bonds. <br /> Section 3. THE COUNTY AND COUNTY TAXPAYERS HAVE NO RESPONSIBILITY <br /> FOR THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THE BONDS OR FOR <br /> ANY COSTS, FEES, OR INDEBTEDNESS INCURRED BY THE BORROWER WITH <br /> RESPECT TO THE BONDS OR THE PROJECT. <br />