Agenda - 09-20-2016 - 5-a - Approval Pursuant to Internal Revenue Code Section 147(f) of the Issuance of $6,500,000 in Bonds by Carolina Friends School

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7 Attachment 3 COUNTY COMMISSIONERS OF THE COUNTY OF ORANGE,NORTH CAROLINA EXTRACT OF MINUTES OF MEETING OF ,2016 Present: Absent: At p.m., the Chair announced that the County Commissioners would proceed to hold a public hearing and would hear anyone who wished to be heard on the proposed issuance by the Public Finance Authority, a public authority existing under Wisconsin law (the "Authority"), of its educational facilities revenue bonds (the "Bonds") in one or more series aggregating a principal amount not to exceed $6,500,000 to provide funds, together with other available funds, to finance and equip an approximately 12,600 performing arts center and other capital improvements to the Borrower's campus (collectively, the"Project"), (2) fund a debt service reserve fund, and (3)pay certain costs of issuance of the Bonds. The County Clerk presented an affidavit of an officer of The Durham Herald-Sun, showing publication on , 2016, a date at least 14 days prior hereto, of notice of the public hearing. It was directed that the affidavit of publication be attached to this extract of minutes as Exhibit A. The Chair inquired whether there were any persons who wished to speak at the public hearing. The names and addresses of the persons who were present and who offered comments on the proposed issuance of the Bonds to finance the Project and a summary of their comments are listed on Exhibit B. introduced the following resolution, the title of which was read: RESOLUTION OF THE COUNTY COMMISSIONERS OF THE COUNTY OF ORANGE, NORTH CAROLINA, APPROVING THE ISSUANCE BY THE PUBLIC FINANCE AUTHORITY (WISCONSIN) OF $6,500,000 AGGREGATE PRINCIPAL AMOUNT OF ITS EDUCATION REVENUE BONDS (CAROLINA FRIENDS SCHOOL), SERIES 2016 FOR THE PURPOSE OF PAYING FOR CERTAIN FACILITIES IN THE COUNTY OF ORANGE,NORTH CAROLINA WHEREAS, this County Commissioners today has held a public hearing with respect the proposed Education Revenue Bonds (Carolina Friends School), Series 2016 (the"Bonds")to be issued by the Public Finance Authority in an amount not to exceed $6,500,000 to finance the Project(as defined in the notice of public hearing attached hereto as Exhibit A); WHEREAS, in order for the Bonds to be tax exempt, Federal tax law (specifically, Section 147(f) of the Internal Revenue Code, as amended (the "Code")) requires the governing body of the governmental unity having jurisdiction of the area in which a bond financed project is located to approve the issuance of the Bonds after a public hearing;