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Commissioner Hartwell introduced the following <br /> resolution which was read: <br /> RESOLUTION PROVIDING FOR THE ISSUANCE <br /> OF $200, 000 SANITARY SEWER BOND ANTICIPATION NOTES <br /> BE IT RESOLVED by the Board of Commissioners for the <br /> County of Orange: <br /> Section 1. The Board of Commissioners has determined <br /> and does hereby find and declare: <br /> (a) That an order authorizing not exceeding $200,000 <br /> Sanitary Sewer Bonds of the County of Orange was adopted by the <br /> Board of Commissioners for said County on March 24, 1987, which <br /> order has taken effect. <br /> (b) That none of said bonds has been issued and that <br /> it is necessary to issue $200, 000 notes at this time in <br /> anticipation of the receipt of the proceeds of the sale of a like <br /> amount of said bonds. <br /> (c) That (i) said County is a governmental unit with <br /> general taxing powers, (ii) no note which is part of the issue of <br /> notes described in Section 2 hereof is a private-activity bond, <br /> as defined in the Internal Revenue Code of 1986, as amended (the <br /> "Code") , (iii) 95 percent or more of the net proceeds of said <br /> notes are to be used for local governmental activities of said <br /> County, (iv) the aggregate face amount of all tax-exempt <br /> obligations (other than private-activity bonds) issued by said <br /> County and all subordinate entities thereof during calendar year <br /> 1987 is not reasonably expected to exceed $5, 000, 000 and (v) to <br /> the best of said County's knowledge, there are no subordinate <br /> entities of said County. <br /> Section 2. In anticipation of the receipt of the <br /> proceeds of the sale of a like amount of said bonds, the issuance <br />