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requested to sell said notes at private sale without <br /> advertisement. <br /> Section 5. The County covenants that, to the extent <br /> permitted by the Constitution and laws of the State of North <br /> Carolina, it will comply with the requirements of the Code except <br /> to the extent that the County obtains an opinion of bond counsel <br /> to the effect that noncompliance would not result in interest on <br /> the notes being includable in gross income for purposes of <br /> federal income tax. <br /> Section 6. The County hereby represents that it <br /> reasonably expects that it and all subordinate entities thereof <br /> will not issue in the aggregate more than $10, 000, 000 of tax- <br /> exempt obligations (not counting private-activity bonds except <br /> for qualified 501(c) (3) bonds as defined in the Code) during <br /> calendar year 1987. In addition, the County hereby designates <br /> each of the notes as a "qualified tax-exempt obligation" for the <br /> purposes of the Code. <br /> Section 7. This resolution shall take effect upon its <br /> passage. <br /> Thereupon Commissioner Halkioti s moved the passage of <br /> the foregoing resolution entitled: "RESOLUTION PROVIDING FOR THE <br /> ISSUANCE OF $200, 000 SANITARY SEWER BOND ANTICIPATION NOTES", and <br /> Commissioner _ Carey seconded the motion, and the <br /> resolution was passed by the following vote: <br /> Ayes: Commissioners Marshall , Carey, Hartwell , Ha l k iot i s and <br /> • <br /> Willhoit <br /> Noes: None <br />