Agenda - 02-01-1988 - Laserfiche WebLink

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to the extent that the Issuer obtains an opinion of bond counsel 4'� to the effect that noncompliance would not result in interest on the bonds being includable in gross income for purposes of federal income tax. Section 8. The Issuer hereby represents that it reasonably expects that it and all subordinate entities thereof will not issue in the aggregate more than $10,000,000 of tax- exempt obligations (not counting private-activity bonds except for qualified 5O1(c) (3) bonds as defined in the Code) during calendar year 1988. In addition, the Issuer hereby designates each of the bonds as a "qualified tax-exempt obligation" for the purposes of the Code. Section 9. The action of the Finance Director of the Issuer in applying to the Local Government Commission of North Carolina to approve, advertise and sell the bonds and the action of the Local Government Commission of the North Carolina in asking for sealed bids for the bonds by printing and distributing circulars and publishing a notice relating to the sale of the bonds are hereby approved, ratified and confirmed. Section 10. If the bonds are awarded to a purchaser other than the FmHA, the bonds will be delivered in such author- ized denominations and registered in such names as the purchaser may request no later than five days prior to the date of their delivery. If the purchaser fails to submit such information by the required time, then a single bond will be issued for each maturity date registered in the name of the purchaser or the senior manager of the bidding group constituting the purchaser. Section 11. If the bonds are awarded to a purchaser other than the FmhA, there shall be printed on the reverse of each of the bonds the legal opinion of Brown & Wood, bond counsel to the Issuer, with respect to the validity of the bonds, and there shall be printed immediately following such legal opinion a -24- BROWN 9 WOOD.ONE WORLD TRADE CENTER.NEW YORK.N Y.10048