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• <br /> new notes to be dated December 16, 1987, to mature March 16, 1988 <br /> and to bear interest at the rate of 6% per annum. <br /> (d) 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 proceeds <br /> of the sale of a like amount of said bonds, the issuance of <br /> $200,000 negotiable notes of the County of Orange is hereby <br /> authorized, which notes shall be designated "Sanitary Sewer Bond <br /> Anticipation Notes" , shall be dated December 16, 1987, shall <br /> mature on March 16, 1988, without option of prior payment, shall <br /> consist of eight notes of the denomination of $25, 000 each, <br /> numbered 1 to 8, inclusive, and shall bear interest at the rate <br /> of 6% per annum, which interest shall be payable at the maturity <br /> of said notes to which no interest coupons shall be attached. <br /> Both the principal of and the interest on said notes shall be <br /> payable at NCNB National Bank of North Carolina, in the City of <br /> Charlotte, State of North Carolina, in any coin or currency of <br /> the United States of America which, at the time of payment, is <br /> legal tender for the payment of public and private debts. <br />