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Section 4 . 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 5. The County hereby represents that it reasonably <br /> expects that it and all subordinate entities thereof will not <br /> issue in the aggregate more than $10, 000, 000 of tax-exempt <br /> obligations (not counting private-activity bonds except for <br /> qualified 501(c) (3) bonds as defined in the Code) during calendar <br /> year 1987. In addition, the County hereby designates each of the <br /> notes as a "qualified tax-exempt obligation" for the purposes of <br /> the Code. <br /> Section 6. The action of the Finance Director in <br /> applying to the Local Government Commission of North Carolina to <br /> approve said notes to be issued under date of December 16, 1987 <br /> is hereby approved, ratified and confirmed. <br /> Section 7. This resolution shall take effect upon its <br /> passage. <br /> Thereupon Commissioner Carey moved the <br /> passage of the foregoing resolution entitled: "RESOLUTION PRO- <br /> VIDING FOR THE ISSUANCE OF $200, 000 SANITARY SEWER BOND ANTICI- <br /> PATION NOTES", and Commissioner Hartwell seconded the <br /> motion and the resolution was passed by the following vote: <br /> Ayes: Commissioners Marshall . Carey. Halkiotis. .Hartwell and <br /> • <br /> Willhoit <br /> Noes: None. • <br />