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26 <br /> Governing Body,Resolution <br /> The ("Governing Body") of Orange County, North Carolina <br /> ("Purchaser") has determined that it is necessary for the Purchaser to acquire and install <br /> certain personal property ("Project")for the Purchaser and to obtain financing for the Project <br /> through an installment purchase transaction; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY: <br /> 1. Authorization of Financing. The Governing Body determines that the financing <br /> of the acquisition and installation of the Project pursuant to the terms of Installment Purchase <br /> Contract-Number Three ("Agreement")providing for the installment purchase of the Project <br /> by the Purchaser from Wachovia Leasing Corporation is in the best interest of the Purchaser <br /> and such installment purchase financing is authorized. <br /> 2. Designation. The Governing Body designates the obligations of the Purchaser <br /> to make payments under the Agreement as non-qualified, tax-exempt, tax-exempt obligation; <br /> in accordance with the provisions of Section 265 (b) (3) (ii) of the Internal Revenue Code of <br /> 1986, as amended. <br /> 3. Further Actions. The Governing Body authorizes <br /> Name <br /> the to execute and deliver the Agreement and any and all <br /> Title <br /> other documents, instruments, opinions, and certificates necessary to carry out the purposes <br /> of this Resolution and all such action previously taken is ratified and confirmed. <br /> 4. Effective Date. This resolution shall take effect immediately. <br /> Adopted: <br /> (SEAL) Clerk, Governing Body <br /> Orange County, North Carolina <br /> c:idatalwpidocsincinbggbr <br />