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22 <br /> includable in the gross income of the owners of the Bonds for <br /> purposes of federal income taxation. <br /> Section 7 . The action of the Finance Director of the Issuer <br /> in applying to the Local Government Commission of North Carolina to <br /> advertise and sell the Bonds and the action of the Local <br /> Government Commission of North Carolina in asking for sealed bids <br /> for the Bonds by publishing notices and printing and distributing <br /> an Official Statement and a Supplement to such Official Statement <br /> relating to the sale of the Bonds are hereby ratified and approved. <br /> Such Official Statement, dated February 19 , 1993 and substantially <br /> in the form of the draft presented at this meeting, is hereby <br /> approved, and the Chairman of the Board of Commissioners, the <br /> County Manager and the Finance Director of the Issuer are each <br /> hereby authorized to approve changes in such Official Statement, to <br /> approve such Supplement and to execute such Official Statement and <br /> such Supplement for and on behalf of the Issuer. <br /> Section 8 . The Letter of Representations, as requested by DTC <br /> in connection with the issuance of the Bonds and in the form <br /> presented at this meeting, is hereby approved, and the Finance <br /> Director of the Issuer is hereby authorized to complete and execute <br /> such Letter of Representations and to deliver the same to DTC for <br /> and on behalf of the Issuer. <br /> Section 9. This resolution shall take effect upon its <br /> passage. <br /> 21 <br />