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z <br />r. Ken Chavious <br />range County <br />?ril 22, 1990 <br />age 2 <br />Documentation (Continued): <br />Other Conditions: <br />b.) provisions for subsequent <br />changes in the tax rate due <br />to: <br />i. tax legislation; <br />ii. a determination that <br />lease interest is <br />includable in the gross <br />income of First <br />Wachovia for federal <br />income tax purposes, <br />and; <br />iii. a change in the maximum <br />percentage rate of <br />federal income tax <br />applicable to the <br />taxable income of First <br />Wachovia. <br />3.) Formal Governing Body Resolution <br />(substantially in the form <br />attached) designating the lease <br />as a "qualified tax - exempt <br />obligation ". <br />1.) The rates quoted herein assume <br />the Lease qualifies as a <br />"qualified tax - exempt obligation" <br />under the Tax Reform Act of 1986; <br />should it not, the rate will be <br />adjusted accordingly. <br />2.) The County will be responsible <br />for maintenance, filing fees, <br />taxes and insurance, including a <br />minimum of $1,000,000.00 in <br />general liability coverage for <br />this vehicle. <br />3.) The fixed rate of our commitment <br />shall expire after 30 days, from <br />the date hereof; thereafter, to <br />be determined at the time of <br />lease activation in accordance <br />with money market conditions. <br />