Orange County NC Website
Browse       Search
i~ <br />provide for the filings and reports (including the reports of material events) <br />constituting the continuing disclosure provided for in this resolution. <br />1 S. Resolutions As To Tax Matters -- The County will not take or omit to <br />take any action the taking or omission of which will cause the Bonds to be <br />"arbitrage bonds," within the meaning of Section 148 of the "Code" (as defined <br />below), or "private activity bonds" within the meaning of Code Section 141, or <br />otherwise cause interest on the Bonds to be includable in gross income for federal <br />income tax purposes. Without limiting the generality of the foregoing, the County <br />will comply with any Code provision that may require the County at any time to <br />pay to the United States any part of the earnings derived from the investment of the <br />proceeds of the Bonds, and the County will pay any such required rebate from its <br />general funds. For this paragraph, "Code" means the United States Internal <br />Revenue Code of 1986, as amended, including applicable Treasury regulations. <br />16. Book-Entry System for Bond Registration -- The Bonds will be <br />issued by means of a book-entry system, with one bond certificate for each <br />maturity immobilized at The Depository Trust Company, New Yorlc, New York <br />("DTC"), and not available for distribution to the public. The book-entry system <br />for registration will operate as described in the Official Statement, Therefore, (a) <br />the County will pay principal, premium, if any, and interest on the Bonds to DTC <br />or its nominee as registered owner of the Bonds, (b) the County will not be <br />responsible or liable for such transfer of payments to parties other than DTC or for <br />maintaining, supervising or reviewing the records maintained by DTC or any other <br />person related to the Bonds, and (c) the County will not mailing redemption <br />notices (or any other notices related to the Bonds) to anyone other than DTC or its <br />nominee so long as the book-entry system of registration with DTC is in effect. <br />The County may elect to discontinue the book-entry system with DTC. The <br />Finance Officer is authorized and directed to enter into any agreements he deems <br />appropriate to put into place the book-entry system with DTC. <br />17. Miscellaneous Provisions -- All County officers and employees are <br />authorized and directed to take all such further action as they may consider <br />necessary or desirable in connection with the furtherance of the purposes of this <br />resolution, All such prior actions of County officers and employees are ratified, <br />approved and confirmed, tTpon the absence, unavailability or refusal to act of the <br />Chair or the Finance Officer, the County Manager may assume any responsibility <br />or carry out any function assigned to the Chair or the Finance Officer in this <br />Orange 04 GO bond resolution BR <br />