Orange County NC Website
Browse       Search
filings and reports ( including the reports of material events ) constituting the <br /> continuing disclosure provided for in this resolution . <br /> 13 . 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 " arbitrage <br /> bonds , " within the meaning of Section 148 of the " Code " (as defined below) , or <br /> "private activity bonds " within the meaning of Code Section 141 , or otherwise cause <br /> interest on the Bonds to be includable in gross income for federal income tax <br /> purposes . Without limiting the generality of the foregoing, the County will comply <br /> with any Code provision that may require the County at any time to pay to the United <br /> States any part of the earnings derived from the investment of the proceeds of the <br /> Bonds , and the County will pay any such required rebate from its general funds . For <br /> this paragraph, " Code " means the United States Internal Revenue Code of 1986 , as <br /> amended, including applicable Treasury regulations . <br /> 14 . Book-Entry System for Bond Registration - - The County will issue the <br /> Bonds by means of a book- entry system, with one bond certificate for each maturity <br /> immobilized at The Depository Trust Company, New York, New York ( " DTC " ) , and not <br /> available for distribution to the public . The book- entry system for registration will <br /> operate as described in the Official Statement . Therefore, so long as the book- entry <br /> system of registration with DTC is in effect, ( a) the County will make Bond payments <br /> only to DTC or its nominee as registered owner of the Bonds , (b ) the County will not <br /> be responsible or liable for any 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 send redemption notices ( or <br /> any other notices related to the Bonds) to anyone other than DTC or its nominee . The <br /> Board, by resolution, may elect to discontinue the County' s book- entry system with <br /> DTC . The Board authorizes the Finance Officer to enter into any agreements such <br /> officer deems appropriate to put into place and carry out the book- entry system with <br /> DTC . <br /> 15 . Finding as to Useful Life and Term of the Bonds - The Board finds and <br /> determines that the average weighted maximum useful life of the projects to be <br /> financed with the proceeds of the Bonds is at least twenty years , subject to ordinary <br />