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6 <br /> (c) Because the debt service on the existing bonds is fully incorporated into <br /> the County's existing debt models, changing the projects to be financed will have no <br /> effect on the County's debt service requirements or tax rate. All amounts disbursed <br /> will reflect either approved contracts, previous actual expenditures, or professional <br /> estimates. <br /> (d) As confirmed by the County's Finance Officer, (i) the County's debt <br /> management procedures and policies are sound and in compliance with law, and (ii) <br /> the County is not in default under any of its debt service obligations. <br /> 3. The Board resolves as follows with respect to certain tax matters <br /> related to the 2019 bonds and the Agreements: <br /> The County will not take or omit to take any action the taking or omission of <br /> which will cause its obligations to pay principal and interest (the "Obligations") with <br /> respect to the 2019A bonds and the 2019B bonds to be "arbitrage bonds," within the <br /> meaning of Section 148 of the "Code" (as defined below), or "private activity bonds" <br /> within the meaning of Code Section 141, or otherwise cause interest components of <br /> the installment payments to be includable in gross income for federal income tax <br /> purposes.Without limiting the generality of the foregoing,the County will comply with <br /> any Code provision that may require the County at any time to pay to the United States <br /> any part of the earnings derived from the investment of the financing proceeds. In this <br /> resolution, "Code" means the United States Internal Revenue Code of 1986, as <br /> amended, and includes applicable Treasury regulations. <br /> 4. Additionally, the Board resolves as follows: <br /> (a) The County intends that the adoption of this resolution will be a <br /> declaration of the County's official intent to reimburse project expenditures from <br /> financing proceeds. The County intends that funds that have been advanced for <br /> project costs, or which may be so advanced, from the County's general fund, or any <br /> other County fund, may be reimbursed from the financing proceeds. <br /> (b) The Board authorizes all County officers and employees to take all <br /> further action as they may consider necessary or desirable in furtherance of the <br /> purposes of this resolution and to complete the contemplated amendment process. <br /> The Board ratifies all prior actions of County officers and employees to this end. <br /> 3 <br />