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( 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 />