Orange County NC Website
Browse       Search
6 <br />Officer's authorization of the release of any such document for delivery shall constitute <br />conclusive evidence of his approval of any such changes. <br />15. Resolutions As To Tax Matters -- The County shall not take or omit to take <br />any action the taking or omission of which will cause the Bonds to be "arbitrage bands," <br />within the meaning of Section 14$ of the "Code" (as defined below), or "private activity <br />bonds" within the meaning of Code Section 141, or otherwise cause interest on the Bands <br />to be includable in gross income for federal income tax purposes. Without limiting the <br />generality of the foregoing, the County shall comply with any Code provision that may <br />require the County at any time to pay to the United States any part of the earnings derived <br />from the investment of the proceeds of the Bonds, and the County shall pay any such <br />required rebate from its general funds. For this paragraph, "Code" means the United <br />States Internal Revenue Code of 19$6, as amended through the closing date of the Bonds, <br />including applicable Treasury regulations. <br />16. Book Entry System for Bond Registration -- The Bonds shall be issued <br />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. Transfer of beneficial ownership interests in the <br />Bonds in the principal amounts of $5,000 or any integral multiple thereof shall be <br />effected an the records of DTC and its participants pursuant to rules and procedures <br />established by DTC and its participants. The County shall pay principal, premium, if any, <br />and interest on the Bonds to DTC or its nominee as registered owner of the Bonds. The <br />County shall not be responsible or liable for such transfer of payments to parties other <br />than DTC or for maintaining, supervising or reviewing the records maintained by DTC or <br />any other person related to the Bonds. <br />If (a) DTC determines not to continue to act as securities depository for the Bonds <br />or (b) the County so elects, the County will discontinue the book-entry system with DTC. <br />If the County fails to identify another qualified securities depository to replace DTC, the <br />County shall deliver fully-registered certificates as replacements far Bonds in book-entry <br />form. Such certificates shall be in such form as the Board may hereafter authorize. <br />So long as a book-entry system with DTC is used far determining beneficial <br />ownership of Bonds, if less than all of the Bonds within any maturity are to be redeemed, <br />DTC shall determine (or provide for the determination of) which of the Bonds within <br />such maturity are to be redeemed. Sa long as DTC or its nominee is the registered owner <br />of all the Bonds, the County shall not be responsible for mailing notices of redemption to <br />anyone other than DTC or its nominee. <br />17. Miscellaneous Provisions -- All County officers and employees are <br />authorized and directed to take all such further action as they may consider necessary or <br />desirable in connection with the furtherance of the purposes of this resolution. All such <br />prior actions of County officers and employees are ratified, approved and confirmed. All <br />