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document for delivery will constitute conclusive evidence of such officer's approval of any such changes. 4. Resolutions As To Tax Matters—The County will not take or omit to take any action the taking or omission of which will cause its obligations to pay principal and interest (the "Obligations") to be "arbitrage bonds," within the meaning of Section 148 of the "Code" (as defined below), or"private activity bonds" within the meaning of Code Section 141, or otherwise cause interest components of the installment payments to be includable in gross income for federal income tax purposes. Without limiting the generality of the foregoing, the County will comply with any Code provision that may require the County at any time to pay to the United States any part of the earnings derived from the investment of the financing proceeds. In this resolution, "Code" means the United States Internal Revenue Code of 1986, as amended, and includes applicable Treasury regulations. 5. Obligations are "Bank-Qualified" —The County designates its payment Obligations as "qualified tax-exempt obligations" for the purpose of Code Section 265(b)(3), which provides certain tax advantages for financial institutions providing financing to the County. 6. Miscellaneous Provisions —All County officers and employees are authorized and directed to take all such further action as they may consider necessary or desirable in furtherance of the purposes of this resolution. All such prior actions of County officers and employees are ratified, approved an confirmed. Upon the absence, unavailability or refusal to act of the County Manager, the Board's Chair or the Finance Officer, any other of such officers may assume any responsibility or carry out any function assigned in this resolution. All other Board proceedings, or parts thereof, in conflict with this resolution are repealed, to the extent of the conflict. This resolution takes effect immediately. VOTE: UNANIMOUS d. 2009 Revaluation —Schedule of Values The Board conducted a public hearing on the schedule of values for the 2009 real property revaluation. County Assessor John Smith summarized this item. He said that Orange County revalues every four years, and the next one is scheduled for January 1, 2009. He defined revaluation as "the process of valuing universal properties as of a given date and in a uniform manner." This includes valuing 50,000+ properties and is done to adjust property values to the current market and to equalize values. The process has three parts—ongoing is done every year; specialized, which takes about two years to complete; and reviews. Ongoing is an endeavor to capture all new construction and renovations. The specialized process takes about two years and looks at where the County is in the market. As of now, the 2009 revaluation is still a work in progress. Most homeowners will see an increase an average of 15-30% over the last four years. The Use Value presented for adoption comes from the North Carolina Department of Revenue and the North Carolina Use Value Advisory Board. Once the reviews are completed in October, the public information campaign will begin and revaluation notices will be sent in December. Commissioner Foushee pointed out that there is an appeal process. John Smith said that packets will be mailed out, which walk citizens through the appeal process.