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interest on the Bonds to be excludable from the gross income of the owners of the <br /> Bonds for federal income tax purposes. <br /> Section 2. Reliance. The County has relied without independent investigation on written <br /> representations and opinions of the Borrower, its consultants and Bond Counsel <br /> that the Project qualifies as a"project" as defined in Section 40-57-02 of the Act. <br /> Section 3. Recitals. <br /> a. The County is a body corporate and political subdivision of the State. <br /> b. An initial resolution was adopted by the Board on May 19, 2014, scheduling a <br /> public hearing on the issuance of bonds, in one or more series, in an amount not to <br /> exceed $50,000,000. <br /> c. A notice of public hearing was published in The Forum, the County's official <br /> newspaper and a newspaper of general circulation, calling a public hearing on the <br /> proposed issuance of the Bonds and the proposal to undertake and finance the <br /> Project. <br /> d. The Board has on June 16, 2014, held a public hearing on the Project and the <br /> financing thereof, and persons in attendance wishing to speak on the Project, the <br /> financing thereof, if any, were given an opportunity to do so at the hearing. <br /> e. Drafts of the form of the County Documents have been made available to this <br /> Board and are on file in the office of the County Auditor. <br /> Section 4. Recital of Representations Made by the Borrower. <br /> a. The Borrower has agreed to pay any and all costs incurred by the County in <br /> connection with the issuance of the Bonds, whether or not such issuance is carried <br /> to completion. <br /> b. The Borrower has represented to the County that no public official of the County <br /> has either a direct or indirect financial interest in the Project nor will any such <br /> public official either directly or indirectly benefit financially from the Project. <br /> Section 5. The Bonds. <br /> a. Approval of the Bonds is in the public interest of the County. <br /> b. Based on information provided by the Borrower, the impact and effect of the <br /> Bonds upon existing industry and business will not result in an unfair advantage <br /> for the Project to the substantial detriment of existing enterprises. <br /> c. In order to provide for the financing of the Project, the County authorizes the sale <br /> of the Bonds to the Bank; the issuance of the Bonds in an original aggregate <br /> 3 <br />