HomeMy WebLinkAbout0160 (v) On November 2, 1976, the County and the Company
received a ruling from the Internal Revenue Serv~ce ~hat (i)
interest on the 1974 Note and on the 1975 Note, each in the
principal amount of $11,500,400, was exe~.pt from Federal
income tax and (ii) the $9,09u,?42 principal amount of bonds
on which interest would be exemot fro~ Federal income *ax under
the Oct~ober 18, lgT6 ru2ing could be increased by $1,158,400
to not exceeding $Z0,253,142, all subiect to the requirement
that tre outstanding principal a~ount of the 1975 ~Iote be
reduced »as soon as possi~ble" to not exceeding $1~,253,'-~2-
On November 10, 1976, the County, pursuant to the
provisions of Section 2 of tne 1976 iiote Resolution, call~d
for reder~~ion, and effected the preoayment of, $1,4a4,94g
principal amount ~f the 197o Note.
(x) Cn PJovember 17, 1976, Bor.d Counsel rendered an ~.z.~-
cualified approving opinion as to the validit;~ of, ana exemption
from Federal income tax on, the i97u, 1975 an3 1g76 Notes.
(y} The 1976 i1~te is preser.tl;~ ou~st3nding in the unoaid
~rir,cipal amount o~ ~10,~3:,~51.
(z} ~ased on its recej~: of th~ r~al~ngs o° t~° In~~rnal
Reverue Servic~ dated ~c~o~~r 13, 197c and :ic•:e:^be„ 2, ~.9ib and
describe,~'. ;n Sec~~ons XI~C and X:{~i, respe~t~vel;~, a~ove, tn~
Cour.*;~, as .~cuyred ~y ~he Ac~ an.~. of Ar~~cle VIi, Sec~i~or: iQ
of ~~e ~ ~or{ 3a Const ~tut ~or:, 'r.as ~?termine~ ~~:at ~he ~n ~ eres ~~r.
tne revenue bcnds to be issued b;~ the County to pay ~ oar~ of
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