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III. AUTHORIZATION OF CERTIFICATES; DEBT LIMITS NOT ~XCEEDED SECTION 301. AUTHORIZATION; CONIPLIANCE WITH CONSTITUTIONA REQUIREMENTS. ORS 271.390 provides that a county may enter into contracts for the financi g of any real or personal property that the governing body determines is needed, including fin ncing agreements with financial institutions. The Agreement is being executed and delivered by th County pursuant to the authority conferred by said ORS 271.~90, as in effect on the date of exec tion and delivery of the Agreement, in order to finance the acquisition and construction of the Co nty Facilities that are to be part of the Courthouse Square Project for use by the County in its governmental operations. The Board has duly adopted the Resolution at a regular B ard meeting on November 10, 1998, which meeting was held in accordance with the requireme ts of the County Charter and the laws of the State of Oregon governing the conduct of ineeting of public bodies such as the Board for the purpose of conducting business, making determi ations and taking action with respect to the affairs of the County. A true and complete cer~fied copy of the Resolution is delivered herewith, and the Resolution has not been modified, am nded or repealed and remains in full force and effect as of the date hereof. I SECTION 302. DEBT LIMITS NOT EXCEEDED. Article XI, Section 0 of the Oregon Constitution (the "County Debt Limitation Provision") prohibits Oregon count es from incurring any debt or liabilities in excess of $5,000. Pursuant to a ruling by the Supreme ourt of the State of Oregon, if the obligation of a governmental unit to repay borrowed money s made expressly subject to appropriation at the discretion of the governmental unit's governing body, it does not create "debt" within the meaning of the County Debt Limitation Provision, b cause there is no unconditional obligation to pay. The Resolution and the Agreement provi e that Financing Payments due in each Fiscal Year shall be and remain subject to the Cou ty's having duly budgeted and appropriated, in accordance with applicable law, funds for the ~urpose of paying such Financing Payments. Therefore, the obligation of the County to make Fi ancing Payments does not constitute indebtedness of the County for purposes of any the Count~ Debt Limitation Provision. i IV. FEDERAL TAX CERTIFICATIONS SECTION 401. GENERAL. ~ ~A~ CODE AND REGULATIONS. This Certificate is given on behalf of th~ County pursuant to §§ 103 and 141 through 150 (inclusive) of the Internal Revenue Code of 1986, as amended (the "Code"), and those Treasury Regulations validly issued, proposed or ap licable under the Code, including those Treasury Regulations validly issued or proposed under § 03 of the Internal Revenue Code of 1954 (the "1954 Code") that are applicable under the Code (t e"Regulations"). GENERAL AND TAX CERTIFICATE PacE 3