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at the opening of business on the 15th business day next preceding <br />either any interest payment date or any date of selection of bonds <br />or parts thereof to be redeemed and ending at the close of business <br />on the interest payment date or day on which the applicable notice <br />of redemption is given, or (b) to transfer or exchange any Bonds <br />selected, called or being called for redemption in whole or in part= <br />New Bonds delivered upon any transfer or exchange shall be <br />valid special obligations of the County, evidencing the same debt as <br />the Bonds surrendered, shall be secured by this Resolution and shall <br />be entitled to all of the security and benefits hereof to the same <br />extent as the Bonds surrendered. <br />The County reserves the right to change the above registra- <br />tion and transferability provisions of the Bonds at any time prior <br />to the delivery thereof in order to comply with applicable laws and <br />regulations of the United States in e.:fect at the time of issuance <br />thereof. <br />SECTION 8. UNREGISTERED COUPON BONDS. Pursuant to Section <br />310 of Public Law 97-248 (Tax Equity and Fiscal Responsibility Act <br />of 1982) (hereinafter referred to as the "Tax Act"), which provides, <br />inter alfa, that obligations issued after December 31, 1982, shall <br />not be exempt from Federal income tax unless the obligation is in <br />registered form, it is provided in Section 5 hereof that the Bonds <br />shall be issued only as fully registered Bonds without coupons. <br />However, notwithstanding any provision contained herein, to the <br />contrary, if the effective date of Section 310 of the Tax Act is <br />changed from December 31, 1982, to a later date and if the Bonds are <br />issued prior to said later date, the Bonds may then, in the discre- <br />tion of the Board, be issued either as fully registered Bonds <br />without coupons or as coupon Bonds which may be registered as to <br />principal only; provided, however, that in no event shall the deci- <br />sion of the Board as to the form of the Bonds cause the Bonds not to <br />be exempt from all Federal income taxes. If the Bonds are issued as <br />coupon Bonds registrable as to principal only, the form of the <br />-5- <br />r <br />EOOK �2 Pr, E 1 A <br />