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ARBITRAGE CERTIFICATE <br />i <br />The undersigned Chairman of the Board of County Commis- <br />sibners of Indian River County, Florida, hereby certifies that <br />none of the proceeds of sale of the $600,000 Revenue and General <br />D+liqation Note of the County dated May 4,, 1977 will be invested <br />in acquired obligations at a yield which is greater than the yield <br />on the Note. <br />On the basis of the foregoing, it is not expected that <br />the proceeds of the Note will be used in a manner that would cause <br />the -Note to be an "arbitrage bond" under Section 103(c) of the <br />Internal Revenue Code and.the regulations prescribed under that <br />Section. To the best of my knowledge and belief, there are no <br />other facts, estimates or -circumstances that would materially <br />change the foregoing conclusion. <br />IN WITNESS WHEREOF, I,have hereunto set my hand this <br />4th day of May, 1977. <br />Chairman, Board of Coy Commis- <br />sioners of Indian River County, <br />Florida <br />11 1 <br />