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ARBITRAGE CERTIFICATE r-� The undersigned, being charged, with others, with the responsibility for issuing $1,815,000 principal amount of Solid Waste Disposal System Revenue Bonds, Series 1977, dated September 1, 1977 (the "Bonds"), of Indian River County, Florida (the "Issuer"), being issued this date to retire $1,100,000 Revenue and General Obligation Notes (the "Notes") issued to finance the cost of constructing and acquiring certain solid waste disposal system improvements (the "Project"), does hereby certify that: 1. On the basis of the facts, estimates and circumstances in existence on the date hereof, I reasonably expect the following has or will occur with respect to the Bonds and to the use of the proceeds of the Bonds: (a) All of the proceeds of the Bonds will be applied as follows: Retirement Notes $1,100,000.00 Plus Accrued Interest 30,244.12 $1,130,244.12 Additional Construction 167,260.88 Accrued Interest 35,004.29 One years Interest 96,195.00 Operating Reseive 260,000.00 Sinking Fund Reserve 100,000.00 Costs 25,000.00 1,813.704.29 (b) The net amount received by the Issuer as a result of the sale of the Bonds, after the payment of all expenses of issuance (such net amount hereinafter called the "Original Proceeds"), will not exceed by more than 5%'the amount necessary to accomplish the governmental purposes of the issue; (c) An amount at least equal to 85% of the Proceeds of the Notes will have been expended on costs of the Project within three years of the date of issuance of the Notes; (d) The portion of the proceeds of the Bonds to be applied for retirement of the Notes -will be expended on the date hereof and not invested; (e) An amount at least equal to 85% of the portion of the proceeds of the Bonds to be applied for costs of construction. 8COK 33 PAA 4:�4