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INDIAN RIVER COUNTY, FLORIDA $235,000 REVENUE AND GENERAL OBLIGATION NOTES Dated December 14, 1978 NON -ARBITRAGE CERTIFICATE The undersigned official of the County of Indian River, Florida (the "County"), certifies with respect to the above issue of notes (hereinafter called the "Notes"), as follows: 1. The undersigned, along with other officials of the County is charged with the responsibility of issuing the Notes. 2. This certificate is made pursuant to Sections 1.103- 13, 1.103-14, and 1.103-15 of the proposed regulations published on May 3, 1973, as amended on December.2, 1975, October 29, 1976, May 31, 1977, June 9, 1977, May 81 1978 and September 7, 1978 (the "Regulations"), all with respect to arbitrage bonds as described in Section 103(c) of the Internal Revenue Code of 1954, as amended (the "Code"). 3. The Notes are being issued on the date of this cer- tificate -for the purpose of advancing funds for the acquisition of a water system presently owned by Mid -Florida Utilities, Inc. (the 'Project"). 4. The County has previously entered into a contract for the acquisition of the Project for a purchase price of _ $225,000, and all of the proceeds of the Notes, in the amount of $235,000 will be expended within 30 days from date hereof for the acquisition of the Project pursuant to the contract and for expen- ses of $10,000. S. The County reasonably expects that the Project will not be sold or otherwise disposed of, in whole or in part, prior to the last maturity of the Notes. . 6. The Notes are payable from the revenues of the Project and from the proceeds of ad valorem taxation as described. in the resolution authorizing their issuance (the "Pledged Revenues"). All amounts of Pledged Revenues will be deposited into the Sinking Fund. An amount necessary for payment of prin- cipal of and interest on the Notes will be used within 13 months. of the date of deposit for.payment of the principal of and interest on the Notes. The County does not expect that any addi- tional amounts will be deposited in the Sinking Fund. 7. Except for the Sinking Fund described in Section 12 of the resolution authorizing the Notes, the County has not created or established and does not expect to create or establish any other fund for payment of debt service on the Notes. 8. All income from investments of proceeds of the Notes will be expended for costs of the Project or will be commingled for the purpose of accounting with other substantial revenues from the operation of the County, in either case within 12 months after receipt. All income on investments in the Sinking Fund will be expended for payment of principal of or interest on the Notes or will be commingled for the purpose of accounting with other substantial revenues from the operation of the County, in either case within 12 months after receipt.. 9. The County has not issued any other obligations to finance the Project or any part thereof within the one year period preceding the date hereof. 10. The County has not been advised of any listing or proposed listing of the Internal Revenue Service determining that the'County's certificate with respect to its obligations may not be relied upon. w_ DEC 6 1978 M 38 Tra 345