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On the basis of the foregoing facts, estimates and <br />reasonable expectations, and the covenants made in the resolution <br />authorizing the Bonds, it is not expected that the proceeds of <br />the Notes will be used in a manner that would cause the Notes to <br />be arbitrage bonds under Section 103(c) of the Code and the <br />Regulations. To the best of my knowledge and belief there are no <br />facts, estimates or circumstances that would materially change <br />such expectations. <br />IN WITNESS WHEREOF, the undersigned has executed and <br />delivered this certificate as of this 14th day of December, 1978. <br />INDIAN RIVER COUNTY, FLORIDA <br />By ` CJ <br />Chairman, <br />Board of County Commissioners <br />I <br />• I <br />w._ <br />DEC 6 197 <br />