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INDIAN RIVER COUNTY, FLORIDA $725,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 1981 Dated October 1, 1981 NON -ARBITRAGE CER`T'IFICATE The undersigned official of Indian River County, Florida ( the "County") ,certifies :with respect to the above issue of bonds (hereinafter called the "Bonds"), as follows: 1. The undersigned, along with other officials of the County is charged with the responsibility for issuing the Bonds. 2. This certificate is made -pursuant to Sections 1.103-13, 1.103-14, and 1.103-15 of the Code of Federal Regulations promulgated by T.D. 7627 on May 31, 1979 (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 Bonds are being issued on the date of this -cer- tificate for the purpose of financing the cost of completing the reconstruction, alteration, furnishing and -equipping (including the cost of design and engineering, and -issuance expenses.of the Bonds) of an Administration Building, Courthouse and Annexes, -all 4ithin the County (the "Project"), whose estimated total cost is $4,302,528. 4. The principal amount of Bonds being issued on this date is $725,000; the proceeds of the Bonds is the amount of $703,479.58, computed as follows: Princip4l Amount $725,000.00 Less Discount 36,250.00 Subtotal $688,750.00 Accrued Interest 14,729.5_8 Total Proceeds $703,479.58 5. The total proceeds of the Bonds will be applied as follows: accrued interest deposited to Sinking Fund $ 14,729.58 deposited to Reserve Account 105,521.94 issuance expenses 13,700.00 deposited to�Construction Trust Fund 569,528.06 TOTAL $703,479.58 6. The proceeds to be deposited into the Construction Trust Fund are to be used solely to pay the cost of completing the Project. The County has heretofore, on February 27, 1980, entered into a binding contract for construction of portions of the Project with Reinhold Construction, Inc., in an amount in excess of $100,000. Work on the Project has proceeded and will continue with due diligence to completion which is estimated to be by June 15, 1982. At least 85% of the proceeds of the Bonds will have been expended to pay costs of the Project aithin three (3) years fro,n the date hereof. 7. The County reasonably expects that the Project ,gill not be sold or otherwise disposed of, in whole or in part, prior to the last maturity of the Bonds. Boa 48. PAGE. i NOV 191981 9