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JUN 13 1984 BOOK 57 FACE 431 SECTION 12. PREREQUISITES PERFORMED. All acts, con- ditions and things relating to the passage of this resolution, and to the execution of the Loan Agreement or the Indenture, required by the Constitution or laws of the State to happen, exist and be performed by the Issuer precedent to and in the passage hereof, and precedent. to the execution and delivery of the Loan Agreement or the Indenture, have happened, exist and have been performed as so required. SECTION 13. ELECTION UNDER SECTION 103(b)(6)(D). The Issuer does hereby elect to have the provisions of Section 103(b)(6)(D) of the Internal Revenue Code of 1954, as amended (collectively, the "Code"), apply to the Bonds, and the Chairman is hereby authorized and directed to evidence such election by executing and filing on behalf of the Issuer, a statement in the form required by Section 1.103-10(b)(2)(vi) of the regulations under the Code. SECTION 14. PRIORITY IN ALLOCATION. The Board of County Commissioners of the Issuer will establish a first priority for and allocate, out of any volume allotment it receives or may receive from state or federal sources with respect to industrial development revenue bonds issued by it or on behalf of it during the calendar year 1984, not exceeding $2,500,000 aggregate principal amount for the Bonds. SECTION 15. GENERAL AUTHORITY. The members of the Board of County Commissioners of the Issuer and the officers, attorneys, engineers or other agents or employees of the Issuer are hereby authorized to do all acts and things required of them by this resolution, the Loan Agreement or the Indenture, or desirable or consistent with the requirements hereof or such documents, for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Bonds, the Loan Agreement or the Indenture and this resolution. SECTION 16. VALIDATION AUTHORIZED. The attorney for the Issuer is hereby authorized and directed to prepare and file proceedings in the Circuit Court for Indian River County, Florida, to validate the Bonds in the manner provided by law. SECTION 17. ARBITRAGE. The Issuer covenants that it will not direct the Trustee to make any investments or acquiesce in the making of any investments by the Trustee pursuant to or under the Loan Agreement or the Indenture which could cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Code and the applicable regulations issued thereunder. 39