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proceeds to be derived from the wale of the Bonds, as that term is defined in the Resolution, or the sale of bond anticipation notes issued to extend and renew the indebtedness, evidenced by the Notes. 4. Interest on the Noten 1 exempt fron taxation undor the laws of the Mata of. Florida, except e.tate taxes an•f tares imposed by Chapter 7.7.0, Florida StAtut.es, nn interest, income or profits on debt obligations owned by �orporAticns, banks and savings associations. r . T7tie Plnt,es aKe not pre:.entLy "Azbitra,)e b,niw (or notes)" ars described in ection 103(Y,)(2) and .Se lien 144 elf the Code And Applicable re,pil.attons pr—m,ilgAted r.heressn9er. f,. interest on the Notes, l.w exempt, under present statutes, req,ilAt.ions And decisions, from present fedetaL income tarts; provided, however, that such exemption does rl,t extend to corporations required to include such interest in the r.alrulatlon and payment of alternative minimum taxes imposed une(er the Code or to corporationn, that are re,:Iuirsd to include such interest in the c'A1cuI.At.1011 and payment of the "Environmental Tax" under ect.lon `,')A •,f the Code or to certain foreign corp -,rations doing business In r.hp United Staten of America that are subjert to A branch prof t t.at tax lmpo"d under S*Ctlon 880 of the Code. Further, int«rpat on tlip Notes is not an item of taX Prefpreru-e for purpomps „f CAICul At Ing federal sit-rnative minimum rAxpa imposed on indlvt,titAlsi ,ind ,e ri',ncnr.ie',rt:r. It it to t,e sinderttto,,et that rights or holders of Notes Alp] the of the NG�tes and of the Resolution may be subj .ct to hankruptcy, insolvency, reorganization, moratorium and other similar lawn Affecting creditors' rights heretofore or hereaft:p.r- enAct.ed And that their enforcement may b+t subject to the exerr.iwp of ju,iir:tal discretion in accordance with q ne rAC principles of equity. Very truly yours, RHOADS - S1MON By: B-3