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r. 68x7 (a) The County is a political subdivision of the State of Florida and is authorized to issue industrial development revenue bonds in accordance with the Constitution and Part ii of Chapter 159 of the laws of the State of Florida (the "Act"), and to cause the proceeds thereof to be used to acquire, construct, lease, operate and sell projects, or to loan the proceeds of the sale of such bonds for the acquisition, construction and equip- ment of projects, for the purpose of fostering the industrial and business development of the County, by inducing industry and business to locate or remain in the County and otherwise pro- moting the economic development of the County. (b) The County has full power and authority to issue the Bond pursuant to the Act, and to carry out and consummate all transactions contemplated by this Agreement, the Bond, the Loan Agreement and the Assignment of Rights. (c) The County has duly authorized: (i) the issuance and the sale of the Bond to the Bondholder; (ii) the loan of the Bond proceeds to the Proprietor as provided by the Loan Agreement; and (iii) the taking of any and all action on the party of the County to carry out, give effect to and consummate the transactions contemplated hereby. (d) Except as provided in the Loan Agreement, so long as the Bond is outstanding, the County will not issue or sell any bonds or obligations (other than the Bond), the interest, premium or principal of which shall be payable in whole or in part from the revenues derived from the Loan Agreement, the Company Guaranty, the Personal Guaranty, the Lease Assignment, the Assignment of Rights, the Mortgage and Security Agreement, the Mortgaged Property, the Chattels, or the use of the Mortgaged Property or the Chattels. (e) The County is not required to pay any taxes on the Project or upon the income therefrom and the Bond, its transfer ! and the income therefrom are exempt from all taxes within the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations. (f) There is no action, suit, proceeding or investiga- tion at law or in equity or before or by any court, public board or body pending or, to the knowledge of the County, threatened against or affecting the County or to the best of the knowledge of the County, any basis therefor, wherein an unfavorable decision, ruling or finding would adversely affect the transac- tions contemplated by this Agreement, or which, in any way would adversely affect the validity of the Bond, the Loan Agreement, or the Escrow Agreement, or any other agreement or instrument to -3-