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1 <br /> CERTIFICATE AS TO ARBITRAGE <br /> We, Shirley Marshall and Kenneth T. Chavious, the Chairman <br /> of the Board of Commissioners for the County of Orange, North <br /> Carolina (the "County") and the Interim Finance Director for the <br /> County, being duly charged with others with responsibility for <br /> issuing the $200, 000 Sanitary Sewer Bond of the County, dated <br /> March of_,the 1988 years and maturing in,annual installments on June 1, in <br /> each 1990 to 2027 inclusive (the "bond") , to be <br /> delivered this day, DO HEREBY CERTIFY, pursuant to sections <br /> 1.103-13 , 1.103-14 and 1. 103-15 of the Treasury Regulations and <br /> under Section 148 of the Internal Revenue Code of 1986, as <br /> amended (the "Code") , as follows: <br /> 1. All of the proceeds to be derived from the sale of the <br /> bond, excluding accrued interest, will be applied to the payment <br /> at their maturity of $200,000 Sanitary Sewer Bond Anticipation <br /> Notes of the County, dated December 16, 1987 and maturing March <br /> 16, 1988 (the "maturing notes") , which maturing notes were <br /> exchanged, par for par, for $200, 000 Sanitary Sewer Bond <br /> Anticipation Notes of the County, dated June 29, 1987 and <br /> maturing December 16, 1987 (the "initial notes") , which initial <br /> notes were issued for the purposes of paying (a) a portion of the <br /> cost of constructing a portion of a sanitary sewer system for the <br /> County, including the construction of sewage collector, <br /> interceptor and force mains and lines, sewage pumping facilities <br /> and appurtenant facilities, the construction of a sewage main to <br /> transport sewage to the sanitary sewer system of the Town of <br /> Hillsborough for treatment and the acquisition of any necessary <br /> land, rights of way and equipment therefor (the "Project") and <br /> (1- certain legal, accounting and financing expenses incurred in <br />