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<br />$20,000,000.00 <br />CITY OF SUNNY ISLES BEACH, FLORIDA <br />PROMISSORY NOTE <br /> <br />CERTIFICATE AS TO ARBITRAGE <br />AND OTHER TAX MATTERS <br /> <br />The undersigned Mayor of the City of Sunny Isles Beach, Florida (the "City"), being duly <br /> <br />authorized and delegated, with others, to perform such requirements as are necessary and proper for <br /> <br />the issuance and sale of the City's above-referenced note (the "Note"), does hereby certify and <br /> <br />declare as follows: <br /> <br />1. The Note is being issued pursuant to and in accordance with an ordinance <br /> <br />duly enacted by the City Commission of the City on June 8, 2009 (the "Authorizing Legislation"), <br /> <br />in order to provide funds to pay for the acquisition, construction and equipping of real and personal <br /> <br />property to be owned by the City as may be authorized by the City Commission from time to time <br /> <br />(the "Project"). <br /> <br />2. On June 8, 2009 (the "Issue Date") the City will issue and deliver (i.e., <br /> <br />physical delivery ofthe Note in exchange for the purchase price) the Note, dated June 8, 2009. The <br /> <br />first day on which there was a binding contract in writing for the sale of the Note on specific terms <br /> <br />that were not later modified or adjusted in any material respect was June 8, 2009 (hereinafter, thc <br /> <br />"Sale Date"). <br /> <br />3. I am an officer of the City who is duly charged, with others, with the <br /> <br />responsibility of issuing the Note. <br /> <br />4. No obligations other than the Note are being issued at substantially the same <br /> <br />time (within 15 days of the Note) and sold pursuant to the same plan of financing and which are <br /> <br />reasonably expected to be paid out of substantially the same source of funds as the Note. <br /> <br />5. This Certificate as to Arbitrage and Other Tax Matters (this "Certificate"), <br />