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neither the faith and credit nor the taxing power of St. Lucie
County or of the State of r^lorida or of any political sub-
division thereof is pledged to the payment of the pri~cipal
of or the interest on the Series B Bonds.
7. The deCermination by ~he County as recited in -
Resolution tio. 76-i20 basen on its receip~ of the rulings
of the Interr.al Revenue Service dated Oc~ober i3, 1~76 and
~ovember 2, 1976 and mentioned in paragraphs Cs) and (v)
above, respectively, that tne interest on the Series B Bonds
~ill be exempt from Federal income tax under the existing
law of the United States constitutes a comol~ance with the
provisions of Sect3on 10 of Article VII of the ~lorida Con-
stitution and the Act. Such de~ermination is sufficient tc
~ermit ~his Court to decermine ~hat the Series B Bonds wili
be valid and bindin~ obligations of the County authorized to ^
be issued under and pursuant to tr.e grovisions of the Ac* '
,
and said Section 10 of Article VII an~ ~o validate said Series B
Honds. The val~3ity of the Series.B Bonds shall not be a~-
:ected o~ any deter~?nation subsequ~r.t to their issuar.cs that
~he interest or: such Series E Bonds was not either a~ ~he :i.=:e
of suc'r: issu~r:ce or at an;/ ti.:,e :hprea: ter exem.pt ~ror.? ~'ederai
~:~cor~e tax . ~
3. hll of ~he :er~s z^d ~,rovi s~ons o~' R~soiu~~or. _
.~o. io-120 are ir. accordance ~r~~h iayr ar.d are r;:~if au~hariz°d
b;~ ~.~e Const~tut;cn and iaws c~ ~ne S~ate of rl.or;da, and
are ~r. a21 rAspec ~ s tralidated .
g. i:^.e Co^?~lair~ :cr '~a~~da.~~~% °~ied ~r. ~h~.s proc~ed~::~
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