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I, John J. Guilfoyle, Jr., do hereby certify that the
Board of Directors of Gulf Oil Real Estate Development Company
at ita regular meeting held on March 14, 1975, approved a
delegation of authority procedure whereby the President of
Gulf Ofl Real Estate Development Company is authorized to
; approve on behalf of the Company construction loans up to an _
amount of five million dollars. ~ ~
F I further certify that William P.~ Moyles is president of
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Gulf Oil Real Estate Development Company and that, in his
, capacity as.President of Gulf Oil Real Estate Development
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~ Company, he approved the construction loan com~nitment set
~ in the letter dated Januar 23, 1977, from First Federal
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Savings and Loan Association of Fort Pierce, Florida, to
Hutchinson Island Limited Partnership.
I further certify that the approved reaolution remains in
full force and effect.
IN WITNESS WHEREOF, I have set forth my signature and the
seal of the Corporation as set forth above.
~ Dated this ~ day of February, 1977.
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fi~` a`~' . . ~ Jo J . Gu y e , .
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•.~f,'~ ~..~~~.~t~-7 Assistant Secretary _
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