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likely to be derived, and the evaluation of costs and benefits requires estimates and judgements by management. Financial Statements and Annual Audit Florida law requires that the financial statements of the County be audited on an annual basis. Following the end of each fiscal year, a Comprehensive Annual Financial Report (the "CAFR") is prepared by the Finance Department of the County, under the supervision of the Clerk of the Circuit Court. The basic financial statements, as well as the combining, individual fund, account group and supporting financial statements of the County, (collectively the "Financial Statements") included in the CAFR, are audited by an independent certified public accounting firm on an annual basis. The County retains Harris, Cotherman & Associates, Vero Beach, Florida, for such services. The general purpose financial statements of the County as of and for the year ended September 30, 2002, included in this Official Statement, have been audited by Harris, Cotherman& Associates, independent auditors, as stated in their report appearing herein as Appendix A. REFERENDUM The Bonds were approved by a referendum of the voters of the County held November 3, 1992. LITIGATION General The County is a defendant from time to time in various lawsuits, including, in particular, litigation related to zoning and other land use regulation matters. It is the opinion of the County Attorney that the County has meritorious defenses against current pending litigation; provided, however, that there is no assurance that the County will not incur some liability. The Bonds There is no pending or, to the knowledge of the County, threatened litigation against the County which in any way questions or affects (1) the validity of the Bonds, or any proceedings or transactions relating to their issuance, sale, delivery or payment; (2) the pledge of the Ad Valorem Taxes to secure payment of the Bonds; or (3) the collection and application of the Ad Valorem Taxes in accordance with the provisions of the Resolution. 23