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ARBITRAGE OPINION OF COUNSEL <br />We have examined the transcript of proceedings relating to <br />the issuance by Indian River County, Florida of its Solid Waste <br />Disposal System Revenue Bonds, Series 1977, in the aggregate principal <br />amount of $1,815,000 (the "Bonds"), an Arbitrage Certificate with <br />respect to the Bonds, dated the date hereof, and the Internal <br />Revenue Code of 1954, as amended (the "Code"), and the regulations <br />presently in effect and proposed thereunder, including particularly <br />Section 103(c) of the Code, temporary Treasury Regulations Section <br />13.4 and proposed Treasury Regulations Sections 1.103-13 and 1.103- <br />14 (the "Regulations") . ' <br />Based upon our examination thereof and such other matters <br />as we have deemed necessary to enable us to render this opinion, we <br />are of the opinion that the facts, estimates and circumstances as <br />set forth in the Arbitrage Certificate are sufficiently set forth <br />therein to satisfy the criteria necessary under Section 103(c) of <br />the Code and the Regulations to support the conclusion that the Bonds <br />will not be "arbitrage bonds" as therein defined. No matters have <br />come to our attention that make unreasonable or incorrect the repre- <br />sentations made in the Arbitrage Certificate. <br />Dated: January /a , 1978. <br />JAN 181978 <br />Respectfully submitted, p <br />I I W J�- I A")—)t a elUll 4 - <br />8cox 33 Pmu,E ec 3 <br />