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11 <br />.7�te8n¢ai/2..1%�ColutavrJvit: "+Q <br />(� ✓//Io �acez� ✓le��l. �.S�G <br />v <br />JUDSON FREEMAN <br />1100 aARNiTT BANK BUILDING <br />PAY RICHARDsoN.JR. <br />JACKSONVILLE, FLORIDA 32202 <br />THOMAS S. SLADE, m <br />(804) 353-111"EDWARD <br />WCARTHY. JR. <br />JOHN F. KELLY <br />DANIEL U. LIVE RMORE.JR. <br />DOUGLAS J. MILNE <br />December 1978 <br />- A. GRAHAM ALLEN <br />.14, <br />RICHARD E. KLEIN <br />JOHN L.MaWILLIAMIL= <br />JUDSON FREEMAN, JR. <br />ROBERT 0. FREEMAN <br />WILLIAM D. BRINTON <br />FRANK L.WATSON <br />OF COUNSEL <br />Chairman <br />Board of County Commissioners <br />Indian River County, Florida <br />Dear Sirs <br />We have examined certified copies of the proceedings on <br />behalf of Indian River County, Florida (the "County"), and other <br />proofs submitted to us relative to the issuance and sale of <br />$235,000 Revenue and General Obligation Notes, dated December 14, <br />1978 (the "Notes"). In particular, we have reviewed the Non - <br />Arbitrage Certificate of even date herewith executed on behalf of <br />the County, the terms of the Notes and their sale to the <br />purchaser, and the provisions of the authorizing instrument and <br />related documents dealing with the disposition and investment of - <br />the proceeds of the Notes and the deposit, investment and use of <br />the revenues pledged for payment of the Notes. <br />We have also reviewed Section 103(c) of the Internal <br />Revenue Code of 1954, as amended (the "Code"), and Sections <br />1.103-13, 1.103-14, and 1.103-15 of the U. S. Treasury <br />Regulations published and proposed thereunder (the <br />"Regulations"). <br />In our opinion, the Notes are not "arbitrage bonds" <br />within the meaning of the Code and the Regulations. <br />Respectfully submitted, ,D <br />B <br />