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O 0 CAUSEY DEMGEN & MOORE INC. Caddied Public Accountants and Consultants September 1, 2000 Suite 4650 1801 California Street Denver, Colorado 80202-2681 Telephone: (303) 296-2229 Facsimile: (303) 296-3731 Indian River County 1840 25th Street Vero Beach, Florida 32960 Bryant, Miller and Olive, P.A. 201 South Monroe Street Tallahassee, Florida 32301 We have completed our engagement to verify the mathematical accuracy of (a) the computations relating to the adequacy of cash plus U.S. Treasury Securities to be held in escrow to pay the debt service requirements of the currently outstanding Refunding Revenue Bonds, Series 1992 (herein referred to as the "Defeased Bonds") issued by Indian River County, Florida (herein referred to as the "County") and (b) the yield on such escrowed securities. Our verification was performed solely on the schedules prepared based on information provided by the County which are reflected in Exhibits A through C which were prepared by us in performing the verification of the mathematical accuracy of the computations in the schedules provided. The accompanying exhibits of proposed transactions were prepared on the basis of assumptions and in accordance with the procedures described herein. We did not independently confirm the information used with outside parties. OUR UNDERSTANDING OF THE TRANSACTION On September 1, 2000, the County intends to contribute cash which will be used to purchase U.S. Treasury Securities and to provide cash which will be placed into an escrow account to defease the Defeased Bonds. The Escrow Agent will pay the debt service requirements of the Defeased Bonds on each scheduled payment date through and including September 1, 2005, without optional redemption prior to maturity. ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the escrow account transactions proposed to defease the Defeased Bonds. The presently outstanding debt service requirements of the Defeased Bonds, as described above, will be satisfied by the purchase of U.S. Treasury Securities (as described in Exhibit A-2) plus $9.93 in cash. The securities and cash will be placed in an irrevocable escrow account until the debt service requirements of the Defeased Bonds are paid as previously described.