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VALIDATION The Series 1991 Bonds were validated in a total amount not to exceed $6,500,000 by a Final Judgment of the Circuit Court of the Nineteenth Judicial Circuit of Florida, in and for Indian River County, rendered on July 17, 1991. The time for an appeal will expire on August 16, 1991. The Series 1991 Bonds will not be issued if an appeal is pending on the proposed closing date. LITIGATION In the opinion of the County Attorney there is no controversy or litigation now pending or, to the best of the County's knowledge, threatened, which seeks to restrain or enjoin the execution, issuance, sale or delivery of the Series 1991 Bonds or that in any way contests the validity of the Series 1991 Bonds; or any proceedings of the County taken with respect to the authorization, sale, or issuance of the Series 1991 Bonds, or the imposition of the rates, fees and charges for the use of the Project, or the pledge or application of any monies provided for the payment of or security for the Series 1991 Bonds. RATINGS Moody's Investors Service, Inc. and Standard & Poor's Corporation have assigned their municipal bond ratings of "Aaa" and "AAA", respectively, to the Series 1991 Bonds with the understanding that upon delivery of the Series 1991 Bonds, a policy of municipal bond insurance insuring the payment when due of principal of and interest on the Series 1991 Bonds will be issued by AMBAC Indemnity. Such ratings reflect only the views of the rating agencies, and an explanation of the significance of such ratings may be obtained from the applicable rating agency. There is no assurance that such ratings will continue for any given period of time or that they will not be revised or withdrawn entirely by such rating agencies, if in their judgment, circumstances so warrant. Any downward revision or withdrawal of such ratings may have an adverse effect upon the market price of the Series 1991 Bonds. FINANCIAL STATEMENTS The County's general purpose financial statements at September 30, 1990 and for the year then ended, included as Appendix B hereto, have been audited by Coopers & Lybrand, 26