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RATINGS
<br />Fitch Investors Service, Inc., Moody's Investors Service and Standard & Poor's Corporation have
<br />assigned ratings of " -" and " " respectively, to the Series 1993 Bonds, with the understanding that, upon
<br />delivery of the Series 1993 Bonds, the Financial Guaranty Policy will be issued by Financial Guaranty. Such
<br />ratings reflect only the views of such organizations and any desired explanation of the significance of such ratings
<br />should be obtained from the rating agency furnishing the same, at the following addresses: Fitch Investors
<br />Service, Inc., One State Street Plaza, New York, New York 10004; Moody's Investors Service, Inc,, 99 Church
<br />Street, New York, New York 10007; Standard & Poor's Corporation, 25 Broadway, New York, New York 10004.
<br />Generally a rating agency bases its rating on the information and materials furnished to it and on investigations,
<br />studies and assumptions of its own. There is no assurance such ratings will continue for any given period of time
<br />or that such ratings will not be revised downward or withdrawn entirely by the rating agencies, if in the judgment
<br />of such rating agencies, circumstances so warrant. Any such downward revision or witbdrawal of such ratings
<br />may have an adverse effect on the market price of the Series 1993 Bonds.
<br />UNDERWRITING
<br />The Series 1993 Bonds are being purchased by William R. Hough & Co. (the Underwriter"), subject
<br />to certain terms and conditions set forth in a bond purchase agreement between the County and the Underwriter,
<br />including the approval of certain legal matters by Bond Counsel and the existence of no material change in the
<br />affairs of the County from those set forth in this Official Statement.
<br />The aggregate purchase price payable by the Underwriter is $ plus accrued interest on
<br />the Series 1993 Bonds from March 1, 1993 to the date of delivery of the Series 1993 Bonds. The Series 1993
<br />Bonds are offered for sale to the public at the price set forth on the cover page of this Official Statement. The
<br />Series 1993 Bonds may be offered and sold to certain dealers at prices lower than such offering prices, and such
<br />public offering prices may be changed, from lime to lime, by the Underwriter.
<br />APPROVAL OF LEGALITY
<br />Certain legal matters incident to the authorization, issuance, sale, and delivery of the Series 1993 Bonds,
<br />and the treatment of the interest thereon for federal income tax purposes, are subject to the approval of Rhoads
<br />& Sinon, Boca Raton, Florida, Bond Counsel, whose approving opinion in substantially the form attached hereto
<br />as Appendix E will be printed on all of the Series 1993 Bonds. In its capacity as Bond Counsel, Rhoads & Sinon
<br />has participated in the preparation of, and has reviewed those portions of this Official Statement contained under
<br />the captions "PURPOSE OF THE SERIES 1993 BONDS," "DESCRIPTION OF THE SERIES 1993 BONDS;
<br />"SECURITY AND SOURCES OF PAYMENT" (other than financial data set forth therein), "APPROVAL OF
<br />LEGALITY," and "TAX EXEMPTION" insofar as such portions and such language summarize or describe: the
<br />terms of the Series 1993 Bonds, the Master Bond Resolution and the tax-exempt status of the Series 1993 Bonds.
<br />The firm has not been retained to pass upon, and will not express any opinion upon, any other information
<br />contained in this Official Statement or that may be made available to prospective purchasers of the Series 1993
<br />Bonds. Certain legal matters will be passed upon for the County by the County Attorney, Charles P. Vitunac,
<br />Vero Beach, Florida, and for the Underwriter by its co -counsel, Bryant, Miller and Olive, PA., Tallahassee,
<br />Florida and losias & Goren, PA., Fort Lauderdale, Florida.
<br />ACCURACY AND COMPLETENESS OF THE OFFICIAL STATEMENT
<br />The references to, and excerpts of, all documents referred to herein do not purport to be complete
<br />statements of the provisions of such documents and reference is directed to all such documents for full and
<br />complete statements of all matters of fact relating to the Series 1993 Bonds, the security for the payment of the
<br />Series 1993 Bonds, and the rights and obligations of Registered Owners thereof.
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