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FINANCIAL ADVISOR
<br />Fishkind & Associates, Inc., Orlando, Florida, is serving as financial advisor to the County. The financial
<br />advisor has assisted in the preparation of the Official Statement, and in other matters relating to the planning,
<br />structuring and issuance of the Series 1993 Bonds, and has provided additional advice. Fishkind & Associates,
<br />Inc. is a financial advisory and consulting organization and is not engaged in the business of underwriting,
<br />marketing or trading of municipal securities or any other negotiable instruments.
<br />LITIGATION
<br />In the opinion of the County Attorney, no legal proceedings are pending or threatened that materially
<br />affect the County's ability to perform its obligations to the holders of the Series 1993 Bonds or that materially
<br />affect the financial condition of the Recreational Facilities.
<br />In the opinion of the County Attorney, there is no litigation or controversy of any nature now pending
<br />or, to the County's knowledge, threatened to restrain or enjoin the issuance, sale, execution or delivery of the
<br />Series 1993 Bonds or in any way contesting the validity of the Series 1993 Bonds or any proceedings of the
<br />County taken with respect to the authorization, sale or issuance of the Series 1993 Bonds or the pledge or
<br />application of any moneys provided for the payment of the Series 1993 Bonds.
<br />RATINGS
<br />Moody's Investors Service and Standard & Pooes Corporation have assigned ratings of "Aae and
<br />"AAA," respectively, to the Series 1993 Bonds, with the understanding that, upon delivery of the Series 1993
<br />Bonds, the municipal bond insurance policy will be issued by the Insurer. Such ratings reflect only the views of
<br />such organizations and any desired explanation of the significance of such ratings should be obtained from the
<br />rating agency furnishing the same, at the following addresses: Moody's Investors Service, Inc., 99 Church Street,
<br />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or that such ratings will not be revised downward or withdrawn entirely by the rating agencies, if in the judgment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 withdrawal of such ratings
<br />may have an adverse effect on the market price of the Series 1993 Bonds.
<br />FINANCIAL STATEMENTS
<br />The County's general purpose financial statements at September 30, 1992 and for the Fiscal Year then
<br />ended, included as Appendix B hereto, have been audited by Coopers & Lybrand, independent accountants, as
<br />set forth in their report dated January 29, 1993, which is a part of Appendix B attached hereto.
<br />DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS
<br />Rule 3E400.003, Rules of Government Securities, promulgated by the Florida Department of Banking
<br />and Finance, Division of Securities, under Section 517.051(1), Florida Statutes ("Rule 3E-400.003"), requires the
<br />County to disclose each and every default as to the payment of principal and interest with respect to obligations
<br />issued or guaranteed by the County after December 31, 1975.
<br />The County is not, and since December 31, 1975, has not been, in default as to principal of and interest
<br />on bonds or other debt obligations for which either ad valorem or non ad valorem revenues of the County are
<br />pledged.
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