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DISCLOSURE REQUIREMENT UNDER SECTION 218.385(4), FLORIDA STATUTES May 22, 1990 The Honorable County Commissioners ' Indian River County, Florida RE: Indian River County, Florida Special Assessment Revenue Bonds, Series 1990 Dear County Commissioners: In connection with the proposed issuance by Indian River County, Florida, (the "County") of $720,000 Special Assessment Revenue Bonds, Series 1990 (the "Bonds"), William R. Hough & Co. has agreed to underwrite a public offering of the Bonds. The purpose of this letter is to furnish, pursuant to the provisions of Section 218.385(4), Florida Statutes, certain information in respect of the arrangement contemplated for the underwriting of the Bonds as follows: (a) The nature and estimated amounts of expenses to be incurred by William R. Hough & Co. as the managing underwriter, in connection with the .issuance of the Bonds, are set forth in Schedule I attached hereto. (b) No person has entered into an understanding with the Underwriters, or to the knowledge of the Underwriters, with the County for any paid or promised compensation or valuable consideration, directly or indirectly, expressly or implied, to act solely as an intermediary between the County and the Underwriters or to exercise or attempt to exercise any influence to effect any transaction in the purchase of the Bonds. (c) The underwriting spread, the difference between the price at which the Bonds will be initially offered to the public by the Underwriters (100% of the principal amount) and the price to be paid to the County for the Bonds, exclusive of accrued interest, will be approximately 1.103% of the principal amount of the Bonds. (d) As part of the estimated underwriting spread set forth in paragraph (c) above, the Underwriter will charge a management fee of $1.50 per $1,000 bonds, or $1,080.00.