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CAUSEY DEMGEN & MOORE INC. <br />Corldied Public Accounlanls and Cansullants <br />Suite 4650 <br />1801 California Stroet <br />Denver, Colorado 80202.2681 <br />Telephone: (303) 296.2229 <br />September 1, 2000 Facsimile: (303) 296.3731 <br />Indian River County <br />1840 25" Street <br />Vero Beach, Florida 32960 <br />Bryant, Miller and Olive, P.A. <br />201 South Monroe Street <br />Tallahassee, Florida 32301 <br />We have completed our engagement to verify the mathematical accuracy of (a) the computations <br />relating to the adequacy of cash plus U.S. Treasury Securities to be held in escrow to pay the <br />debt service requirements of the currently outstanding Refunding Revenue Bonds, Series 1992 <br />(herein referred to as the "Defeased Bonds") issued by Indian River County, Florida (herein <br />referred to as the "County") and (b) the yield on such escrowed securities. Our verification was <br />performed solely on the schedules prepared based on information provided by the County which <br />are reflected in Exhibits A through C which were prepared by us in performing the verification <br />of the mathematical accuracy of the computations in the schedules provided. <br />The accompanying exhibits of proposed transactions were prepared on the basis of assumptions <br />and in accordance with the procedures described herein. We did not independently confirm the <br />information used with outside parties. <br />OUR UNDERSTANDING OF THE TRANSACTION <br />On September 1, 2000, the County intends to contribute cash which will be used to purchase <br />U.S. Treasury Securities and to provide cash which will be placed into an escrow account to <br />defease the Defeased Bonds. <br />The Escrow Agent will pay the debt service requirements of the Defeased Bonds on each <br />scheduled payment date through and including September 1, 2005, without optional redemption <br />prior to maturity. <br />ESCROW ACCOUNT TRANSACTIONS <br />We verified the mathematical accuracy of the accompanying calculations of the escrow account <br />transactions proposed to defease the Defeased Bonds. <br />The presently outstanding debt service requirements of the Defeased Bonds„ as described above, <br />will be satisfied by the purchase of U.S. Treasury Securities (as described in Exhibit A-2) plus <br />$9.93 in cash. The securities and cash will be placed in an irrevocable escrow account until the <br />debt service requirements of the Defeased Bonds are paid as previously described. <br />
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