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lh <br />D <br />a <br />Suite 720 <br />201 South Orange Avenue <br />Odando.FL <br />32801.3470 <br />I� N NL <br />=_ Public Financial. Management <br />Financial and Investment Advisors <br />September 27, 2000 <br />Edwin M. Fry, Jr. <br />Finance Director <br />Clerk of Circuit Court <br />1840 25th Street <br />Vero Beach, FL 32960-3394 <br />Re: Arbitrate Rebate Compliance Services <br />Dear Mr. Fry: <br />407 6482208 <br />407 6481323 tax <br />w .pfm corn / <br />,0G%s 3 // <br />This letter is to confirm the engagement of Public Financial Management ("PFM") by Indian River <br />County, Florida (the "Issuer") for the purpose of performing calculations relating to the rebate <br />requirements contained in Section 148(f) of the Internal Revenue Code of 1986 (the "Code"). The <br />calculations are to be performed with respect to the tax-exempt obligation issues (each a "Bond Issue", <br />and collectively, the 'Bonds") listed in our Arbitrage Rebate and Opinion Services proposal dated <br />September 15, 2000 (tile "Rebate Proposal"), applying applicable federal tax rules. <br />The Issuer, by accepting this Letter, consents to the engagement by PFM of the law firm of Orrick <br />Herrington & Sutcliffe ("OH&S") to calculate the amount of rebate liability with respect to tite Bonds as <br />of the end of each bond year (or other appropriate period) and as of the final maturity or redemption of the <br />Bonds (each such date herein referred to as a "Calculation Date") applying regulations of the United <br />States Department of the Treasury in effect on such Calculation Date. <br />OH&S will provide the following legal services (the "Legal Services"): (i) upon engagement for a <br />particular Bond Issue, or as soon thereafter as practicable, OH&S will undertake its initial rebate -related <br />liability analysis with respect to such Bond Issue, (ii) OH&S will calculate the amount of rebate liability <br />with respect to such Bond Issue as of the end of an appropriate period of time as determined by the Issuer <br />and communicated by PFM to OH&S and as of the final maturity or redemption of the obligations of the <br />Bond Issue as communicated by PFM or the Issuer to OH&S (the "Calculation"), applying the Treasury <br />Regulations applicable to each Bond Issue, and (iii) OH&S will prepare a schedule reflecting the <br />Calculation and the assumptions involved and deliver a rebate liability report and opinion, addressed to <br />PFM and to the Issuer, as to the amount of the rebate liability as determined in Stich Calculation. <br />Indian River Cow>ty Agi c(ntt f u Page 1 <br />