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issuer and which are secured solely by payments of the borrower under a loan agreement, lease agreement or installment We agreement, would not be considered material by a reasonable investor. Accordingly, the County has not taken affirmative steps to contact the various trustees of conduit bond issues of the County to determine the existence of prior defaults. Notwithstanding the foregoing, the County is not, and since December 31, 1975 has not been, in default as to principal of and interest on bonds or other debt obligations for which either ad valorem or non ad valorem revenues of the County (other than revenues received from conduit borrowers) are pledged. FINANCIAL STATEMENTS The general purpose financial statements and the excerpts from the Comprehensive Annual Financial Report of the County for the Fiscal Year ended September 30, 1995, included as Appendix B to this Official Statement, have been audited by Berger/Harris/Toombs/Elam & McAlpin, Vero Beach, Florida, as independent auditors, as stated in their report also included in Appendix B, and are an integral part of this Official Statement. UNDERWRITING The Series 1996 Bonds are being purchased by William R. Hough & Co. and Smith Barney Inc. (collectively, the'Underwritere), subject to certain terms and conditions set forth in a bond purchase agreement between the County and the Underwriters, including the approval of certain legal matters by Bond Counsel and the existence of no material change in the affairs of the County from those set forth in this Official Statement. The aggregate purchase price payable by the Underwriters is $ (par amount of the Series 1996 Bonds net of original issue discount of S and underwriters' discount of S ) plus accrued interest on the Series 1996 Bonds from 1, 1996 to the date of delivery of the Series 1996 Bonds. The Series 1996 Bonds are offered for We to the public at the price set forth on the cover page of this Official Statement. The Series 1996 Bonds may be offered and sold to certain dealers at prices lower than such offering prices, and such public offering prices may be changed, from time to time, by the Underwriters. APPROVAL OF LEGALITY Certain legal matters incident to the authorization, issuance, sale, and delivery of the Series 1996 Bonds, and the treatment of the interest thereon for federal income tax purposes, are subject to the approval of Bryant, Miller and Olive, PA., Tallahassee, Florida, Bond Counsel, whose approving opinion in substantially the form attached hereto as Appendix E will be printed on all of the Series 1996 Bonds. In its capacity as Disclosure Counsel, Bryant, Miller and Olive, PA. has participated in the preparation of this Official Statement and has been retained by the County to pass upon this Official Statement. Certain legal matters will be passed upon for the County by the County Attorney, Charles P. Vitunac, Vero Beach, Florida. INVESTMENT POLICY Pursuant to the requirements of Section 218.45, Florida Statutes, on September 5, 1995, the County adopted a written investment policy which applies to all surplus monetary assets of the Board of County Commissioners except 1) debt proceeds, which are governed by bond documents, 2) demand deposits covered by banking agreements, and 3) monetary assets held by other entities on behalf of the Board of County Commissioners. The purpose of the investment policy is to establish guidelines for the investment of those surplus monetary assets in such a manner as to preserve the safety and liquidity of those funds and to provide a competitive return on investments consistent with proper safeguards for the handling of government funds. In 28