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Financial Guaranty Insurance <br /> Company <br /> 115 Broadway <br /> New York,NY 10006 <br /> (2 12)311-3000 <br /> (800)352-0001 <br /> A GE Capital Company <br /> Commitment <br /> For Municipal Bond Insurance <br /> Issuer: Indian River County, Florida Date of Commitment: April 20, 2001 <br /> Expiration Date: June 20, 2001* <br /> Bonds Insured: Not to exceed $22,000,000 in Premium: 0.295% of total debt service on the <br /> principal amount of Revenue Bonds(Spring Bonds Insured** <br /> Training Facility), Series 2001 <br /> FINANCIAL GUARANTY INSURANCE COMPANY <br /> ("Financial Guaranty") <br /> A Stock Insurance Company <br /> hereby commits to issue a Municipal Bond New Issue Insurance Policy (the "Policy"), in the form <br /> attached hereto as Exhibit A, relating to the above-described debt obligations (the "Bonds"), <br /> subject to the terms and conditions contained herein or added hereto. <br /> To keep this Commitment in effect after the Expiration Date set forth above, a request for renewal <br /> must be submitted to Financial Guaranty prior to such Expiration Date. Financial Guaranty <br /> reserves the right to refuse wholly or in part to grant a renewal. <br /> THE MUNICIPAL BOND NEW ISSUE INSURANCE POLICY SHALL BE ISSUED IF <br /> THE FOLLOWING CONDITIONS ARE SATISFIED: <br /> I. The documents to be executed and delivered in connection with the issuance and sale of the <br /> Bonds shall not contain any untrue or misleading statement of a material fact and shall not <br /> fail to state a material fact necessary in order to make the information contained therein not <br /> misleading. <br /> 2. No event shall occur which would permit any purchaser of the Bonds, otherwise required, not <br /> to be required to purchase the Bonds on the date scheduled for the issuance and delivery <br /> thereof. <br /> Subject to written acceptance of this Commitment being furnished to Financial Guaranty <br /> by the earlier of the date on which the disclosure document relating to the Bonds is <br /> circulated and April 27,2001. <br /> ** The amount of Bond proceeds deposited with the Trustee or Paying Agent at closing for <br /> the payment of accrued interest shall not be applied as a credit in calculating total debt <br /> service on the Bonds Insured. <br /> Page 1 of 4 <br />