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CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by Indian River County, Florida (the "County") in connection with the issuance of its $ General Obligation Bonds, Series 2006 (the "Bonds"). The Series 2006 Bonds are being issued pursuant to Chapter 125, Florida Statutes, Resolution No. 2004-062 (the "Referendum Resolution), adopted by the Board of County Commissioners (the "Board") on June 22, 2004, as supplemented by Resolution 2005-059, adopted May 17, 2005 (the "Bond Resolution"), as further supplemented (herein, collectively, the "Referendum Resolution and the Bond Resolution are hereinafter referred to as the "Resolution") and by the vote of the electors of the County on November 2, 2004, in accordance with Chapter 100, Florida Statutes; and the Referendum Resolution (the "Referendum"). The County covenants and agrees as follows: SECTION 1. PURPOSE OF DISCLOSURE CERTIFICATE. This Disclosure Certificate is being executed and delivered by the County for the benefit of the Bondholders and in order to assist the original underwriters of the Bonds in complying with Rule 15c2 -12(b)(5) promulgated by the Securities and Exchange Commission ("SEC") pursuant to the Securities Exchange Act of 1934 (the "Rule"). SECTION 2. PROVISION OF ANNUAL INFORMATION. Except as otherwise provided herein, the County shall provide to all of the nationally recognized municipal securities information repositories described in Section 4 hereof (the "NRMSIRs"), and to any state information depository that is established within the State of Florida (the "SID"), and, upon written request, to any Bondholder, on or before June 30 of each year, commencing June 30, 2007, the information set forth below in this Section 2. Notwithstanding the immediately preceding sentence, to the extent any such information does not become available to the' County before June 30 of any year, the County shall provide such information when it becomes available, but no later than one year following the end of the County's Fiscal Year. (A) the County's Comprehensive Annual Financial Report for the immediately preceding Fiscal Year (the "CAFR"), which shall include the audited financial statements of the County for the immediately preceding Fiscal Year prepared in accordance with Generally Accepted Accounting Principles, as modified by applicable State of Florida requirements and the governmental accounting standards promulgated by the Governmental Accounting Standards Board; provided, however, if the audited financial statements of the County are not completed prior to June 30 of any year, the County shall provide unaudited financial statements on such date and shall provide the audited financial statements as soon as practicable following their completion; and 1