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........... .. . County Commissioners of Indian River County, Florida, Resolution No. 2001-107 adopted by the Board of County Commissioners on October 23, 2001 and pursuant to the provisions of Chapter 125, Florida Statutes, and other applicable provisions of law. Municipal Bond insurance Policy A commitment to issue a municipal bond insurance policy guaranteeing payment of principal and interest on the Series 2001 Bonds has been obtained from Proposals Proposals for the Series 2001 Bonds are desired on forms which will be furnished by PARITY, on behalf of the County, and be submitted electronically via PARITY. Each bidder for the Series 2001 Bonds must have arranged for a good faith deposit in the amount of$110,000, in the form of a Financial Surety Bond from any insurance company licensed to issue such a Surety Bond in the State of Florida and approved by the County(as of the date hereof only Financial Security Assurance Corporation has been so approved)prior to the bid deadline. The Successful Bidder's good faith deposit shall be delivered by wire transfer to the County by 3:00 p.m. on the next business day. If the Successful Bidder shall fail to comply promptly with the terms of its Proposal, the amount of such wire will be forfeited to said payee as liquidated damages. The proceeds of the good faith deposit of the Successful Bidder will be applied to the payment of the purchase price of the Series 2001 Bonds. Prior to the delivery of the Series 2001 Bonds,the County may invest the proceeds from the good faith deposit. No interest will be paid to any bidder upon any good faith deposit. Delivery and Payment It is anticipated that the Series 2001 Bonds in book entry only form will be available for delivery on November 15, 2001, in New York, New York, at The Depository Trust Company, or some other date and place to be mutually agreed upon by the Successful Bidder and the County against the payment of the purchase price therefor including accrued interest calculated on a 360-day year basis, less the amount of the good faith check,in immediately available Federal Reserve funds without cost to the County. Closing Documents The County will furnish to the Successful Bidder upon delivery of the Series 2001 Bonds the following closing documents in a form satisfactory to Bond Counsel: (1) signature and no-litigation certificate; (2) federal tax certificate; (3)certificate regarding information in the Official Statement; and (4) seller's receipt as to payment. A copy of the transcript of the proceedings authorizing the Series 2001 Bonds will be delivered to the Successful Bidder of the Series 2001 Bonds upon request. Copies of the form of such closing papers and certificates may be obtained from the County. Page 6 of 9