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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 Refunding Bonds, Series 2003 (the "Bonds"). The Series 2003 Bonds are being issued pursuant to Chapter 125, Florida Statutes, ResolutionNo. 92-146 adopted by the Board ofCounty Commissioners of the County (the"Board") on August 18, 1992, as supplemented and other applicable provisions of law (collectively, the "Act") and pursuant to Resolution No. 95-63, of the Board, adopted May 16, 1995, and as further supplemented by Resolution No. 95-83, adopted by the Board July 11, 1995, as supplemented (the "Resolution"). The County covenants and agrees as follows: SECTION 1. PURPOSE OF DISCLOSURE CERI'1FICATE. 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 withRule 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 ofthe 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 April 30 of each year, commencing April 30, 2004, 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 April 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 April 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 (B) to the extent not set forth in the CAFR, additional financial information and operating data of the type included with respect to the County in the final official statement prepared in connection with the sale and issuance of the Bonds (as amended, the "Official Statement"), as set forth below: 1