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INDIAN RIVER COUNTY, FLORIDA $[Bond Amountl General. Obligation Refunding Bonds Series 2003 BOND PURCHASE CONTRACT [BPA Date] Board of County Commissioners Indian River County Vero Beach, Florida Dear Commission Members: William R Hough & Co. (the "Underwriter") offers to enter into the following agreement with you (the "County") which, upon your acceptance of this offer, will be binding upon the County and upon the Underwriter. This offer is made subject to your acceptance on or before 11:59 p.m., E.D.T., on the date hereof, and ifnot so accepted, will be subject to withdrawal by the Underwriter uponnotice to the County at any time prior to the acceptance hereof by you. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Official Statement (as hereinafter defined). 1. Purchase and Sale. Upon the terms and conditions and upon the basis of the representations, warranties and agreements set forthherein, the Underwriter herebyagree to purchase from the County for offering to the public and the County hereby agrees to sell and deliver to the Underwriter for suchpurpose, all (but not less than all) of the County's $[Bond Amount] General ObligationRefunding Bonds, Series 2003 (the "Series 2003 Bonds"). The Series 2003 Bonds shallbe dated as ofJuly 1, 2003, shall be issued in such principal amounts and bear such rates of interest as set forth in Exhibit A attached hereto. Interest on the Series 2003 Bonds shall be payable semiannually on January 1 and July 1, of each year, commencing January 1, 2004. The aggregate purchase price of the Series 2003 Bonds shall be $[Purchase Price] (par, less underwriter's discount of [Discount], plus accrued interest of [Accrued]). The Series 2003 Bonds initially shall be offered to the public at such prices or yields (including discounts and premiums) as indicated on Exhibit A attached hereto. The Series 2003 Bonds are being issued pursuant to Chapter 125, Florida Statutes, Resolution No. 92-146 adopted by the Board of County 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") and the vote ofthe electors ofthe County on November 3, 1992, in accordance withChapter 100, Florida Statutes (the "Referendum"). The Bonds are general obligations ofthe County secured by a pledge of the full faith, credit and taxing power ofthe County. In the Resolution the County has covenanted to levy ad valorem property taxes on all non-exempt property located within the boundaries ofthe County, without limit as to amount or rate. The Bonds will rank on aparitywiththe