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Ambac Assurance Corporation One State Street Plaza New York, NY 10004 212.668.0340 A member of Ambac Financial Group, Inc. , COMMITMENT FOR FINANCIAL GUARANTY INSURANCE Obligor: INDIAN RIVER COUNTY, FLORIDA Commitment Number: 24824 Commitment Date: May 13, 2003 Expiration Date: August 12, 2003 Obligations: $8,025,000*, General Obligation Refunding Bonds, Series 2003, dated June 1, 2003 maturing on July 1st in the years 2004 through 2010, both inclusive. Insurance premium: 0.199% of the total principal and interest due on the Obligations. (Fitch, Inc., Moody's Investors Service and Standard & Poor's Credit Markets Services assess separate rating fees which are payable directly to them. Each rating agency will bill separately and all questions regarding the payment of such fees must be addressed to the applicable agency.) Ambac Assurance Corporation ("Ambac"), a Wisconsin Stock Insurance Corporation, hereby commits to issue a Financial Guaranty Insurance Policy (the "Policy") relating to the above- described debt obligations (the "Obligations"), substantially in the form imprinted in this Commitment, subject to the terms and conditions contained herein or added hereto (see conditions set forth herein). To keep this Commitment in effect after the expiration date set forth above, a request for renewal must be submitted to Ambac prior to such expiration date. Ambac reserves the right to refuse wholly or in part to grant a renewal. The Financial Guaranty Insurance Policy shall be issued if the following conditions are satisfied: 1: The documents to be executed and delivered in connection with the issuance and sale of the Obligations shall not contain any untrue or misleading statement of a material fact and shall not fail to state a material fact necessary in order to make the information contained therein not misleading. 2. No event shall occur which -would permit any purchaser of the Obligations, otherwise required, not to be required to purchase the Obligations on the date scheduled for the issuance and delivery thereof 3. There shall be no material change in or affecting the Obligations (including, without limitation, the security for the Obligations or the proposed debt service structure for the Obligations) or the financing documents or the official statement (or any similar disclosure document) to be executed and delivered in connection with the issuance and sale of the Obligations from the descriptions or schedules thereof heretofore provided to Ambac. 4. The Obligations shall contain no reference to Ambac, the Policy or the financial guaranty insurance evidenced thereby except as may be approved by Ambac. * Subject to change, with Ambac's approval.