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h COMMITMENT FOR Li,i MUNICIPAL BONO GUARANTY INSURANCE MUNICIPAL BOND INSURANCE ASSOCIATION MUNICIPAL ISSUERS SERVICE COMPANY 34 South Broadway, White Plains, N.Y. 10601 General Manager (Date) Marc 12, 1980 Based on an approved application, dated _ March 12 , 191C 80 for Municipal Bond Guaranty Insurance (the "Application"), the insurance companies comprising the Municipal Bond Insurance Association ("MBIA"), each of which participates and is liable hereunder severally and not jointly in the following respective percentages (The /Etna Casualty and Surety Company — 40%, Fireman's Fund Insurance Company — 30%, /Etna Insurance Company —15%, and United States Fire Insurance Company — 15%), agree at the time the municipal bonds are delivered to William R. Hough & Co. in accordance with the terms of the Notice of Sale to issue a policy guaranteeing the following issue of municipal bonds, 14_,_350 000 Indian River Count Revenue Bonds, Series980 (Title of Bonds) Florida Capita MProvement (the "Bonds"), subject to the following conditions: 1. In the event the Bonds are awarded and sold to __William R. Hough & Co. _ Indian River Coun�, Florida will pay for a policy from MBIA guaranteeing the Bonds. 2. An insurarice premium of $ . 110.000 will be paid at the time of delivery of and payment for the Bonds and the insurance policy. 3. The Bonds will receive the unqualified approving opinion of Bond Counsel. 4. There will have been no material adverse change in the Bonds or the Resolution, Bond Ordi- nance, the Trust Indenture or other official document authorizing the issuance of the Bonds or in the final official statement or other similar document, including the financial statements included therein. 5. There will have been no material adverse change in the official offering circular or in any other information submitted as a part of the Application or subsequently submitted to be a part of the Application to MBIA. 6. No event shall have occurred which would allow any underwriter or any other purchaser of the Bonds not to be required to purchase the Bonds at the closing. 7. Prior to delivery of and payment for the Bonds, none of the information or documents submitted as a part of the Application to MBIA shall be determined to contain any untrue or misleading statement of a material fact or fail to state a material fact required to be stated therein or necessary in order to make the statements contained therein not misleading. 8. No material adverse change affecting any security for the Bonds prior to the time of delivery of any payment for the Bonds shall have occurred. 9. Nothwithstanding anything to the contrary contained herein, this commitment will expire on the earlier of (i) 90 days from the date hereof or (ii) on the date of delivery of and payment for the Bonds and issuance of the policy hereunder, unless this commitment shall have been extended in writing by MBIA. A copy of the form of bond guaranty insurance policy which will be issued upon compliance with the foregoing conditions is attached hereto. MUNICIPAL BOND INSURANCE ASSOCIATION The /Etna Casualty and Surety Company Fireman's Fund Insurance Company /Etna Insurance Company United States Fire Insurance Company By MUNICIPAL ISSUERS SERVICE CORPORATION, as General _Managing Partner of the General Manager MAR 191980 l -4W21 President Attest: BOOK . 3 PAGE PAretary