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Commitment for Municipal Bond Insurance Issuer: INDIAN RIVER COUNTY, FLORIDA Bonds: $15,000,000 General Obligation Bonds, Series 1995, dated July 1, 1995, maturing on July 1 in the years 1996 through 20?0, both inclusive. AMBAC Indemnity Corporation c% CT Corporation Systems 222 West Washington Avenue Madison, Wisconsin 53703 Administrative Office: One State Steeet Plaza New York, New York 10004 Commitment Number: 12235 Date of Commitment: July 5, 1995 Expiration Date: October 3, 1995 Insurance premium: 0.182% of the total principal and interest due on the Bonds. (Fitch Investors Service, Inc., Moody's Investors Service and Standard do Poor's Corporation assess separate rating fees which are payable directly to them. AN questions regarding the payment of such fees must be addressed to the applicable rating agency.) AMBAC Indemnity Corporation (AMBAC) A Wisconsin Stock Insurance Company hereby commits to issue a Municipal Bond Insurance Policy (the "Policy") relating to the above-described debt obligations (the "Bonds"). substantially in the form imprinted in this Commitment, subject to the terms and conditions contained herein or added hereto (see conditions set forth on page 2 and following). 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 Municipal Bond 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 Bonds 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 Bonds, otherwise required, not to be required to purchase the Bonds on the date scheduled for the issuance and delivery thereof. 3. There shall be no material change in or affecting the Bonds (including, without limitation, the security for the Bonds) 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 Bonds from the descriptions thereof heretofore provided to AMBAC. 4. The Bonds shall contain no reference to AMBAC, the Policy or the municipal bond insurance evidenced thereby except as may be approved by AMBAC.