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11 <br />REGIONS CAPITAL ADVANTAGE, INC. <br />1900 5th Avenue North, Suite 2400 <br />Birmingham, Alabama 35203 <br />April 9, 2015 <br />Chairman <br />Board of County Commissioners <br />Indian River County, Florida <br />Vero Beach, Florida <br />Nabors, Giblin & Nickerson, P.A. <br />Tampa, Florida <br />To Whom It May Concern: <br />We certify that the following are true and correct in relation to the loan by Regions <br />Capital Advantage, Inc. (the "Lender") of $20,369,000, evidenced by the Limited General <br />Obligation Refunding Note, Series 2015 (the "2015 Note") dated April 9, 2015, and delivered by <br />Indian River County, Florida (the "Borrower") pursuant to Resolution No. 2005-059 duly <br />adopted by the Borrower on May 17, 2005, as amended and supplemented, and particularly as <br />supplemented by Resolution No. 2015-047 duly adopted by the Borrower on April 7, 2015 <br />(collectively, the "Resolution"). Capitalized terms not otherwise defined herein shall have the <br />meaning ascribed thereto by the Resolution. <br />1. The Lender is (i) an "accredited investor" (as defined under Regulation D under <br />the Securities Act of 1933, as amended (the "1933 Act")) or (ii) a "qualified institutional buyer" <br />(as defined under Rule 144A under the 1933 Act). <br />2. The Lender is an entity that is engaged as a regular part of its business in making <br />loans. <br />3. The Lender has made its own inquiry and analysis with respect to the Borrower, <br />the 2015 Note and the security therefor, and other material factors affecting the security for and <br />payment of the 2015 Note. <br />