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REFUNDING DIRECTION LETTER <br />Of even date herewith, Indian River County, Florida (the "County") is (a) delivering to <br />The Bank of New York Mellon Trust Company, N.A., as paying agent (the "Refunded Bonds <br />Paying Agent") for the County's Water and Sewer Revenue Refunding Bonds, Series 2005 (the <br />"Series 2005 Bonds") $8,998,948.44 in immediately available funds and (b) causing to be <br />delivered from Whitney Bank d/b/a Hancock Bank, as purchaser of the County's Water and <br />Sewer Revenue Refunding Note, Series 2015, to the Refunded Bonds Paying Agent <br />$7,293,247.81 in immediately available funds, all for the purpose of redeeming and paying in <br />full the Series 2005 Bonds on September 28, 2015. In connection therewith, the Refunded <br />Bonds Paying Agent is directed to: <br />1. Hold the amounts received as described above in the Debt Service Fund established <br />for the Series 2005 Bonds uninvested, in trust solely for the benefit of the Series 2005 <br />Bonds. <br />2. Call the Series 2005 Bonds for redemption on September 28, 2015 and apply the <br />proceeds received as described above to pay the principal amount thereof, plus <br />accrued interest to said redemption date, as well as to pay the scheduled September 1, <br />2015 principal and interest payment due on the Series 2005 Bonds. <br />3. Provide notice to the County of the completion of the redemption of said Series 2005 <br />Bonds. <br />4. Transfer any excess funds remaining after the redemption of the Series 2005 Bonds to <br />the County. <br />(signatures on following page) <br />