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FimuivialOnmutt hwirmur <br />�:,,,,,,,�,, FGIC. <br />115 Brt III11way <br />Vw Turk. X1 10N) <br />(212):112-3UH) <br />(R(N)) :1-52401 <br />AGECapitalCawny <br />Commitment <br />For Mmiicipal Bond hisurancc <br />Issuer: Indian River County, <br />Florida <br />Bonds <br />Insured: Water and Sewer <br />Revenue Bonds, Series 1996, and <br />and any future bonds on <br />parity therewith issued under the <br />Resolution, as amended and <br />supplemented, if secured by the <br />common debt service reserve fund <br />Date of Commitment: <br />March 4, 1996 <br />Expiration Date: <br />May 4, 1996* <br />Premium: 1.80% of Maximum <br />Amount of Policy <br />Maximum Amount: The Reserve <br />Account requirement for the <br />Series 1996 Bonds, and the <br />outstanding parity bonds. <br />FINANCIAL GUARANTY INSURANCE COMPANY <br />("Financial Guaranty") <br />A Stock Insurance Company <br />hereby commits to issue a Municipal Bond Debt Service Reserve Fund <br />Policy (the "Reserve Policy"), in the form attached hereto as Exhibit <br />A, relating to the above-described debt obligations (the "Bonds"), <br />subject to the terms and conditions contained herein or added hereto. <br />To keep this Commitment in effect after the expiration date set forth <br />above, a request for renewal must be submitted to Financial Guaranty <br />prior to such expiration date. Financial Guaranty reserves the right <br />to refuse wholly or in part to grant a renewal. <br />Subject to written acceptance of this Commitment being furnished <br />to Financial Guaranty not later than March 11, 1996. <br />Page 1 of 5 <br />