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Fiuwu•inl Cuunum Insuranev w <br />11513nNulW�,n FGIG <br />11S <br />.Xem Vork. NA 1(HHH) <br />(2 12) 312-3(H)O <br />(8(H)) :i:i2.(NH)1 <br />A GECapital Company <br />Commitment <br />For Minh cipal Raid Insuralive <br />Issuer: Indian River County, Florida Date of Commitment: <br />March 4, 1996 <br />Expiration Date: <br />May 4, 1996* <br />Bonds <br />Insured: Not to Exceed Premium: .21% of total debt <br />$42,000,000 in aggregate principal service on the Bonds <br />amount of Water and Sewer Revenue Insured** <br />Bonds, Series 1996 <br />FINANCIAL GUARANTY INSURANCE COMPANY <br />("Financial Guaranty") <br />A Stock Insurance Company <br />hereby commits to issue a Municipal Bond New Issue Insurance Policy (the <br />"Policy"), in the form attached hereto as Exhibit A, relating to the <br />above-described debt obligations (the "Bonds"), subject to the terms and <br />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 to <br />refuse wholly or in part to grant a renewal. <br />* Subject to written acceptance of this Commitment being furnished to <br />Financial Guaranty by the earlier of the date on which the <br />disclosure document relating to the Bonds is circulated and <br />March 11, 1996. <br />** The amount of Bond proceeds deposited with the Trustee/Paying Agent <br />at closing for the payment of accrued interest shall not be applied <br />as a credit in calculating total debt service on the Bonds Insured. <br />Page 1 of 4 <br />