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the actual time of the execution of such Notes shall hold the proper office with the County, although at the date of such Notes such person may not have held such office or may not have been so authorized. SECTION 7. NOr."]ES MUTILATED, DESTROYED, STOLEN OR LOST. In case any Note shall become mutilated, or be destroyed, stolen or lost, the County may in its discretion issue and deliver a new Note of like tenor as the Note so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Note, upon surrender and cancellation of such mutilated Note, if any, or in lieu of and substitution for the Note, if any, destroyed, stolen or lost, and upon the holder furnishing the County proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the County may prescribe and paying such expenses as the County may incur. All Notes so surrendered shall be cancelled by the Clerk of the Board. If any such Notes shall have matured or be about to mature, instead of issuing a substitute Note, the County may pay the same, upon being indemnified as aforesaid, and if such Note be lost, stolen or destroyed without surrender thereof. All such duplicate Notes issued pursuant to this section shall constitute original, additional contractual obligations on the part of the County whether or not the lost, stolen or destroyed Notes be at any time found by anyone, and such duplicate Notes shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the funds, as hereinafter pledged, to the same extent as all other obligations issued hereunder. SECTION 8 . PRIOR REDEMPTION. The Notes shall be redeemable prior to their stated date of maturity on any date, as provided in said Notes. SECTION 9. NEGOTIABILITY AND REGISTRATION. The Notes issued hereunder shall be and shall have all of the qualities and incidents of negotiable instruments under the law merchant and the Laws of the State of Florida, and each successive holder, in accept- ing any of such Notes shall be conclusively deemed to have agreed -3-