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UNITED STATES OF AMERICA STATE OF FLORIDA INDIAN RIVER COUNTY IMPROVEMENT BOND, SERIES NO, 2 8.474 PER ANNUM DUE JANUARY 1, 1996 DATED: S KNOW ALL HEN BY THESE PRESENTS, that Indian River County, Florida (hereinafter called "County"), for value received, hereby promises to pay to the order of or registered assignees, on the date specified above, solely from the special funds hereinafter mentioned, the principal sum of DOLLARS upon the presentation and surrender hereof at the office of the Ex-Offico Clerk of the Board of County Commissioners of the County, or such bank or trust company as the County may from time to time appoint, as paying agent and bond registrar (hereinafter called "Bond Registrar"), and to pay interest thereon from the dated date of this bond or from the most recent interest payment date to which interest has been paid, whichever is later, until payment of such sum, at the rate per annum set forth above, payable on January 1, 1989, and annually thereafter on the first day of January of each year, by check or draft mailed to the registered owner at his address as it appears on the registration books of the Bond Registrar on the fifteenth day of the month preceding the applicable interest payment date. Both principal of and interest on this bond are payable in lawful money of the United States of America. This bond is one of an authorized issue of bonds, in the original aggregate principal amount of $5,165,000 (the "Bonds") originally issued, authenticated and delivered by the County on June 7, 1985 to finance the cost of the acquisition and construction of certain sewage collection and treatment improvements to the combined water and newer system of the County (hereinafter called the "Project"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 125, Florida Statutes as amended, Ordinance No. 83-46 of the County, as amended and supplemented, including the applicable provisions of Chapter 170, Florida Statutes, as amended incorporated therein, and other applicable provisions of law, and Resolution No. 85-36 duly adopted by the Board of County Commissioners of the County on March 20, 1985 as amended and supplemented (hereinafter called the "Resolution"), and is subject to all the terms and conditions of the Resolution. This bond is payable solely, except as hereinafter described, from and secured solely by a prior lien upon and a pledge of the proceeds of special assessments for impact fees levied against benefited property to finance the cost of the acquisition and construction of the Project, and the interest and penalties on such special assessments (hereinafter collectively called the "Assessments"). In addition, this bond shall be payable from funds of the County derived from sources other than ad valorum taxation and legally available for such purpose, to the extent the Assessments are ever insufficient therefor, all as provided in the Resolution, The Assessment liens upon benefited property may be released upon deposit with the County of Federal Securities, as defined and provided in the Resolution. It is expressly agreed by the registered owner of this bond that such registered owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the County for the payment of the principal of and interest on this bond or the making of any other payments specified by the Resolution. It is further agreed between the County and the registered owner of 5