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2N i Obligations or the coupons appertaining thereto, shall be conclusively deemed to have agreed that such Obligations shall be and have all of the qualities and incidents of negotiable instruments under the law merchant and the Laws of the State of Florida. The Obligations may be registered at the option of the holder as to principal only, at the office of the Clerk of the Board of County Commissioners of Indian River County, as Registrar, or such other Registrar as may be hereafter duly appointed, such registration to be noted on the back of the Obligations in the space provided therefor. After such registration as to principal only, no transfer of the Obligations shall be valid unless made at such office by written assignment of the registered owner, or by his duly authorized attorney in a form satisfactory to the Registrar, and similarly noted on the Obligations, but the Obligations may be discharged from registration being in like manner transferred to bearer and thereupon transferability by delivery shall be restored. At the option of the holder, the Obligations may thereafter again from time to time be registered or transferred to bearer as before. Such registration as to principal only shall not affect the negotiability of the coupons which shall continue to pass by delivery. Goose SECTION 11. PROVISIONS FOR REDEMPTION. The Obligations of this issue maturing in the years 1980 to 1985, both inclusive, shall not be redeemable prior to their respective stated dates of maturity. The Obligations maturing in the year 1986 and thereafter shall be redeemable prior to their respective stated dates of maturity, at the option of the Issuer, in whole or in part, in inverse numerical order if less than all, on September 1, 1985, or on any interest payment date thereafter at par and accrued interest to the date of redemption, plus a premium of two per, centum (2%) of the par value thereof, if redeemed on September 1, 1985. Such premium shall reduce at the rate of one-fourth of one per centum ('/o%) on each September 1 thereafter; provided, however, that such premium shall never be less than one per centum (1%) of the par value thereof. Notice of such redemption (i) shall be published at least thirty (30) days prior to the redemption date in a financial journal published in the Borough of Manhattan, City and State of New York, (ii) shall be filed with the paying agents, and (iii) shall be mailed, postage prepaid, to all registered owners of Obligations to be redeemed at their addresses as they appear on the registration books hereinabove provided for. Interest shall cease to accrue on any Obligation duly called for prior redemption on the redemption date, if payment thereof has been duly provided. Geese SECTION 13. OBLIGATIONS NOT DEBT OF ISSUER. Neither the Obligations nor coupons shall be or constitute general obligations or indebtedness of the Issuer as "bonds" within the meaning of the Constitution of Florida, but shall be payable solely from and secured by a lien upon and a pledge of the special funds as herein provided. No holder or holders of any Obligations issued hereunder or of any coupons appertaining thereto shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real property therein to pay such Obligations or the interest thereon or be entitled to payment of such principal and interest from any other funds of the Issuer except from the special funds in the manner provided herein. . SECTION 14. PLEDGE OF NET REVENUES. AND REVENUE SNARING TRUST FUNDS. A. The payment of the principal of and interest on the Obligations shall be secured forthwith equally and ratably by an irrevocable lien on the Net Revenues derived from the operation of the Facilities prior and superior to all other liens or encumbrances on such Net Revenues, and the Issuer does hereby irrevocably pledge such Net Revenues from the Facilities to the payment of the principal of and interest on the Obligations, for the reserves therefor and for all other required payments. 14 a. Brox 33 PAGE310'