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Agent and Bond Registrar. The interest hereon shall be paid, when due, by check mailed to the Registered Owner at his address as the same appear at 5:00 P.M. local time at the location of the Bond Registrar on the fifteenth (15th) day of the month immediately preceding the applicable interest payment date on the registration books kept by the Bond Registrar on behalf of the District. The principal of, premium, if any, and interest on this Bond are payable in lawful money of the United States of America. This Bond is one of the revenue bonds authorized by the District under the authority of and in full compliance with the Constitution and laws of the State of Florida, including particularly Chapter 125, Florida Statutes (1987), Ordinance No. 87-67 of Indian River County, Florida (the "County") and Resolution No. of the District, all as amended and supplemented, and other applicable provisions of law. The above -referenced resolution as amended and supplemented from time to time is hereinafter referred to as the "Resolution". This Bond is subject to all the terms and conditions of the Resolution. This Bond is one of the revenue bonds designated as Solid Waste Disposal System Revenue Bonds, Series 1988, all of like date and tenor, except as to numbers, denominations, dates of maturity, rates of interest and provisions for redemption, in the aggregate principal amount of Dollars ($ ) (the "Bonds"). The proceeds of the Bonds will, inter alfa, be used to pay the cost of the acquisition and construction of the 1988 Project as defined in the Resolution including without limitation a landfill and other solid waste disposal facilities in the District and the acquisition of land in connection therewith, and be used to pay certain costs and expenses relating to issuance of the Bonds. This Bond and the interest due hereon are payable solely from and are secured solely by a first lien upon and pledge of the proceeds of certain special assessments, fees, charges and other income derived by the District from the operation of the System, as defined in the Resolution, and certain funds and accounts pledged for the payment of the principal of, interest and premium, if any, on the Bonds and certain earnings thereon, all as provided in the Resolution (the "Pledged Funds"). This Bond does not constitute an indebtedness of the District, the County or any municipality which joins the District within the meaning of any constitutional or statutory provision or limitation. 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 District, the County or any municipality which joins the District for the payment of the principal of, interest or premium, if any, on this Bond or the making of any other payments specified by the Resolution. It is further agreed between the District and the Registered Owner of this Bond that this Bond and the Vj