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NO. 1
<br />UNITED STATES OF AMERICA
<br />STATE OF FLORIDA
<br />COUNTY OF INDIAN RIVER
<br />REVENUE AND GENERAL OBLIGATION NOTE
<br />$50,000.00
<br />KNOW ALL MEN BY THESE PRESENTS, that Indian River
<br />County, Florida (hereinafter referred to as "County"), for value
<br />received,.hereby.promises to pay to the bearer, or if this Note
<br />be registered, to the registered holder as herein provided, on
<br />December 13, 1979, the principal sum of Fifty Thousand Dollars
<br />($50,000.00), with interest thereon at the rate of six and forty
<br />hundredths per centum (6.408) per annum, payable at the maturity
<br />hereof, upon presentation and surrender of this Note. Both prin-
<br />cipal of and intererst on this Note are payable in lawful money
<br />of the United States of America at The Chase Manhattan Bank,
<br />N.A., New •York, New York. For the prompt payment of the prin-
<br />cipal of and interest on this Note as the same shall become due,
<br />the revenues of the project (hereinafter referred to), and, if
<br />.necessary, the ad valorem taxing power of the County for the
<br />fiscal year 1979-80 at an annual rate not to exceed ten (10)
<br />mills'on the dollar of assessed value, are hereby irrevocably
<br />pledged. '
<br />This Note is one of an authorized issue of.notes in the
<br />aggregate principal amount of $235,000 of like date, tenor and
<br />effect, except as to number and denomination, issued to advance
<br />funds to finance the cost of the acquisition of a water system
<br />(herein called the "project"), under the.authority of and in full
<br />compliance with the Constitution and Statutes of the State of
<br />Florida, including Section 125.01, Florida Statutes, Chapter 159,
<br />Part I, Florida Statutes, and other applicable provisions of law,
<br />and pursuant to a resolution of the County duly adopted on the
<br />6th day of December, 1978 (hereinafter called "Resolution").
<br />This Note is subject to all the terms and conditions of said
<br />Resolution.
<br />It is certified and recited that all acts, conditions
<br />and things required to happen, to exist and to be performed, pre-
<br />cedent to and in the issuance of this Note, have happened, exist,
<br />and have been performed in due time, form and manner as required
<br />by the Constitution and Laws of the State of Florida, applicable
<br />thereto; that the total indebtedness of said County, including
<br />the issue of Notes of which this Note is one, does not exceed any
<br />constitutional, statutory, or other limitation; and that, to the
<br />extent the revenues of the project are insufficient therefor,
<br />provision has been made for the levy and collection of a direct
<br />annual tax for the fiscal year 1979-80, at an annual rate not to
<br />exceed ten (10) mills on the dollar of assessed. value, upon all
<br />property subject to taxation by the County, sufficient to pay the
<br />principal of and interest on this Note as the same shall become
<br />due, which tax shall be levied and collected at the same time and
<br />:in the same manner as other ad valorem taxes of the County are
<br />assessed, levied and collected.
<br />This Note is not redeemable prior to its stated date of
<br />maturity.
<br />This Note is and has all the qualities of a negotiable
<br />instrument under the law merchant and the laws of the State of
<br />Florida.
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