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-74 <br />1981, -of the Issuer; the Water Revenue Bonds, Series 1980 (South <br />County Water System), of the Issuer, authorized but unissued; and <br />any obligations issued hereafter by the Issuer pursuant to the <br />provisions of Section 3.04 (J) of this Instrument. <br />"Bond Service Requirement" for any Bond Year, as <br />applied to the Bonds of any series, shall mean the sum of: <br />(1) The amount required to pay the interest <br />becoming due on Bonds to which the Bond Service Requirement rela- <br />tes during the Bond Year, except to the extent that such interest <br />shall have been provided by payments into the Sinking Fund out of <br />Bond proceeds for a specified period of time, and except as pro- <br />vided in (4) below; <br />(2) The amount required to pay the principal of <br />Serial Bonds maturing during the Bond Year; <br />(3) The amount of Amortization Installments for <br />Term Bonds required to be deposited in the Bond Amortization <br />Account during the Bond Year; and <br />(4) In the event the Issuer has purchased or <br />entered into an agreement to purchase Federal Securities from <br />money in the Sinking Fund, then the income received or to be <br />received on such Federal Securities from the date of acquisition <br />thereof to the date of maturity thereof, shall be taken into con- <br />sideration in calculating the payments which will be required to <br />be made into the Sinking Fund. <br />"Bond Year" shall mean the annual period ending on <br />a Bond principal or interest maturity or payment date. <br />"Chairman" shall mean the Chairman of the Board. <br />"Clerk" shall mean the Clerk of the Circuit Court of <br />Indian River County, Florida, ex officio Clerk of the Board. <br />"Federal Securities" shall mean only direct obliga- <br />tions of, or obligations fully guaranteed as to principal and <br />interest by, the United States of America.. <br />"Fiscal Year" shall mean the period commencing on <br />October 1 of each year and continuing to and including the suc- <br />ceeding September 30. <br />"Gifford Bonds" shall mean the outstanding Water and <br />Sewer Revenue Bonds, Series 1979, dated August 30, 1979, and <br />-2- <br />JUL 7 ass BOOK 50PAGE 237 <br />