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registration blank below, but it may be discharged from registra- tion by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The registration of this Bond as to principal only shall not restrain the negotiability of the coupons by delivery, but the coupons may be surrendered with the interest made payable only to the registered holder, in which event the Registrar shall note in the registration blank below that this Bond is registered as to interest as well as principal; and thereafter the interest will be remitted by mail to the registered holder. This Bond, when converted into a Bond registered as to both principal and interest, may be reconverted into a coupon Bond and again con- verted into a Bond registered as to both principal and interest, as hereinbefore provided. Upon reconversion of this Bond, when registered as to both principal and interest, into a coupon Bond, coupons representing the interest to accrue upon this Bond to the date of maturity shall be attached hereto by the Registrar, and the Registrar shall note in the registration blank below whether this Bond is registered as to principal only or payable to bearer. The Issuer may make a reasonable charge for every such transfer sufficient to reimburse it for any expenses incurred by it; provided, however, that no charge shall be made by the Issuer for the first transfer of any Bond from bearer to the registered owner and for the first transfer from the registered owner to bearer. DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF REGISTRATION REGISTERED REGISTRATION REGISTRAR (FORM OF COUPON) No. On the first day of unless the Bond to which this coupon is attached is callable and shall have been previously duly called for prior redemption and payment thereof duly made or provided for, the County of Indian River, Florida, -11- JUL 7 1982 Boa 50 PAcE 01