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K <br />PROMISSORY NOTE AND AGREEMENT <br />WHEREAS, the Board of County Commissioners of Indian <br />River County, Florida enacted Ordinance 84-71, establishinq the <br />Vero Highlands Municipal Service Taxing Unit for street lighting <br />purposes; and <br />WHEREAS, said ordinance authorizes the County to raise <br />capital for expenditure within the MSTU through borrowing secured <br />by notes repayable solely from taxes and assessments duly <br />collected by the Municipal Service Taxing Unit, as provided by <br />law; and - <br />WHEREAS, as consideration for the execution of this <br />instrument, General Development Corporation, the developer of <br />Vero Highlands, has paid the sum of FIVE THOUSAND AND N0/100 to <br />the Board of County Commissioners to the account of, and to be <br />used exclusively for the provision of street lights within, the <br />Vero Highlands Municipal Service Taxing Unit, all in anticipation <br />of the assessment and collection of revenues therefrom beginning <br />in fiscal year 1985-86. <br />NOW THEREFORE, FOR VALUE RECEIVED, to wit, the sum of <br />FIVE THOUSAND AND N0/100 DOLLARS, the receipt of which is hereby <br />acknowledged, the Board of County Commissioners of Indian River <br />County promises to pay to General Development Corporation, the <br />total sum of FIVE THOUSAND AND N0/100 DOLLARS, in two install- <br />ments of TWO THOUSAND FIVE HUNDRED AND N0/100 DOLLARS each, the <br />first being due and payable on or before January 15, 1986, and <br />the second being due and payable on or before January 15, 1987. <br />Said amounts are repayable solely from the revenues <br />lawfully assessed and collected for such purposes by the Vero <br />Highlands Municipal Services Taxing Unit, as provided by law. <br />The debt secured by this note shall not accrue interest at any <br />time, and Promisor may prepay this note in full or in part at any <br />time without penalty. General Development Corporation shall not <br />assign, transfer, or negotiate this note to a third party without <br />the express written consent of the Board of County Commission- <br />ers. <br />WHEREUPON, the Board of County Commissioners has caused <br />this Note to be executed by its Chairman and attested by the <br />Clerk to the Board, this 10th. day of October , 1984. <br />VERO HIGHLAND MUNICIPAL SERVICE TAXING <br />UNIT <br />By: THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA <br />By • Ji.. C <br />DON C. SCURL60 X, JR. , airman <br />ATTEST: <br />r <br />By <br />FREDA WRIGHT, Cler-k� of Circuit Court <br />APPROVED AS TO FORM <br />AND LEGAL SUFFICIENCY: <br />BY:- <br />•coU TY ATTORNEY 40a BOOK <br />OCT 10 � <br />