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KNOW ALL MEN BY THESE PRESENTS, that INDIAN RIVER COUNTY, FLORIDA (the
<br />"County"), for value received, hereby promises to pay to the Registered Owner
<br />named above, or registered assigns, solely from the special funds hereinafter
<br />mentioned, on the Maturity Date specified above, the Principal Amount specified
<br />above, unless this Recreational Revenue Refunding Bond, Series _ (the "Bond")
<br />shall be redeemable and duly shall have been called for earlier redemption and
<br />payment of the redemption price shall have been made or provided for, and to pay,
<br />solely from such special funds, semiannually on and of each
<br />year, beginning , interest on the Principal Amount specified
<br />above, at the Rate of Interest specified above, per annum, until such Principal
<br />Amount is paid in full. Interest on this Bond shall be payable from the interest
<br />payment date next preceding the date of registration and authentication of this
<br />Bond, unless: (a) this Bond is registered and authenticated as of an interest
<br />payment date, in which event this Bond shall bear interest from such interest
<br />payment date; or (b) this Bond is registered and authenticated after a Record
<br />Date (hereinafter defined) and before the next succeeding interest payment date,
<br />in which event this Bond shall bear interest from such interest payment date; or
<br />(c) this Bond is registered and authenticated on or prior to the Record Date
<br />first preceding , in which event this Bond shall bear interest
<br />from or (d) as shown by the records of the Paying Agent
<br />(hereinafter defined), interest on this Bond is in default, in which event this
<br />Bond shall bear interest from the date to which interest was last paid on this
<br />Bond. The Principal Amount hereof, together with any applicable redemption
<br />premium with respect thereto, shall be payable, when due upon maturity or earlier
<br />redemption, upon presentation and surrender of this Bond at the corporate trust
<br />office of (the "Paying Agent") located in
<br />Florida, as Paying Agent. Interest hereon shall be paid, when due, by check
<br />mailed to the Registered Owner whose name and address shall appear, at 5:00 P.M.
<br />prevailing local time at the location of the Bond Registrar (hereinafter defined)
<br />on the fifteenth (15th) day of the month next preceding each interest payment
<br />date (the "Record Date"), on the registration books maintained by
<br />(the "Bond Registrar"), , Florida, as Bond Registrar,
<br />irrespective of any transfer or exchange of this Bond subsequent to such Record
<br />Date and prior to such interest payment date, unless the County shall be in
<br />default in payment of interest due on such interest payment date. In the event
<br />of any such default, such defaulted interest shall be payable to the person in
<br />whose name this Bond is registered on such registration books at 5:00 P.M.
<br />prevailing local time at the location of the Bond Registrar on a special record
<br />date for the payment of such defaulted interest established by notice mailed by
<br />the Paying Agent to the Registered Owner of this Bond not less than fifteen (15)
<br />days preceding such special record date. Such notice shall be mailed to the
<br />persons in whose names the Bonds are registered at the close of business of the
<br />Bond Registrar on the fifth (5th) day preceding the date of mailing. At the
<br />option of any Registered Owner of $1,000,000 or more in aggregate principal
<br />amount of Bonds as of any Record date, interest shall be payable by domestic wire
<br />transfer pursuant to written instructions from such Registered Owner; provided
<br />that such instructions are on file with the Paying Agent not later than such
<br />Record Date. The principal of, premium, if any, and interest on this Bond are
<br />payable in lawful money of the United States of America.
<br />This Bond is one of the revenue bonds authorized by the County under the
<br />authority of and in full compliance with the Constitution and laws of the State
<br />of Florida, including particularly Chapter 125, Florida Statutes, Ordinance No.
<br />77-19 of the County and Resolution No. 93-_ of the County, all as amended and
<br />supplemented, and other applicable provisions of law. The above -referenced
<br />resolution as amended and supplemented from time to time is hereinafter referred
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