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to accrue on any Series 1992 Bond duly called for prior redemption on the redemption date, if payment <br />thereof has been duly provided. The privilege of transfer or exchange of any of the Series 1992 Bonds so <br />called for redemption is suspended for a period commencing fifteen (15) days preceding the mailing of the <br />notice of redemption and ending on the redemption date. Failure to mail any notice of redemption or any <br />defect therein or in the mailing thereof will not affect the validity of any proceedings for redemption of other <br />Series 1992 Bonds so called for redemption. <br />Registration, Transfer and Exchange <br />All Series 1992 Bonds presented for transfer, exchange, redemption or payment (if so required by <br />the County or the Bond Registrar) shall be accompanied by a written instrument or instruments of transfer <br />or authorization for exchange, in form and with guaranty of signature satisfactory to the County or the Bond <br />Registrar, duly executed by the Registered Owner or by his duly authorized attorney. <br />The County and the Bond Registrar may charge the Registered Owner a sum sufficient to reimburse <br />them for any expenses incurred in making any exchange or transfer. The Bond Registrar or the County may <br />require payment from the Registered Owner or his transferee, as the case may be, of a sum sufficient to <br />cover any tax, fee or other governmental charge that may be imposed in relation thereto. Such charges and <br />expenses shall be paid before any such new Series 1992 Bond shall be delivered. <br />The County and the Bond Registrar may treat the Registered Owner of any Series 1992 Bond as <br />the absolute owner thereof for all purposes, and shall not be bound by any notice to the contrary. <br />SECURITY FOR THE SERIES 1992 BONDS <br />The Series 1992 Bonds shall not be or constitute general or moral obligations or a pledge of the <br />faith, credit or taxing power of the County, the State of Florida, or any political subdivision thereof, or an <br />Indebtedness of any of them as "bonds" within the meaning of the Constitution of the State of Florida, but <br />shall be special obligations of the County payable solely from and secured solely by a lien upon and pledge <br />of the Pledged Funds as more fully described herein. No Registered Owner shall ever have the right to <br />compel the exercise of the ad valorem taxing power of the County, the State of Florida or any political <br />subdivision thereof or taxation in any form of any real property therein, to pay the Series 1992 Bonds or <br />the interest thereon, or be entitled to payment of such principal and interest from any funds of the County <br />other than Pledged Funds. <br />Pledged Funds <br />The Series 1992 Bonds are special obligations of the County payable solely from and secured by an <br />irrevocable pledge of the receipts by the County from the proceeds of the local government half -cent sales <br />tax as defined and described in, and distributed (including any emergency distributions) to the County under <br />Part VI, Chapter 218, Florida Statutes ((he "Half -Cent Sales Tax") and, until applied as provided in the <br />Resolution, the moneys and investments in the funds and accounts under the Resolution and the income and <br />earnings from investments in any fund or account (other than the Rebate Fund) held thereunder (collectively, <br />the "Pledged Funds"), all in the manner provided in the Resolution. Pursuant to the Resolution, the County <br />has reserved the right to issue Additional Parity Obligations payable on a parity with the Series 1992 Bonds <br />in the manner and upon the conditions provided in the Resolution (see "Issuance of Additional Parity <br />Obligations" below). The Series 1992 Bonds are secured on a parity with the remaining outstanding Series <br />1985 Bonds. <br />