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location of the Bond Registrar (hereinafter defined) on the fifteenth (15th) day of the month next preceding each interest payment date (the "Record Date"), on the registration books maintained by (the "Bond Registrar"), , Florida, as Bond Registrar, irrespective of any transfer or exchange of this Bond subsequent to such Record Date and prior to such interest payment date, unless the County shall be in default in payment of interest due on such interest payment date. In the event of any such default, such defaulted interest shall be payable to the person in whose name this Bond is registered on such registration books at 5:00 P.M. prevailing local time at the location of the Bond Registrar on a special record date for the payment of such defaulted interest established by notice mailed by the Paying Agent to the Registered Owner of this Bond not less than fifteen (15) days preceding such special record date. Such notice shall be mailed to the persons in whose names the Bonds are registered at the close of business of the Bond Registrar on the fifth (5th) day preceding the date of mailing. The principal of, premium, if any, and interest on this Bond are payable in lawful money of the United States of America. This Bond is one of the revenue bonds authorized by the County under the authority of and in full compliance with the Constitution and laws of the State of Florida, including particularly Chapter 125, Florida Statutes (1989), Ordinance No. 86-88 of the County (Sections 11-21 through 11-72 of the Code of Laws and Ordinances of the County) and Resolution No. of the County, and other applicable provisions of law. The above -referenced resolutions, as duly adopted by the Board of County Commissioners of the County are hereinafter referred to collectively as the "Resolution". This Bond is subject to all the terms and conditions of the Resolution. This Bond is one of the revenue bonds designated as Special Assessment Revenue Bonds, Series 1990, all of like date and tenor, except as to numbers, denominations, dates of maturity, rates of interest and provisions for redemption, in the aggregate principal amount of Dollars ($ ) (the "Bonds"). The proceeds of the Bonds will be used (1) to reimburse the County for a portion of the costs of acquiring and constructing certain sewer line extensions and a low pressure grinder pump sewer system to be known as the Rockridge Wastewater System, (2) to make a deposit into the "Impact Fee Trust Fund for the Expansion of the Indian River County Sewerage System" of the County, which shall be applied to the costs of expansion of the sewage disposal system of the County, including without limitation the acquisition and construction of the Rockridge Wastewater System, and (3) to establish certain other funds and accounts and to pay certain costs and expenses relating to issuance of the Bonds, all as more fully set forth in the Resolution. The Bonds and the interest due thereon are payable solely from, and are secured solely by a first lien upon and pledge of, the proceeds of certain Special Assessments and Special Assessments in Lieu of Impact Fees (the "Assessments") levied upon property, pursuant to Ordinance No. 86-88 - 10 -