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<br />of this Bond to the holder hereof, at the rate of .... per centum (...8) Per
<br />annum, payable on September 1, 1990, and annually thereafter on the first day
<br />of September of each year. Both principal of and interest on this Bond are
<br />payable at District office, Farmers Home Administration, United States
<br />Department of Agriculture, 5601 Corporate Way, Suite 400, West Palm Beach,
<br />Florida 33407, in lawful money of the United States of America. Any
<br />prepayments of principal of this Bond shall be noted by the owner and bolder
<br />hereof on the back of this Bond at the place provided for such notation. Upon
<br />final payment of principal and interest, this Bond shall be surrendered to the
<br />Issuer,
<br />This Bond represents an authorized issue of Bonds in the aggregate
<br />principal amount of $450,000 issued to finance a portion of the cost Of
<br />acquiring and constructing additions, extensions and improvements to the
<br />combined water and sewer system of the Issuer (the "System"), under the
<br />authority of and in full compliance with the Constitution and Statutes of the
<br />State of Florida, particularly Ch. 159, Fla, Stat, (1988), and a resolution duly
<br />adopted by the Issuer, including a resolution duly adopted by the Issuer on
<br />December 1989 (collectively, the "Resolution"), and is subject to all the
<br />terms and conditions of the Resolution.
<br />This Bond and the interest hereon are payable solely from and
<br />secured by a lien upon and a pledge of the gross revenues to be derived from the
<br />operation of the System, in the manner described in the Resolution. It is
<br />provided in the Resolution that this Bond shall rank on a Parity with the Water
<br />and Sewer Revenue Bonds, series 1986, of even date herewith, of the Issuer, duly
<br />issued pursuant to the Resolution (herein referred to as the "Parity
<br />Obligations"), which shall have a lien of equal rank upon such gross revenues.
<br />It is expressly agreed by the holder of this Bond that the full
<br />faith and credit of the Issuer are not pledged to the payment of the principal
<br />of and interest on this Bond and that such holder soil never have the right to
<br />require or compel the exercise of any taxing power of the Issuer to the payment
<br />of such principal and interest or the cost of maintaining, repairing and
<br />operating the System, This Bond and the obligation evidenced hereby shall not
<br />constitute a lien upon the System or any part thereof or upon any other property
<br />of the Issuer or situated within its corporate limits, but shall constitute ji
<br />lien only on the gross revenues derived from the operation of the System.
<br />In and by the Resolution, the Issuer has covenanted and agreed with
<br />the holder of this Bond that it will fix, establish, revise, from time to time,
<br />whenever necessary, maintain and collect always such fees, rates, rentals and
<br />other charges for the use of the product, services and facilities of the System
<br />which will always produce revenues sufficient to pay, and out of such funds pay,
<br />as the same shall become due, 100% of the current Bond Service Requirement, as
<br />defined in the Resolution, on this Bond and the Parity obligations and 1008 of
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