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No. UNITED STATES OF AMERICA STATE OF FLORIDA INDIAN RIVER COUNTY IMPROVEMENT BOND, SERIES NO. ONE 8.478 PER ANNUM DUE MAY 1, 1997 $ DATED: , KNOW ALL MEN BY THESE PRESENTS, that Indian River County, Florida (hereinafter called "County"), for value received, hereby promises to pay to the order of , or registered assignees, on the date specified above, solely from the special funds hereinafter mentioned, the principal sum of DOLLARS upon the presentation and surrender hereof at the office of the Ex -Officio Clerk of the Board of County Commissioners of the County, or such financial institution as the Board of County Commissioners of the County may from time to time appoint, as paying agent and bond registrar (hereinafter called "Bond Registrar"), and to pay interest thereon from the dated date of this bond or from the most recent interest payment date to which interest has been paid, whichever is later, until payment of such sum, at the rate per annum set forth above, payable on May 1, 1989, and annually thereafter on the first day of May of each year, by check or draft mailed to the registered owner at his address as it appears on the registration books of the Bond Registrar on the fifteenth day of the month preceding the applicable interest payment date. Both principal of and interest on this bond are payable in lawful money of the United States of America. This bond is one of an authorized issue of bonds, in the original aggregate principal amount of $2,050,000 (the "Bonds") originally issued, authenticated and delivered by the County on September 25, 1984 to finance the cost of the acquisition and construction of certain water distribution improvements to the combined water and sewer system of the County (hereinafter called the "Project"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 125, Florida Statutes, as amended, Ordinance No. 83-46 of the County, as amended and supplemented, the applicable provisions of Chapter 170, Florida Statutes, as amended, incorporated therein, and other applicable provisions of law, and Resolution No. 84-48 duly adopted by the Board of County Commissioners of the County on July 11, 1984, as amended and supplemented (hereinafter called the "Resolution"), and is subject to all the terms and conditions of the Resolution. This bond is payable solely from and secured by a prior lien upon and a pledge of the proceeds of special assessments levied against benefited property to finance the cost of the acquisition and construction of the Project, and the interest and penalties on such special assessments (hereinafter collectively called "Assessments"). The Assessment liens upon benefited property may be released upon deposit with the County of Federal Securities, as defined and provided in the Resolution. It is expressly agreed by the registered owner of this bond that such registered owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the County for the payment of the principal of and interest on this bond or the making of any other payments specified by the Resolution. It is further agreed between the County and the registered owner of this bond that this bond and the obligation evidenced thereby shall not constitute a lien upon any other property of or in the County, but shall constitute a lien only upon the Assessments in the manner provided in the Resolution. This bond may be transferred only upon the books of the County kept by the Bond Registrar upon surrender thereof at the principal office of the Bond Registrar with an assignment duly executed by the registered owner or his duly authorized attorney, but only in the manner, subject to the limitations and upon 4