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payment of the charges, if any, provided in the Resolution, and upon surrender
<br />and cancellation of this bond. Upon any such transfer, there shall be executed
<br />and the Bond Registrar shall deliver, a new fully registered bond or bonds,
<br />payable to the transferee, in authorized denominations and in the same aggregate
<br />principal amount, series, maturity and interest rate as this bond.
<br />In like manner, subject to and upon the payment of such charges, if any, the
<br />registered owner of this bond may surrender the same (together with a written
<br />authorization for exchange satisfactory to the Bond Registrar duly executed by
<br />the registered owner or his duly authorized attorney) in exchange for an equal
<br />aggregate principal amount of fully registered bonds in authorized denominations
<br />and of the same series, maturity and interest rate as this bond.
<br />It is hereby certified and recited that all acts, conditions and things
<br />required to exist, to happen and to be performed precedent to and in the issuance
<br />of this bond exist, have happened and have been performed in regular and due form
<br />and time as required by the Constitution and laws of the State of Florida
<br />applicable thereto.
<br />This bond is and has all the qualities and incidents of a negotiable
<br />instrument under the laws of the State of Florida.
<br />On May 1, 1989, and on each November 1 and May 1 thereafter, after providing
<br />for the payment of interest on the Bonds on the next annual interest payment date
<br />and principal on the Bonds on the next mandatory amortization installment due
<br />date, the County shall, from money on deposit in the Improvement Fund, Series
<br />No. One, created and established by the Resolution, redeem the Bonds, or portions
<br />thereof, at a price of par and accrued interest to the redemption date, to the
<br />extent necessary to exhaust the Improvement Fund as nearly as may be practicable.
<br />On May 1, 1989, and on each May 1st thereafter through and including May 1,
<br />1997, the County shall make mandatory amortization installments, to redeem, at
<br />par, with accrued interest thereon, such portions of the Bonds as required by the
<br />Resolution, such bonds or portions thereof to be redeemed to be selected by lot
<br />in accordance with the Resolution.
<br />In addition, this bond shall be redeemable at any time, at the option of the
<br />County, in whole or in part, at the price of the principal amount hereof being
<br />redeemed, plus accrued interest thereon to the date of redemption.
<br />Notice of redemption shall be given in the manner provided in the
<br />Resolution.
<br />This bond shall not be valid or become obligatory for any purpose or be
<br />entitled to any security or benefit under the Resolution until the certificate of
<br />authentication hereon shall have been executed by the Bond Registrar.
<br />IN WITNESS WHEREOF, Indian River County, Florida, has issued this bond and
<br />has caused the same to be executed by the Chairman of its Board of County
<br />Commissioners and attested and countersigned by the Clerk of the Board, either
<br />manually or with their facsimile signatures, and the corporate seal of the Board,
<br />or a facsimile thereof, to be impressed, imprinted or otherwise reproduced
<br />hereon, all as of ,
<br />(SEAL)
<br />ATTESTED AND COUNTERSIGNED:
<br />Ex -Officio Clerk, Board of County
<br />Commissioners
<br />INDIAN RIVER COUNTY, FLORIDA
<br />By:
<br />Chairman, Board of County
<br />Commissioners
<br />
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