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the actual time of the execution of such Notes shall hold the proper <br />office with the County, although at the date of such Notes such person <br />may not have held such office or may not have been so authorized. <br />SECTION 7. NOTES MUTILATED, DESTROYED, STOLEN OR LOST. <br />In case any Note shall become mutilated, or be destroyed, stolen or <br />lost, the County may in its discretion issue and deliver a new Note <br />of like tenor as the Note so mutilated, destroyed, stolen or lost, <br />in exchange and substitution for such mutilated Note, upon -surrender <br />and cancellation of such mutilated Note, if any, or in lieu of <br />and substitution for the Note, if any, destroyed, stolen or lost, <br />and upon the holder furnishing the County proof of his ownership <br />thereof and satisfactory indemnity and complying with such other <br />reasonable regulations and conditions as the County may prescribe <br />and paying such expenses as the County may incur.. All Notes so <br />surrendered shall be cancelled by the Clerk of the Board. If any <br />such Notes shall have matured or be about to mature, instead of <br />issuing a substitute Note, the County may pay the same, upon being <br />indemnified as aforesaid, and if such Note be lost, stolen or <br />destroyed without surrender thereof. <br />All such duplicate Notes issued pursuant to this section <br />shall constitute original, additional contractual obligations on <br />the part of the County whether or not the lost, stolen or destroyed <br />Notes be at any time found by anyone, and such duplicate Notes shall <br />be entitled to equal and proportionate benefits and rights as to <br />lien on and source and security for payment from the funds, as <br />hereinafter pledged, to the same extent as all other obligations <br />issued hereunder. <br />SECTION 8. PRIOR REDEMPTION. The Notes shall be <br />redeemable prior to their stated date of maturity on any date, as <br />provided in said Notes. <br />SECTION 9. NEGOTIABILITY AND REGISTRATION. The Notes <br />issued hereunder shall be and shall have all of the qualities and <br />incidents of negotiable instruments under the law merchant and the <br />Laws of the State of Florida, and each successive holder, in accept- <br />ing any of such Notes shall be conclusively deemed to have agreed <br />-3- <br />