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Lj <br />40 <br />40 <br />66 <br />at the date of such Note such person may not have held such office <br />or may not have been so authorized. <br />SECTION 7. NOTE MUTILATED, DESTROYED, STOLEN OR LOST. <br />In case the Note shall become mutilated, or be destroyed, stolen <br />or lost, the County may in its discretion issue and deliver a new <br />Note of like tenor as the Note so mutilated, destroyed, stolen or <br />lost, in exchange and substitution for such mutilated Note, upon <br />surrender and cancellation of such mutilated Note, if any, or in <br />lieu of and substitution for the Note, if any, destroyed, stolen <br />or lost, and upon the holler furnishing the County proof of his <br />ownership thereof and satisfactory indemnity and complying with <br />such other reasonable regulations and conditions as the County <br />may prescribe and paying such expenses as the County may incur. <br />The Note so surrendered shall be cancelled by the Clerk of the <br />Board. If such Note shall have matured or be about to mature, <br />instead of issuing a substitute Note, the County may pay the same, <br />upon being indemnified as aforesaid, and if such Note be lost, <br />stolen or destroyed without surrender thereof.. <br />Such duplicate Note issued pursuant to this aection shall <br />constitute original, additional contractual obligations on the <br />part of the County whether or not the lost, stolen or destroyed <br />Note be at any time found by anyone, and such duplicate Note 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 3. PRIOR REDEMPTION. The Note shall be redeemable <br />prior to its stated date of maturity at the County's option without <br />penalty. 4 <br />SECTION 9. NEGOTIABILITY AND REGISTRATION. The Note <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 accepting <br />such Note shall be conclusively deemed to have agreed that such <br />Note shall be and have all of the qualities and incidents of <br />negotiable instruments under the law merchant and the Laws of the <br />State of Florida. <br />-3- <br />?t <br />