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$450,000.00 <br />UNITED STATES OF AMERICA <br />STATE OF FLORIDA <br />COUNTY OF INDIAN RIVER <br />I'd-WENUE AND GENERAL OBLIGATION NOTE <br />® KNOW ALL MEN BY THESE PRESIENTS, that Indian River County, <br />Florida (hereinafter referred to as "County"), for value received, <br />44004 hereby promises to pay to the bearer, or if this Note be registered, <br />to the registered holder as herein provided, on June 15, 1981, <br />� ® the principal sum of. Four Hundred Fifty Thousand Dollars ($450,000.00), <br />with interest thereon at the rate of six and seventy five per centum <br />(6.75%) per annum, payable at the maturity hereof or before at <br />County's option, upon presentation and surrender of this Note. Both <br />principal of and interest on this Note are payable in lawful money <br />of the United States of America at The First Citrus Bank of Indian <br />River County, Vero Beach, Florida. For the prompt payment of the <br />principal of and interest on this Note as the same shall become due, <br />the revenues of the project (hereinafter referred to), and, if <br />necessary, the ad valorem taxing power of the County for the fiscal <br />year 1980-81 at an annual rate not to exceed ten (10) mills on the <br />dollar of assessed value, are hereby irrevocably pledged. <br />This Note is in the aggregate principal amount of $450,000.00, <br />issued to advance funds to finance the cost for land acquisition and <br />payment of necessary expenses of the south county water system <br />(herein called the "project"), under the authority of and in full <br />compliance with the Constitution and Statutes of the State of <br />Florida, including Section 125.01, Florida Statutes, Chapter 159, <br />Part I, Florida Statutes, and other applicable provisions of law, <br />and pursuant to a resolution of the County duly adopted on the 18th <br />day of June, 1980 (hereinafter called "Resolution").,,', This Note <br />is subject to all the terms and conditions of said Resolution. <br />It is certified and recited that all acts, conditions and <br />things required to happen, to exist and to be performed, precedent <br />to and in the issuance of this Note, have happened, exist, and have <br />been performed in due time, form and manner as required by the <br />constitution and Laws of the State of Florida, applicable thereto; <br />that the total indebtedness of said County, including this Note, <br />-5- <br />