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1981, of the Issuer; the Water Revenue Bonds, Series 1980 (South County Water System), of the Issuer, authorized but unissue:l, and any obligations issued hereafter by the Issuer pursuant to the provisions of Section 3.04 (J) of this Instrument. "Bond Service Requirement" for any Bond Year, as applied to the Bonds of any series, shall mean the sum of: (1) The amount required to pay the interest becoming due on Bonds to w�iicn the BO -c" Service Requireitent rel -- tes during the Bond Year, except to the extent that such interest shall have been provided by payments into the Sinking Fund out of Bond proceeds for a specified period of time, and except as pro- vided in (4) below; (2) The amount required to pay the principal. of Serial Bonds maturing during the Bond Year; (3) The amount of Amortization Installments for Term Bonds required to be deposited in the Bond Amortization Account during the Bond Year; and (4) In the event the Issuer has purchased or entered into an agreement to purchase Federal Securities from money in the Sinking Fund, then the income received or to be received on such Federal Securities from the date of acquisition thereof to the date of maturity thereof, shall be taken into con- sideration in calculating the payments which will be required to be made into the Sinking Fund. "Bond Year" shall mean the annual period ending on a Bond principal. or interest maturity or payment date. "Chairman" shall mean the Chairman of the Board. "Clerk" shall mean the Clerk of the Circuit Court of Indian River County, Florida, ex officio Clerk of the Board. "Federal Securities" shall mean only direct obliga- tions of, or obligations fully guaranteed as to principal and interest by, the United States of. America. "Fiscal Year" shall mean the period commencing on October 1 of each year and continuing to and including the suc- ceeding September 30. "Gifford Bonds" shall mean the outstanding Water and Sewer Revenue Bonds, Series 1979, dated August 30, 1979, and -2-