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<br />No.
<br />(FORM OF COUPON BOND)
<br />UNITED STATES OF AMERICA
<br />STATE OF FLORIDA
<br />COUNTY OF INDIAN RIVER
<br />WATER AND SEWER REVENUE; BOND, SERIES 1982
<br />$1,000
<br />KNOW ALL MEN BY THESE PRESENTS, that the County of
<br />Indian River, Florida, a public body created and existing under
<br />and by virtue of the laws of the State of Florida (the "Issuer"),
<br />for value received, hereby promises to pay to the bearer, or, if
<br />this Bond be registered, to the registered holder as herein
<br />provided, on the first day of September, , from the special
<br />funds hereinafter mentioned, the principal sum of
<br />ONE THOUSAND DOLLARS
<br />and to pay interest thereon, from the date of the delivery of
<br />this Bond to the purchaser thereof, solely from such special
<br />funds, at the rate of per centum ( %) per annum,
<br />payable on September 1, 1983, and annually thereafter on the
<br />first day of September of each year upon the presentation and
<br />surrender of the annexed coupons as they severally fall due,
<br />unless registered. Both principal of and interest on this Bond
<br />are payable at _ , _
<br />,*in lawful money of the United States of America.
<br />This Bond is one of an authorized issue of Bonds in the
<br />aggregate principal amount of $2,750,700 of like date, tenor and
<br />effect, except as to number, denomination and date of maturity,
<br />issued to finance the cost of acquiring and constructing
<br />additions, extensions and improvements to the combined water and
<br />sewer system of the Issuer (the "System"), under the authority of
<br />and in full compliance with the Constitution and Statutes of the
<br />State of Florida, particularly Ch. 159, Fla. Stat. (1981), and a
<br />resolution duly adopted by the Issuer on June , 1982, as
<br />supplemented by a resolution duly adopted by the Issuer on June
<br />, 1982 (collectively, the "Resolution"), and is subject to
<br />all the terms and conditions of the Resolution.
<br />This Bond and the interest thereon are payable solely
<br />from and secured by a lien upon and a pledge of the gross reve-
<br />nues to be derived from the operation of the System, in the
<br />manner described in the Resolution. It is provided in the
<br />Resolution that the Bonds of this issue will rank on a parity
<br />with the outstanding Water and Sewer Revenue Bonds, Series 1979,
<br />dated August 30, 1979, and Water and Sewer Revenue Bonds, Second
<br />Series 1979, dated May 21, 1979, of the Issuer; and the Water
<br />Revenue Bonds, Series 1980 (South County Water System) of the
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