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No. 1 $300,000.00 <br />UNITED STATES OF AMERICA <br />® STATE OF FLORIDA <br />COUNTY OF INDIAN RIVER <br />ANTICIPATION NOTE <br />® FOR VALUE RECEIVED, the County of Indian River, Florida, <br />(the "issuer"), hereby promises to pay to the order of The First <br />a Bankers of Indian River County, at its principal office in the <br />City of Vero Beach, Florida, on or before November 15, 1982, <br />solely from the special funds hereinafter mentioned, in lawful <br />money of the United States of America, the principal sum of THREE <br />HUNDRED THOUSAND and 00/100 DOLLARS ($300,000.00) and interest on <br />such principal sum from the date hereof at the rate of 9.25% per <br />annum, until such principal sum shall be paid. <br />This note is issued pursuant to the constitutional laws <br />of the State of Florida, particularly 521F.431, Florida Statutes <br />(1975) and is in anticipation of the receipt from Farmers Home <br />Administration, United States of America, of SEVEN HUNDRED NINETY- <br />SIX THOUSAND AND NINE HUNDRED and 00/100 DOLLARS ($796,900.00) in <br />water and sewer grant funds for the :,outh County Water System, and <br />secondarily, and only to the extent and in the event grant funds <br />are insufficient, in anticipation of the receipt by the issuer of <br />the proceeds from the sale of not exceeding TWO MILLION SEVEN <br />HUNDRED FIFTY THOUSAND AND SEVEN HUNDRED and 00/100 DOLLARS <br />($2,750,700.00) principal amount of water and sewer revenue bonds; <br />Series 1982 of the issuer (the "bonds"). Said bonds being set <br />forth specifically in a resolution duly adopted by the issuer on <br />July 7, 1982, this note and the interest due thereon are payable <br />solely from and secured by a prior lien upon and a pledge of the <br />proceeds of the SEVEN HUNDRED NINETY-SIX THOUSAND AND NINE HUNDRED <br />and 00/100 DOLLARS ($796,900.00) water and sewer Farmers Home <br />Administration Grant and, if necessary, from the proceeds to be <br />derived from the sale of the water and sewer revenue bonds Series <br />1982 and may at issuer's option be paid from other unsecured <br />legally available non -ad valorem funds available to issuer. <br />This note shall not constitute a general obligation of <br />-1- <br />