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C-1
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<br />Issuer. Upon final payment of principal and interest, this Bond shall be
<br />surrendered to the Issuer.
<br />This Bond represents an authorized issue of Bonds in the aggregate
<br />principal amount of $9,200,000 issued to finance the cost of acquiring and
<br />constructing additions, extensions and improvements to the combined water and
<br />sewer system of the Issuer (the "System"), under the authority of and in full
<br />compliance with the Constitution and Statutes of the State of Florida,
<br />particularly Ch. 159, Fla. Stat. (1985), and a resolution duly adopted by the
<br />Issuer on July 7, 1982, as amended and supplemented by certain resolutions duly
<br />adopted by the Issuer, including a resolution duly adopted by the Issuer on
<br />June 18, 1986 (collectively, the "Resolution"), and is subject to all the terms
<br />and conditions of the Resolution.
<br />llhis Bond and the interest hereon are payable solely from and secured
<br />by a lien upon and a pledge of the gross revenues to be derived from the
<br />operation of the System, in the manner described in the Resolution. It is
<br />provided in the Resolution that this Bond shall rank on a parity with the
<br />outstanding Water and Sewer Revenue Bonds, Series 1979, dated August 30, 1979,
<br />and Water and Sewer Revenue Bonds, Second Series 1979, dated May 21, 1982, and
<br />Water Revenue Bonds, Series 1980 (South County Water System), dated
<br />September 30, 1982, and Water and Sewer Revenue Bonds, Series 1982, dated April
<br />30, 1985, all of the Issuer (all four issues of bonds, collectively, the "Parity
<br />Obligations"); which have a lien of equal rank upon such gross revenues.
<br />It is expressly agreed by the holder of this Borxi that the full faith
<br />and credit of the Issuer are not pledged to the payment of the principal of and
<br />interest on this Bond and that such holder shall never have the right to require
<br />or compel the exercise of any taxing paver of the Issuer to the payment of such
<br />principal and interest or the cost of maintaining, repairing and operating the
<br />System. This Bond and the obligation evidenced hereby shall not constitute a
<br />lien upon the System or any part thereof or upon any other property of the
<br />Issuer or situated within its corporate limits, but shall constitute a lien only
<br />on the gross revenues derived from the operation of the System.
<br />In and by the Resolution, the Issuer has covenanted and agreed with
<br />the holder of this Bond that it will fix, establish, revise, from time to time,
<br />whenever necessary, maintain and collect always such fees, rates, rentals and
<br />other charges for the use of the product, services and facilities of the System
<br />which will always produce revenues sufficient to pay, and out of such funds pay,
<br />as the same shall become due, 100% of the current Bond Service Requirement, as
<br />defined in the Resolution, on this Bond and the Parity Obligations and 100% of
<br />all other payments required by the Resolution; and that such rates, rentals,
<br />fees and other charges will not be reduced so as to be insufficient to provide
<br />funds for such purposes.
<br />As provided in the Resolution, this Bond is exchangeable at the
<br />expense of the owner and holder hereof at any time, not more than 90 days after
<br />surrender of this Bond to the Clerk hereinafter mentioned as Borxi Registrar,
<br />for an equal aggregate principal amount of fully registered Bonds stated to
<br />mature on September 1 of the years in the amounts and in denominations
<br />corresponding to the years and amounts of the unpaid installments of principal
<br />of this Bond.
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