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Such Principal Amount and interest and the premium, if any, on this Note are payable in any coin or currency of the United States of America which, on the respective dates of payment thereof, shall be legal tender for the payment of public and private debts. Interest payable on this Note on any interest payment date and principal paid on any principal payment date will be paid by check or draft of the Clerk of the Circuit Court, ex officio Clerk of the Board of County Commissioners of Indian River County, Florida, as registrar and paying agent, to the Holder in whose name such Bond shall be registered at the close of business on the date which shall be the fifteenth day of the calendar month (whether or not a business day) next preceding the month in which such interest payment is due. In lieu of payment by check or draft, and at the request and expense of such Holder, payment may be made by bank wire transfer for the account of such Holder. This Note is issued to refund a portion of the County's Limited General Obligation Bonds, Series 2006, which were issued to finance the cost of the acquisition of lands to protect water resources and drinking water, environmentally significant land, historic sites, agricultural lands and lands for open spaces and/or wildlife habitat (the "Projects"), and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 125, Florida Statutes, Article VII, Section 12 of the Florida Constitution, and a Resolution of the County, duly adopted by the Board of County Commissioners on May 17, 2005, as amended and supplemented, and particularly as supplemented by a Resolution adopted April 9, 2015 (collectively the "Resolution") and is subject to all the terms and conditions of such Resolution. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this Note exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this issue does not violate any constitutional, statutory, or charter limitation or provision, and that provision has been made for the collection of a direct annual tax, in an amount not to exceed 1/2 mill of the then -assessed value of all property in the County taxable for such purpose for the payment of which the full faith, credit and taxing power of the County are irrevocably pledged. The Bonds shall be subject to redemption prior to their maturity at the option of the County, as set forth in the Resolution. Notice of such redemption shall be given in the manner required by the Resolution. Reference to the Resolution is hereby made for a description of the funds charged with and pledged to the payment of the principal of interest on the Note, the nature and extent of the security for the payment of the Note, a statement of the rights, duties and obligations of the County, the rights of the holders of the Note, to all the provisions of which Resolution the holder hereof by the acceptance of this Note assents. Capitalized terms used but undefined herein shall have the respective meanings ascribed to such terms in the Resolution. The transfer of the Note is registrable by the Noteholder hereof in person or by his attorney or legal representative at the office of the Clerk of the Circuit Court, ex officio Clerk of the Board of County Commissioners of the County but only in the manner and subject to the conditions provided in the Resolution and upon surrender and cancellation of this Note. A-2