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No. R-1 $20,369,000 UNITED STATES OF AMERICA INDIAN RIVER COUNTY, FLORIDA LIMITED GENERAL OBLIGATION REFUNDING NOTE SERIES 2015 Interest Rate 1.66%* Maturity Date July 1, 2021 Registered Holder: Regions Capital Advantage, Inc. Principal Amount: TWENTY MILLION THRF DOLLARS Indian River County, Florida (the "Coati y,') to the Registered Holder identified above, e Qr reg Maturity Date identified above, the Prim¢, Am such Principal Amount identified abovtbr interest has been paid at the Interests, each year commencing July 1, 2015nil su the provisions hereinafter set fo become applicable hereto. with r Date of Original Issue April 9, 2015 D SIXTY-NINE THOUSAND lue received, hereby promises to pay assigns as hereinafter provided, on the identified above and to pay interest on the most recent interest payment date to which identified above on January 1 and July 1 of ncipal Amount shall have been paid, except as ct to redemption prior to maturity may be or Payment of the Princili 015 016 2017 2018 2019 2020 2021 of this Note shall be due as follows: Principal Amount $ 320,000 343,000 4,053,000 4,158,000 4,227,000 4,298,000 2,970,000 Interest on this Note shall be calculated on a the basis of twelve 30 -day months over a year of 360 days. The Interest Rate on this Note is subject to adjustment upon certain events as set forth in the Resolution described below. Upon and during the continuance of an Event of Default, this Note shall bear interest at a default rate equal to the lesser of (a) the rate per annum equal to the sum of (i) 6% and (ii) the interest rate otherwise applicable to this Note but for the occurrence of an Event of Default and (b) any statutory maximum interest rate imposed by the State of Florida and applicable to this Note, until amounts due hereunder are paid in full. *Subject to adjustment as described herein. 1