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<br />failune or. refusal,_ in whishto correct .the same, andupon--its. inability,: or.:refusal to_ correct
<br />such default or failure within that period, and upon the declaration in writing Filed with the
<br />Clerk of tyre .Board, of .0ounty -Commissioners . of.. said,. County. .by, the:, -holders' of at ; least. twenty-
<br />five per cent. (t%) in principal amount of the then-outstanding,Refunding-Bonds of the issue
<br />of which thiss bond is -one, each of the Refunding Bonds of said: issue. shall,-.. at.. the option of
<br />the respective holders, revert to and thereafter bear the original, or six percent. per annum
<br />interest rate borne- by the outstanding bond inc exchange. for which: said.. Refunding Bonds has bee
<br />issued; andAn in... the . case. of .Refunding _Bonds. issued to . refund .interest - accrued _on..outstanding. .
<br />bonds each such. refunding Bond shall revert.. to and th-ereafter bear the original, or sixper
<br />cent. per annum, interest rateborne by the bonds accrued interest on which was refunded by
<br />the issuance of said Refunding Bond, a nd such reversion shall -be effective from the date to
<br />which interest,. was.paid on the Refunding. Bonds .of said issue, prior to the happening of the de-
<br />fault, failure or refusal._as above set forth,.and said District agrees that if the right to
<br />such higher interest rate .accrues, as herein provided, the higher rate of interest will be
<br />evidenced--in.-the nammer then _provided by law.
<br />The right is hereby reserved to call -and- rede.em..all_.-or. any part of theissue of
<br />of which this bond is one onany interest payment, date prior to maturity,- at.par -plus accrued
<br />interest at the rate then prevailing as enforceable-an:d.collectible,.- In -the event of the ex-
<br />ercide of such right to call, not less -than thirty _nor - more. than- sixty days. notice of such .re-
<br />demption will be given by filing and publication as provided -by the resolution adopted by the
<br />Board of County Commissioners of said C.aunty..authorizing_ the: -issuance:_ of this --bond, and said
<br />bonds, when so called, shall cease to bear interest on such redemption date, provided that ad-
<br />equate funds for their redemption shall have been provided and set aside by said District for
<br />such purpose.
<br />This bond ,is one of an issue of Refunding Bonds of._like date and tenor, aggregating
<br />$4459000.00, numbered 1 to 445, inclusive.
<br />AND IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is issued under-thel
<br />authority of and in compliance with. the General --Refunding. Act. of 1931., being . Chapter 15,772,
<br />General haws of Florida, 1931, and pursuant. to. a, resoluti.on...du.ly. adopted. by the. -Board of -Cour.
<br />Commissioners of said County, and is issued in --exchange, for and as..a.continuation, extension,
<br />merger and renewal of a like amountofvalid subsisting bonded indebtedness of said District
<br />issued prior to November 6, 1934, and outstanding at _the date -of the passage of said resolutio
<br />and for the purpose of refunding said indebtedness; and that all acts, conditions,, a nd things
<br />required to happen, exist and be performed precedent to-and-An_the.issuance o-f.this bond have
<br />happened, exist and have been performed in due time, form and manner as required by law, and
<br />that neither the indebtedness which is refunded,nor the issue -.o -f bonds of which this bond is
<br />one, together with all the other indebtedness of said- District, exd'eeds any limitation pre-
<br />scribed by the Constitution or statutes of the. State of Florida,- and._that, before the issuance.
<br />of the issue of bonds of which this bond is one, provizi _has been made..f or the. levy and co-
<br />llection of a direct annual tax upon all- property wi.thin..said. District,., except --.only such pro-
<br />perty as would be exempt from taxation under the provisions - of the laws . and. Constitution of
<br />Florida which were in
<br />forceand effect at
<br />the time
<br />of the
<br />creation.of the.indebtedness refund-
<br />ed hereby, sufficient
<br />to pay the interest
<br />upon -.the
<br />issue
<br />of bonds of which thisbond is one as
<br />the same shall be come due., and to create- a- sinking fund for the payment of the principal ther
<br />of at maturity. All rights and r..emedies.which were available.for the support and -.enforcement
<br />of -the bonded indebtedness refunddid by this bond shall be available for the support and enforc
<br />ement of this bond.
<br />IN WITNESS iEREOF. The Board of County Commissioners of said County of Indian River
<br />.,
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