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Interest on this Note shall be calculated on a 360 -day year consisting of twelve 30 -day months. 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. Payment of each installment of interest and principal shall be made to the person in whose name this Note shall be registered on the registration books of the Issuer maintained by 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, at the close of business on the date which shall be the fifteenth day (whether or not a business day) of the calendar month next preceding each interest payment date and shall be paid by a check or draft of such Paying Agent mailed to such Registered Holder at the address appearing on such registration books or, at the option of such Paying Agent, and at the request of such Registered Holder, by bank wire transfer for the account of such Holder. After the final payment on this Note, the Holder agrees to return this Note to the Issuer for cancellation. This Note is issued for the purpose of refunding a portion of the Issuer's Water and Sewer Revenue Refunding Bonds, Series 2005 under the authority of and in full compliance with the Constitution and laws of the State of Florida, Chapter 125, Florida Statutes, and other applicable provisions of law (collectively, the "Act"), and a resolution duly adopted by the Issuer on April 13, 1993, as previously amended and supplemented (the "Original Resolution") and as further amended and supplemented by a Resolution adopted on August 18, 2015 (the "2015 Note Resolution", collectively with the Original Resolution, the "Bond Resolution"), and is subject to all the terms and conditions of the Bond Resolution. This Note is a "Bond" for purposes of the Bond Resolution. This Note and the interest hereon are payable solely from and secured by a lien upon and a pledge of the Net Revenues of the County's Water and Sewer System and amounts on deposit in the Sinking Fund, the Bond Amortization Account and the Reserve Account established under the Bond Resolution, together with any other receipts, revenues and funds pledged thereunder (collectively, the "Pledged Funds"). The lien upon and pledge of the Pledged Funds is on a parity with that of the Issuer's Water and Sewer Revenue Bonds, Series 2009, and with any Additional Parity Bonds issued pursuant to the Bond Resolution. It is expressly agreed by the Registered Holder of this Note that the full faith and credit of the Issuer, the State of Florida, or any political subdivision or agency thereof, are not pledged to the payment of the principal of, premium, if any, and interest on this Note and that such Holder shall never have the right to require or compel the exercise of any taxing power of the agency thereof, to the payment of such principal, premium, if any, and interest. This Note and the obligation evidenced hereby shall not constitute a lien upon any property of the Issuer, but shall constitute a lien only on, and shall be payable solely from, the Pledged Funds. This Note is subject to redemption prior to maturity, in whole at any time or in part on any September 1, and if in part in inverse order of scheduled principal installment, upon ten (10) calendar A-2