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successful referendum conducted thereunder on November 6, 2012 where the one-cent local
<br /> infrastructure sales surtax was extended through December 31, 2024 (as may be hereafter
<br /> extended), and other applicable provisions of law (collectively, the "Act"), and a resolution duly
<br /> adopted by the City Council of the Issuer on October 23, 2017, as supplemented by a resolution
<br /> duly adopted by the City Council of the Issuer on October 23, 2017 (collectively, the
<br /> "Resolution"), and is subject to the terms and conditions of the Resolution.
<br /> This Bond and the interest thereon are payable solely from and secured by a lien upon
<br /> and a pledge of Pledged Revenues, and until applied in accordance with the provisions of the
<br /> Resolution, all moneys, including investments thereof, in certain of the funds and accounts
<br /> established by the Resolution, all in the manner and to the extent described in the Resolution
<br /> (collectively, the "Pledged Funds"). In addition, if Pledged Funds are insufficient, this Bond is
<br /> secured by a covenant to budget and appropriate Non-Ad Valorem Revenues in the manner
<br /> and to the extent described in the Resolution.
<br /> IT IS EXPRESSLY AGREED BY THE OWNER OF THIS BOND THAT THE FULL FAITH
<br /> AND CREDIT OF THE ISSUER, THE STATE OF FLORIDA, OR ANY POLITICAL
<br /> SUBDIVISION THEREOF, ARE NOT PLEDGED TO THE PAYMENT OF THE PRINCIPAL,
<br /> PREMIUM, IF ANY, AND INTEREST ON THIS BOND AND THAT SUCH OWNER SHALL
<br /> NEVER HAVE THE RIGHT TO REQUIRE OR COMPEL THE EXERCISE OF ANY TAXING
<br /> POWER OF THE ISSUER, THE STATE OF FLORIDA, OR ANY POLITICAL SUBDIVISION
<br /> THEREOF, TO THE PAYMENT OF SUCH PRINCIPAL, PREMIUM, IF ANY, OR INTEREST.
<br /> THIS BOND AND THE OBLIGATION EVIDENCED HEREBY SHALL NOT CONSTITUTE A
<br /> LIEN UPON ANY PROPERTY OF THE ISSUER, BUT SHALL CONSTITUTE A LIEN ONLY
<br /> ON,AND SHALL BE PAYABLE SOLELY FROM,THE SOURCES DESCRIBED ABOVE.
<br /> This Bond may not be prepaid prior to October 25, 2022 (other than in accordance with
<br /> the amortization table set forth above). On or after October 25, 2022, this Bond may be prepaid
<br /> in whole or in part on any Business Day, with five days prior written notice to the Owner,
<br /> without prepayment penalty; provided, however, in the case of a partial prepayment, such
<br /> prepayment shall not leave less than an Authorized Denomination outstanding following such
<br /> partial prepayment. Prepayments shall be applied in inverse order of maturity (treating each
<br /> sinking fund payment as a maturity).
<br /> The Issuer hereby waives demand,protest and notice of dishonor.
<br /> All payments by the Issuer pursuant to this Bond shall apply first to accrued interest,
<br /> then to other charges due the Owner, and the balance thereof shall apply to the principal sum
<br /> due.
<br /> As used in this Bond:
<br /> (1) "Code"means the Internal Revenue Code of 1986, as amended, and any Treasury
<br /> Regulations, whether temporary, proposed or final, promulgated thereunder or applicable
<br /> thereto;
<br /> (2) "Determination of Taxability" shall mean interest on this Bond is determined or
<br /> declared, by the Internal Revenue Service or a court of competent jurisdiction to be included in
<br /> the gross income of the Owner for federal income tax purposes under the Code, which is the
<br /> result of an action or inaction of the Issuer.
<br /> Upon the occurrence of a Determination of Taxability, or if it should be determined or
<br /> declared by the Internal Revenue Service or a court of competent jurisdiction that this Bond is
<br /> not a "qualified tax exempt obligation" within the meaning of Section 265(b)(3) of the Code,
<br /> then the interest rate on this Bond shall be adjusted to a rate (the "Adjusted Interest Rate"),
<br /> which provides the same after-tax return to the Owner as had such event not occurred, as of
<br /> and from the date such event would be applicable with respect to this Bond (the "Accrual
<br /> Date"); and (i) the Issuer shall on the next interest payment date hereon (or if this Bond shall
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