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09/21/1984 AgreementAppointment of Barnett Banks Trust Company, N.A. as Registrar This appointment of Registrar (the "Appointment") was made this St - day of 919 gl, by the clerk of the circuit court, 16th Judici 1 Circuit, Monroe County Florida. WITNESSETH First, that BARNETT BANKS TRUST COMPANY, N.A., (the "Bank") is hereby appointed Registrar for the Monroe County Municipal Service District Improve- ment Bond, Series 1980 (the "Bonds") dated April 1, 1981. Second, that there shall be filed with the Bank: (a) A certified copy of the appropriate resolution (the "Bond" Resolution") authorizing the issuance of the Bonds; (b) Specimen of the bond certificate; and Third, that: (a) Transfers of bond certificates shall be registered upon surren- der of outstanding bond certificates (i) in form deemed by the Bank properly endorsed for transfer and (ii) with all necessary endorsers' signatures guaran- teed in such manner and form as the Bank may require. (b) In registering transfers, the Bank, as Registrar, may rely upon the Uniform Commercial Code (Florida Code Sec. 671-680) or any other statutes that in the opinion of counsel protect the Bank and the City in not requiring complete documentation, in registering transfer without inquiry into adverse claims, in delaying registration for purposes of such inquiry or in refusing registration where in its judgement an adverse claim requires such refusal. (c) When mail is used for delivery of bond certificates, the Bank shall forward certificates in "non-negotiable" form by first class mail, and certificates in "negotiable" form by registered mail, all mail deliveries to be covered while in transit to the addressee by insurance arranged for by the Bank, as Agent. Fourth, that the County shall not direct closing of the transfer books prior to an interest payment date, but in lieu thereof shall establish a record date for determining the proper party to receive the current interest payment. The record dates shall be as follows: for interest paid on the lst of any month, the 15th day of the preceding month. Fifth, that the Bank, upon timely receipt of collected funds sufficient for the payment thereof, shall distribute principal and interest payments on the outstanding registered Bonds to the holders thereof indicated as of the current record date in its records as Bond Registrar. Timely receipt is defined as the business day prior to payment date. (This assures compliance with the industry standard of mailing registered interest checks the day prior to payment date.) Sixth, that in case any official of the County who shall have signed manually or whose facsimile signature shall have been affixed to blank bond certificates shall die, resign or be removed prior to the issuance of such certificates, the Bank, as Registrar, may register such certificates not- withstanding such death, resignation or removal; and this County shall file promptly with the Bank such approval, adoption or ratification as may be required by law. Seventh, that the Bank shall maintain customary records in connection with this Appointment. It shall send all books, documents and records deemed no longer needed for current purposes to the County who shall safely store such books, documents and records as required by statute. Eighth, that the Bank shall destroy by complete mutilation all paid bonds and will furnish the required certification. The Bank agrees to indemnify the County against any loss resulting from Bonds being subsequently presented for payment which have been previously certified by the Bank as being paid and destroyed, whether occasioned by error, mistake, or suspected or established fraud. Ninth, that at any time the Bank may apply to the County for instructions and may consult with counsel in respect of any matter arising in connection with this appointment, and the Bank shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instructions or in reliance upon the opinion of such counsel. Tenth, that the County, upon receipt of periodic invoices, shall pay to the Bank $100.00 per year and shall reimburse the Bank for out-of-pocket expenses, including the fees and expenses of its counsel, incurred by it in connection with its duties. Eleventh, that the acceptance by the Bank of its appointment as Reg- istrar and the documents filed with it in connection with such appointment shall be subject to the approval of counsel for the Bank. The Bank may resign as Registrar at anytime upon giving 90 days written notice of such resignation to the County. The Bank may be removed as Registrar at any time by appropriate resolution of the County, a certified copy of which shall be furnished to the Bank. Upon resignation or removal, the Bank shall, to the extent permitted by law, deliver to its successor or to the County its records as such agent. Witness my hand and the seal of the County this ,?/5-f day of m fir- 19pursuant to authority ves a in a persons who e signatures area ixed hereto. By (SEAL) Attest: DANNY L KOLHAG71, Clerk Appointment Accepted. BARNETT BANKS TRUST COMPANY, N.A. By Raymond E. Wilson, Vice President (SEAL) Attest: Earl H. Ziegler, Jr. Asst. Corporate Trust Officer N° 328 UNITED STATES OF AMERICA STATE OF FLORIDA MONROE COUNTY MONROE COUNTY MUNICIPAL SERVICE DISTRICT CUSIP 610515 AS 7 SERIES 1980 DATED APRIL 1, 1981 DUE OCTOBER 1, 1998 - CALLABLE AS PROVIDED HEREIN INTEREST PAYABLE APRIL 1 AND OCTOBER 1 PRINCIPAL AND INTEREST PAYABLE AT BOULEVARD BANK KEY WEST, FLORIDA ��G l � �- 11- '!I `l 6E ee e— lm veeve Fo c mG0_ e OG E ��mwe oo°c .oa3e« L q - G g m C O O Q G Eie ;g�nep�o c em �a�Doo ocacv�ci euv`oea Oq=� rC O« O g C iS a s «av�m—po c e 3 a c e a Y e g p v O w e D e n+ c G n o D e-- c e c_ a$vot_ n e= oe�biS Eg;=a..� Z O 1 co Q e« e U e e n c gaoo�u=o C e .5 1.? O C e U) e eK'si v a e a`ee��c:ae cce e G C e e 01 20: 3. w=¢ O LL ZY¢��ev�eY O�+�e�e2ro e �ect eoc in d c v CLJ O `o LL `e a a d —oe c s iPm ac ° g� E ' 0 a 4 aEv� E = O a u c C p « e D� ra_ a E o n g i F_ e .4ppecneeev cU e 0 c'o r „mw_eeea Pik w � c CCa 8 oe E— u e e E Uo `� � � a44 5 ciiii �SC�e�YiS — o w o a a e n w o m a x `p c a 'w : EE a a 0 W ¢ LL w H z z O cc f- w w ¢ LL O ¢ W z z c� i 0 w ¢ w F M O W ¢ w < z w N O RESCL,. 1_-lg'7�0 A F FOR THE ISSUANCE OF NOT %,3, i00,000 IP•'P�ZOVELMF,NT BONDS, SF,RIi.., 19:P,0, CF' `".ONROE COUN'i"s' MUNICIPAL SERV!Ci i�?:. ; :'I!"' i', IMONROE COUNTY, FLORIDA, TO FINANCE' .' i;; C3:2�T 9F ',"?F .'COUISITION AND CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPRO%7F.MENTS TO THE SOLID WASTE DISPOSAL FACILITIES OF SUCH DISTRICT; PROVIDING FOR THE PAYMENT OF THE BONDS FROM SPECIAL ASSESSMENTS LIFIIED AGAINST BENEFITED PRO- PERTY, AND CE_ZTAIN INVESTMENT INCOME; MAKING CERTAIN COVENANTS AND AGREEIMENTS IN CONNEC- TION THERE".,'ITfi; AND PROVIDING AN EFFECTIVE DATE . BE IT RESOLVED BY THE BOARD OF COUNTY C0MMISSIONF�2S OF MONROE COUNTY, FLORIDA, the governing body of the I"ionroe County Municipal Service District: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolu- tion is adopted purst_iant to Ch. 125, Fla. Stat. (1979) ; Chapter 8, Articles I, II and III, of the Monroe County Code; and other applicable provisions of law. SECTION 2. DEFINITIONS. Unless the context otherwise requires, the terms defined in this section shall for all pur- poses of this instrument have the meanings herein specified. Words importing the singular number shall include the plural. 'number in each case and vice versa, and words importing persons shall include firms and corporations. A. "Act" shall mean, collectively, Ch. 125, Fla. Stat. '(1979); Chapter 8, Articles I, II and III of the Monroe County Code; and other applicable provisions of law. B. "Additional Parity Obligations" shall mean addi- tional obligations issued in compliance with the terms, con- ditions and limitations contained herein, and which shall have an equal lien on the Pledged Funds and rank equally in all respects with the Bonds initially issued hereunder. C. "Amortization Installment" with respect to any Term Bonds of a series, shall mean an amount so designated which is established for the Term Bonds of such series, provided that (i) each such installment shall be deemed to be due on such interest -1- une. w or principal M, writ v each a-01 cable year as is fixed by subsequent reso C!: or, of the Issuer and shall be a multiple of $5,000, and (i i) ti; ct such installments for such series shall equal the <3,3(lregate principal amount of Term Bonds of such series delivered on original issuance. D. "AsS(_—SSi;1ent3" shall -mean special assessments Levied annually against residential property within the area of the Issuer specially benefited by the acquisition and construction of the Project and the furnishing of solid waste collection services within the area of the Issuer, including the interest on such special assessments. E. "Beard" sinal.l mean the Board of County Commissioners of Monroe Count., Florida, the governing body of the Issuer. F. "Bond Service Requirement" for any Bond Year, as applied to the Bonds of any series, shall mean the sum of: (1) The amount required to pay the interest becoming due on the Bonds of such series during such Bond Year, except to the extent that such interest shall have been provided by payments into the Sinking Fund out of Bond proceeds for a spe- cified period of time. (2) The amount required to pay the principal of Serial Bonds of such series maturing in such Bond Year. (�) i:7e Amortization Installment for the Term Bonds of such series for suci Bond Year. In computing the Bond Service Requirement for any Bond Year for Bonds of any series, the Issuer shall assume that an amount of the Term Bonds of such series equal to the A;nortization Installment for the Term Bonds of such series for suci, Bond 1'ear will be retired by purchase or redemp- tion In such Bond Year or that payment of such amount of Term Bonds at maturity will be fully provided for in such Bond Year. When determining:; the amount of principal of and interest on the Bonds which mature in any year, for purposes of this instrument, an amount of Ter:,,,, Bonds equal to the Amortization installment, if any, applicable to Tern t3onds in such year shall be, deemed to 0 mature in suet; G. "Bond yar" _ i,,a11 mean the annual period ending on a Bond principal Mat ty t H. "COnSultl1,n engineers" shall mean such qualified and recognized independent consulting engineers, having favorable repute or s};ill and experience with respect to the acts and duties to be provided to the Issuer, as employed or retained by the Issuer to perform t:,o acts and carry out the duties herein provided. I. "Cast of Operation, and Maintenance" of the Facilities shall mean the current expenses, paid or accrued, of operation, maintenance and repair of the Facilities, as calcu- lated in accordance with sound accounting practice, including payments made by the Issuer to franchisee solid waste collectors, but shall not include any reserves for renewals and replacements, extraordinary repairs or any allowance for depreciation. Such current expenses shall be reduced by the amount of ad valorem taxes, if any, levied and collected within the District for such purposes. J. "Facilities" shall :Mean the solid waste disposal facilities owned and operated by the Issuer for the disposal of solid waste within the area of the Issuer. K. "Federal Securities" shall mean direct obligations of the United States of tj7,erica and obligations, the principal of and interest on whist: are fully guaranteed by the United States of America, nor.< of which permit- redemption prior to maturity at the option of the o:)ii(jCr. shall man the period commencing on October 1 of each V�-I«r and ending on the succeedinu September 30. M. "Holder of Bonds" or "Bondholders" or any similar term shall mean any person who shall be the bearer or owner of any outstandin3 Bonds registered to bearer or not registered, or the registered owner of any such Bonds which shall at the time be registered other th r_ to bearer. -3-- i ti. �can this resolution. J , ,iwan t he Monroe Count`. Mun ic ipal Service District, ,; l; w z y, Florida. I'. ":.I;iy ,Jn,i YViwe Rcq"ircment" shall mean , as of any particular dnn K C;t;._llI:1Ci0ih, the greatest amount of aggre- gate Bolted Service: ; egmyc' vents for the then current or any future Bond�lear. Q. "Nut shall mean the Pledged funds, as defined below, akur de"nc tion of t,e Cost of Operation and Maintenance, clef fined anove. R. "Pledged shall :lean, collectively, the Assessments; any payments received from franchisee solid waste collectors with ri'spcw to colPmeLcial property within the area of the Issuer; all other funds received by the Issuer' with respect to the furnishing of the services of the Facilities to the resi- dents of the Issuer; and <anv income derived from the investment of funds and accounts creates: and establishes: by this resolution, excluding any state or fedora'_ funds received from time to time by the Issuer. S. "Pro':ect" shill mean the additions, e`:teIhsion.s find improvements to the Facilities, const itutinA the Solid waste disposal incinerniars to ; w acquired and constructed with the proceeds from the sale of the Bonds, together with all appur- tenances necessary or inailental thereto. T. "Serial 5onds" shall mean the Bonds of a series which shall be stated to . ature in annual. installments. U. "Term F,:_ 0s" shall mean the Bonds of a series, all of which shall be stmod to miture o" one date and which shall be subject to rut i rc�up t by eperat i on of the, Bond Amortization Fund. SECTION 3. FINDINGS. It is hereby ascenained, deter- mined and deciarud teat: A. Mile l_;suer Puw owns, operates and maintains the Facilities and derives nsunsmorts levied and colluctod for the services of tho . ac i 1 i t _ _ . B. The I__>suvr desires to acquire aIhd construct the Project, all. is ::��:_,� ,:..e wi -.h the plans and specifications now on file or to !: ::;;, '.;it ti,e manager of the Issuer. The estimated cost ject is $8,000,000. C. Tr:<_ ct of- the Protect shall be deemed to include those items :ape i t i s <s i n ! he Act. D. Tho Pledged Funds are not pledged or encumbered in any"manner. E. Tile principal of and interest on the Bonds and all required sinking fund, reserve and other payments shall be payable solely from the Pledged Funds, as herein provided. The Issuer shall never be _required to levy ad valorem taxes on any property within its corporate territory to pay the principal of and interest on the Bonds or to make any of the required sinking fund, reserve or other payments. F. The Assessments will be levied against the benefited property in proportion to the special and positive benefits to be received from the acquisition and construction of the Project and the furnishing of solid waste disposal services by the Issuer. w G. The estimated Pledged Funds will be sufficient to pay all principal. of and interest on the Bonds to be issued .hereunder, as the same become due, and to make all required sinking fund, reserve or other payments required by this Instrument. The Issuer does not expect to make any profit from .the proceeds of the Assessments other than the extent necessary to pay the cost of furnishing solid waste disposal services to the residents of the Issuer and the cost of paying the principal_ of, premium, if any, and interest on the Bonds. SECTI01' 4. AUTHORIZATION OF PROJECT. There is herebv authorized the acquisition and construction of the Project. SECTION 5. THIS INSTRUMENT TO CONSTITUTE CONTRACT. In consideration of thle acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Instrument shall be deemed to be and shall constitute a contract between the Issuer and such holders. The covenants - 5- ,, , and agreements _.. t food1 to be p-rformed by th2 Issuer shall be for t, protection and security of the legal. holders ;.i -:i? of tt.e Fonds and the coupons attached there±, �, ail •:-"ch shall be of equal rank and without preference, priority or distinction of any of the Ronis or coupons over any other thereof, except as express?- provided th"eTein and herein. SECTION 6. AUTHORIZATION OF BONDS. Sub ect and pur- suant to the provisions hereof, obligations of the Issuer to be known as "Improvement Bonds, Series 1980," herein defined as the "Bonds," are authorized to be issued in the aggregate principal amount of not exceeding $8,000,000. SECTION 7. DESCRIPTION OF BONDS. The Bonds shall be dated as of a date to be fixed by subsequent resolution of the Issuer adopted prior to the delivery of the Bonds, but not later than the date of issuance; shall be numbered consecutively, from one upward; shall be in the denomination of $5,000 each or integral multiples thereof; shall bear interest at such rate or rates not exceeding the maximum legal rate, such interest to be payable semiannually on such dates as shall be fixed by res©lu- 'tion of the Issuer adopted prior to the delivery of the Bonds; and shall mature in such years and amounts, but not exceeding 50 years from their date, as shall be fixed by resolution of the Issuer adopted prior to the delivery of the Bonds. Such Bonds shall be issued in coupon form; shall be payable with respect to both principal and interest at a bank or'' banks to be subsequently determined by the Issuer prior to the delivery or the fonds; shall be payable in lawful money of the United States of t,merica; and shall bear interest from their date, payable in accordance with and upon surrender of the appur- tenant interest coupons as they severally mature. SECTIC;I 8. EXECUTION OF BONDS AND COUPONS. The Bonds shall be executed in the name of the Issuer by the Chair, -,,!an of the Board and attested by the Clerk of the Board, and its cor- 0M0 porate seal or a i e the ' ,,s f Shall be affixed thereto or reproduced there:)n. :i F3csir ile signatures of the Chairman and C lerk, may be ir^ _ in rt Prouced on the Bonds, provided that at least one si3r.. t;,re ..1u _ t,-) be placed thereon shall be manually subscribed. In Case any officer whose signature shall appear on any Bonds shall cease to be such officer before the delivery of such such signature or facsii�il,� ther of shall nevertheless be va1i:: and sufficient for all purposes the same as if he had remained ir, 4-)! race until such delivery, Any Bonds may be signed and sealed on behalf of the Issuer by such perso. who at the actual time of the execution of such Bonds shall hold the proper office with the Issuer, although at the hate of adoption of this Instrument such person may not have held. such office or may not have been so authorized. The coupons attached to the Bonds shall be authenticated with the facsimile signatures of any present or future Chaiman and Clerk of the Board. The validation certificate on the Bonds shall be executed with the facsimile signature of the Chairman of the Board. The Issuer may adopt and use for such purposes the facsimile signatures of any persons who shall have been such' officers at any time on or after the date of adoption of this Instrument, notwithstanding that they may have ceased tc be such officers at the time such Bonds shall be actually delivered. SECTION 9. NEGOTIABILITY AND REGISTRATION. The Bonds issued hereunder shall be and shall have all of the qualities and incidents of negotiable instruments under the laws of the State of Florida, and each successive holder, in accepting any of the Bonds or the coupons appertaining thereto, shall be conclusively deemed to have agreed that such Bonds shall be and ;save all of the qualities and incidents of negotiable instruments under the laws of the State of Florida. The Bo;:ds may be registered, at the option of the holder, as to principal only, or as to both principal and interest, at the office of the Clerk of the Board, as Registrar, -7- or such other 3; ;hall :,e hereafter appointed, such registration to the. back of the Bonds in the space provided there;,,,!:. _ S,Ich re<_jistration as to principal only, or both principal ind interest, no transfer of the Bonds shall be valid unless made at such office by the registered owner, or by his duly authorized agent or representative and similarly noted on the Bonds, but the Bonds may be discharged from registration by being in like i,anner transferred to bearer and thereupon transferability by celiv_�ry shall be restored. At the option of the holder, the Bonus may thereafter again from time to time be registered or transferred to bearer as before. Such registration as to principal only shall not affect the negotiability of the coupons which shall continue to pass by delivery. SECTION 10. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any Bond shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its discretion issue and deliver a new Bond with all unmatured coupons attached of like tenor as the Bond a'nd attached coupons, if any, so mutilated, destroyed, sto- len or lost, in exchange and substitution for such mutilated Bond upon surrender and cancellation of such mutilated Bond and attached coupons, if any, or in lieu of and substitution for the Bond and attached coupons, if any, destroyed, stolen or lost, and upon the holder furnishing the Issuer proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the Issuer may prescribe and paying such expenses as the Issuer may incur. All Bonds and coupons so surrendered shall be cancelled by the Clerk of the Board. If any of the Bonds or coupons shall have matured or be about to mature, instead of issuing a substitute Bond or coupon, the Issuer may pay the same, upon being indemnified as aforesaid, and if such Bond or coupon be lost, stolen or destroyed, without surrender thereof. Any such duclicate Bonds and coupons issued pursuant to this section shall constitute original, additional, contractual -8- obligations on the _;.,art „� the Issuer whether or not the lost, stolen or destroti,ed r`3oncis or coupons be at any time found by anyone, and such a::��:cat ;zords and coupons sha11 be entitled to equal and proportionate bcnetits and rights as to lien on and source and security for payment from the funds, as hereinafter pledged, to the sa,::e extent as all other Bonds and coupons issued hereunder. SECTION 11. PROVISIONS FOR REDEMPTION. The Term Bonds shall be redeemable by operation of the Bond Amortization Fund and, at the option of the Issuer, all Bonds may be redeemable as provided by subsequent resolution of the Issuer adopted prior to the delivery of the Bonds. Notice of such redemption shall be published at least once, 30 days prior to the redemption date, in a financial journal published in the Borough of Manhattan, City and State of New York, shall be filed with the paying agents, and shall be mailed, postage prepaid, to all registered owners of Bonds to be redeemed at their addresses as they appear on the registration books. Interest shall cease to accrue on any Bond duly called for prior redemption on the redemption date, if payment thereof has been duly provided. SECTION 12. FORM OF BONDS AND COUPONS. The text of the Bonds, the interest coupons and'the certificate of validation shall be in substantially the following form with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted by this Instrument or by any subsequent ordinance or resolution adopted prior to the issuance thereof: No. `:IT, D TATES OF AMERT A .'E OF FLORIDA M1()'.7ROF COUNTY M` '41`01: C(;L� �'i: �17 N IC ! PAL SERVICE DISTRICT I'11PROVf '-1ENT BLIND, SERIES 1980 KNCW ALL MEN BY THESE PRESENTS, that Monroe County Municipal Service. District, Monroe County, Florida (hereinafter called "District"), for value received, hereby promises to pay to the bearer, or, if this bond be registered, to the registered holder as herein provided, on the first day of _ - r , from the speci<11 funds hereinafter mentioned, the principal sum of --- —__-_ — _- DOLLARS and to pay solely from such special funds, interest thereon from the date hereof at the rate of per centum O pQr annum until payment of the principal sum, such interest to the maturity hereof being payable semiannually on the w first day of and the first day of in each year upon the presentation and surrender of the annexed coupons as they severally fall due. Both principal and interest -on this bond are payable in lawful money of the United States of America at , or, at the option of the holder, at This bond is one of an authorized issue of bonds in the aggregate principal amount of not exceeding $8.000,000, of like date, tenor and effect, except as to number, interest rate and date of maturity, issued to finance the cost of the acquisition a nd.construction of addi-ions, extensions and improvements to the solid waste disposal facilities of the District, pursuant to the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Ch. 125, Fla. Stat. (1979), Chapter 8, Articles I, II and III, of the Monroe County Code, and other applicable provisions of law, and a resolution duly adopted by the Loard of County Commissicners of Monroe County, Florida, the governing body of the District, on _10_ i the day O. ------------`___► 1980 (hereinafter called "Resolution") , ;ect to all he terms and conditions of such Resolution. This Ll,r. i jn:icj, appertaining thereto are payable solely from and secured by a prior lien upon and pledge of the special assessn=,nts levi(�d annually against residential property within the District specially benefited by the acquisi- tion and construction of the Project and the furnishing of solid waste disposal services by the District, including interest on such special assessments; any payments received from franchisee solid waste collectors with respect to corimercial property within the District and all other funds received by the District with respect to the furnishing of the solid waste disposal services to the residents of the District, excluding any federal funds received from time to time by the District; and certain invest- ment income; all in the manner provided in the Resolution. - (Insert Redemption Provisions) Notice of such redemption shall be given in the manner required by the Resolution. This bond does not constitute an indebtedness of the District within the meaning of any constitutional or statutory provision or limitation, and it is expressly agreed by the holder of this bond and the coupons appertaining thereto that such holder shall never have the right to require or compel the exer- cise of the ad valorem taxing power of the District. for the payment of the principal of and interest on this bond or for the making of any sinking fund, reserve or other payments required in the Resolution. The Di Strict in the Resolution has covenanted and agreed with the holders of the Bonds of this issue to levy and collect such special aSsi' ; ;;^�?n tS as `.,;ill always provide revenues in each year sufficient t:_) pal; 1004� of the maximum bored service requirement, as define(: in the Resolution, on the bonds of this issue, and on all other oblic:ations payable on a parity --11- therewith, plus reserve and other payments required In such ResolUt._t. ';, :1., �,ll;,g the cost of operation and main- tenance of the facilities to the extent not paid from ad valore:i taxes levied and collected in the District, and the deposits for renewals and replacements of such facilities, and that such special assessments shall not be Vn reduced so as to be insufficient to provide adequate revenues for such purposes; provided, however, that such special assessments shall be levied against the benefited property in proportion to the special and positive benefits to be received from the acquisition and construction of the Project and the furnishing of solid waste disposa'_ services to the residents of the District, and shall never exceed in the aggregate the amount by which such property is determined to be benefited. The District has entered into certain further covenants with the holders of the bonds of this issue for the terms of which reference is made to the Resolution. It is hereby certified and recited that all acts, conditions, and things required to exist, to happen and to be r ,performed precedent to and in the issuance of this bond, 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 1 Florida applicable thereto; that the issuance of the bonds of this issue does nut violate any constitutional or statutory limi- tation or provision; and that the issuance of the bonds of this issue has been appro-�,ed under the provisions of Ch. 80-98, haws of Fla. This bond and the coupons appertaining thereto are and have all the qualities and incidents of a negotiable,instrument under the laws of the State of Florida. This bond May be registered as to principal only or as to both principal and interest in accordance with the provisions endorsed hereon. IN PNITNESS '�•7HER:OF, Monroe County Municipal Service -12- \ District has ::as c��used be the same to signed by the of County COMMissioners of Monroe County, 1='lori. U, n;f atteste,. _Ind countersigned by the Clerk of such Board, either manually or with their facsimile signatures, and the corporate seal of the District or a facsimile thQ eof to be affi�te ;, impreSSed, imprinted, lithographed or reproduced hereon, and the interest coupons hereto attached to be executed witti the facsimile signatures of such officers, all as of the first day of 1980. MONROE COUNTY MUNICIPAL SERVICE DISTRICT B Chairman, Board �of�County Commis - (SEAL) sinners of Monroe County, Florida, governing body of Monroe County Municipal Service District ATTESTED AND COUNTERSIGNED: Clerk, Board of County Commissioners of Monroe County, Florida, governing -body of Monroe County Municipal Service District FORM OF COUPON No. On the Ist day of S , 19_, unless the bond to which this coupon: is attached is callable and shall have been duly called for prior redemption and provisions duly made for the payment thereof, r.onroe County Municipal Service District will pay to the bearer at or, at the option of the holder, at , from the special funds described in the bond to which this coupon is attached, the amount shown hereon in lawful money of the united States of America, upon Presentation and surrender of this coupon, being interest then due on its -13- i Improvement Bor.J, i_. iy;p dated ' _ 1980, No. MONROE COUNT': MUNICIPAL SERVICE DISTRICT By Chairman, Board -of County�Commis- sioners of Monroe County, Florida, governing body of Monroe County Municipal Service District ATTESTED AND COUNTERSIGNi_D: Clerk, Hoard of County ---- Commissioners of Monroe County, Florida, governing body of Monroe County Municipal Service District VA;_,IDATION CERTIFICATE This bond is one of a series of bonds which were vali- dated and confirmed by judgment of the Circuit Court for Monroe County., Florida,rendered on the . - day of 1980. Chairman, Board of County commis- sioners of Monroe County, Florida, governing body of Monroe County Municipal Service District PROVISION FOR REGISTRATION This bond may be registered as to principal only in the name of the holder on the books to be kept by the Clerk of the Board of County Co,missioners of Monroe County, Florida, as Registrar, or sucl, other Registrar as may be hereafter duly appointed, such registration being noted hereon by such Registrar in the registration blank below, after which no transfer shall be valid unless made by written assignment on the books by the registered holder or his attorney duly authorized and similarly noted in the registration bank below, but it may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered -1 4- I t as before. The r=.is; ,tion of this bond as to principal only shall not restr_ai„ ts.. ncc40tiability of the coupons by delivery, but the coupor:s r.:_r . .;r�rrenderec to the Registrar and the interest made payable on',,, to the registered holder, in which event the Registrar shall note in the registration blank below tha.6 this bond is -registered as to interest as well as principal, and thereafter the interest will be remitted by mail to the registered holder. This bond, when converted into a bond registered as to both principal and interest, may be reconverted into a coupon +ond and again converted into a bond registered as to both principal and interest as hereinabove provided. Upon reconversion of: ttiis bond, coupons representing the interest to accrue upon this bond to its date of maturity shall be attached hereto by the Registrar, and the Registrar shall note in the registration blank below whether this bond is registered as to principal only or payable to bearer. w DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF REGISTRATION REGISTERED REGISTRATION REGISTRAR I -15- SECTION+ 3. ',P ',I-ATION OF BOND PROCEEDS. The proceeds, interest and premium, if any, received fro,n ti,, "iz1Y or all of the Bonds shall be applied by the Issuer .:Is toli�ws; A. The accrued interest and, at the option of the Issuer, interest to accr.ze for ap to one year after the date of deV?very of the Bonds, shall be deposited in the Sinking Fund herein created, and shall be used only for the of paying interest becoming (-iie _on the Bonds. B. The Issuer shall deposit into the Reserve Account in the Sinking Fund, an amount equal to the Maximum Bond Service Requirement. C. The I: suer shall next use the money to pay all costs incurred in connection with the issuance of the Bonds. D. There is hereby created and established the Incinerator Construction Fund (hereinafter called "Construction Fund"), into which shall be paid the balance of the money remaining after making all the deposits and payments provided for in paragraphs A, B and C above. The Construction Fund shall be kept separate and apart from all other funds and accounts of tine Issuer, and the money on deposit therein shall be withdrawn, useJ and applied by the Issuer solely to the payment of the cost of the Project. If for any reason such proceeds or any part thereof are not necessary for or are not applied to the payment of such cost, then the unapplied proceed, shall be deposited by the Issuer into the Renewal and ReDlaCec?ent Fund, hereinafter created and established. All such proceeds shall be and constitute trust funds for such purposes, and there is hereby created a lien upon such money until so applied in favor of the holders of the Bonds. Any fur'(:!7 on deposit in the Construction Fund which, in the opinion of the Issuer, are not immediately necessary for expenditure, a :'i reinabove provided, may be invested in the manner authorize' for the investment of -county funds, but such k' t � -16 - 4+ _ investments shall ,r. hat later than the dates on which such funds will be pal>r�ent of the cost of the Project. A11 income derived _:-atrom shall '- deposited in the Revenue Fund. SECTIO:,,' l,<. SPECIAL OBLIGATIONS OF ISSUER. Neither the Bonds nor coupons shall be or constitute general obligations or in�7btedness of the Issuer as "bonds" within the meaning of the Constitution of Floridl:, but shall be payable solely and secured by a lien uo,_n and a pledge of the Pledged Funds as herein provided. NO holder or holders of any Bonds issued hereunder or of any coupons appertaining thereto shall ever have the right to cor,lpel tie exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real or perscnal property therein to par such Bonds or the interest thereon. A. PLFI)C;E OF FLEDGED FUNDS. The payment of the prin- cipal of and interest on the Bonds shall be secures; forthwiti-., equally and ratably, by an irrevocable lien on the Pledged Funds, prior and superior to all other liens or encumbrances on such Pledged Funds, and the Issuer does hereby irrevocably pledge such Pledged Funds to the payment of the principal of and interest on the Bonds, for the reserv-:!s therefor and for all other required payments. SECTION 15. COVENA14TS OF THE ISSUER. For as long as any of the principal of and interest on any of the Bonds shall be Outstanding an- unpaid or until there shall have been set apart in the Sinking Fund, herein created and established, including the Reserve Account therein, and in the Bond Amortization Fund, herein created an,! established, a sun sufficient to pay when due the entire principal of the Bonds regaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants wit.1 the holders of any and ail Bonds as follows: A. REVENUE F[..TND. The entire Pledged Revenues shall upon receipt thereof be deposited in the 'Revenue Fund" (hereinafter called "Revenue Fund"), hereby creatt!d and -17- established. Sc<c`.: _r;,,;: Fun? shall constitute a trust fund for the purposes and shall be kept separate and distinct of the Issuer and used only for the purposes and in th,? i;erein provided. B. DI:tJSI'I'ION OF PLEDGED FUNDS. All Pledged Funds at any time remai ;in3 on deposit in the Revenue Fund shall be dis7osed of as they are received by the Issuer, commencing in the month im ediat>>1; foilowin:_; the delivery of the Bands, only in the following manner and in the following order of priority: (1) Fr0111 the money in the Revenue Fund, the Issuer shall first deposit into a separate fund which is hereby created and designated "Improvement Bonds Sinking Fund" (hereinafter called "Sinking; Fund"), such sums as will be sufficien t to meet the payments of principal of and interest on the Bonds becoming due during the current Bond Year. All such payments, as provided above, shall include an amount .sufficient to pay the fees and charges of the paying agents. Such payments shall be adjusted to the extent required to pay such interest becoming due, after making allowance for the amounts of money which will be deposited in the Sinking Fund out of proceeds from the sale of the Bonds to Pay interest thereon. (2) From the money on deposit in the Revenue Fund, the Issuer shall next deposit into the "Bond Amortization Fund," herein created and established, on a parity with the payments required in paragraph (1) above, if and to the extent required, a sum sufficient to meet the amount of the Amortization Installments for Ter;;i Bonds which shall become due and payable during the current Bond Year. Upon the sale of any series of Term Bonds, the Issuer shall, by resolution, establish the amounts and maturities of such Amortization Installments for each series, and if there shall be mere tliar. one ...aturity of Term Bonds within a series, the Amortization Installments for each maturity of the Term Bonds. -18- ii= 3' Moneton `;`'_'�" in the Bond Arcl-)r.tization Fund shall be used for the oy;f n;U1-chase or redem-Ption, at the earliest practicable (3) �Sor ey r r':=� ini,ly in the Revenue Fund shall next be applied by the Issuer for the establishment and maintenance of a Reserve Account in the Sinking Fund, which Reserve Account is herby created i -ij,"A established, in a sum at least equal to and sufficient to pay the MIxi;num Bond Service Requirement on the Bonds. If, at any t�;;e, there shall be on deposit in the Reserve Account less than such t•laximum Bond Service Requirement then, to the extent necessary to maintain the Reserve Account, there shall be deposited therein in each Bond Year, after providing for the Payments rewired in (1) and (2) above, from the money remaining in the Revenue Fund, an amount equal to 20% of the difference between the Max :-:ium Bond Service Requirement and the amount currently on df'posit in the Reserve Account immediately after the most recent withdrawal therefrom. No further payments shall be required to be made into such Reserve Account as long as there shall remain on deposit therein a sum equal to the Maximum Bond Service Requirement. Money in the Reserve Account shall be used only for the purpose of the payrient of maturing principal of or interest on the Bonds, or MI-Ituring Ar;iortization Installments, if any, when the other money in the Sinking Fund is insufficient therefor, and for no other' purpose. (4) Ution the issuance of any Additional Parity Obligations und,,r the terms, limitations and conditions as are herein provided, the payments into the Sinking Fund (including the Reserve Account therein) and, if Term Bonds are issued, into the Bond Amortization Fund, shall be increased in such amounts as shall be necessary to T..a};e the payments for the principal of, interest on and reset✓es for such Additional Parity Obligations and, if Term B:;nds are issue°d, the Amortization InstalI-ents, on the same basis as hereinabove provided with respect to the Bonds -19- initially issu; 3 this Instrur.,ent. The >,:r_r i:all not be required to make any further payments into:- n I F:lnd ( i nclud i ng the Reserve Account therein) and t 7:,)na ion Fund when the aggregate amount of money ill th,� ;inking Fund (including the Reserve Account therein) and t;:e Bon,? A,:iortization Fund are at least equal to the BohB Serviceevent, nlus the amount of redemption premiums, if any, then Ju' and thereafter to become due on the Bonds then outstanding b,, ` the Bond Anortizaticn Fund. (5) shall next be used for deposit into a fund to be known as t,:e "Oi eratlon and Maintenance Fund," which is hereby create`, ani established, suet: suj-1s as are necessary for the Cost of t;,: - _ration and ;•,_,irltenai:ce for the current Fiscal Year in accor.i.: n ,. wi t�i the b,_id jet to be adopted as hereinafter provided. (6) Thr. Issuer shall next apply money in the Revenue Fund to the pa_-TMent of current debt service and reserve require- ' - ments of any obligations of the Issuer issued to finance the cost of additions, extensions and improvements to the Facilities, which are junior and subordinate to the lien of the holders of the Bonds and Additional Parity Obligations on the Pledged Funds. (7) Ti;e Issuer shall next apply and deposit the money in the Revenue Fund into a special fund to be known as the "Renewal and Replacement Fund," which fund is hereby created and established.' T:e Issuer shall deposit into such and a l _Renewa -- -a nd Replacement Furi-, an amount equal to 6� of the Pledged Funds collected for the previous Fiscal Year, until there shall be on deposit in suc,i Renewal and Replacement Fund the sum of $100,000 or such larger amount recommended by the Consulting Engineers and approved by the Issuer' The money in the Renewal -and Replacement Fund shall be used only for the purposes of paying the cost of extensions, enlargements or additions to, or the replacement of depreciable ca,ital assets of, the Facilities and emergency repairs thereto, �.,nd to provide an adequate reserve for depre- -20- c i a t i o n of all : _ ;r; ; ;4 1 <- tal assets ,except such assets being acquired i -ct- purchase fi;.a11C i:.g. Such mo:iey on deposit therein i�.:, i 31.> r,e used to imp' anent the Reserve Account, if necf, ;:,ar.7, in ot_der to i>a default in the payment of the princi.nal, Ai;ortization Installments and interest on the Bonds. The money on deposit in such fund shall be withdrawn only Pon the authorization of the Board. (8) The balMce of any money remaining in the Revenue — Fund after the above required payments have been made on a cumu- lative basis,shall be_used ibv the Issuer for the-purchase`or redemption of BondsJ`or!Ifor the making of capital improvements to the Facilities. (9) The, Revenue Fund, the Sinking Fund, the Bond Amortization Fund, the Reserve Account, the Operation and Maintenance Fund, the Renewal and Replacement Fund and any other special funds herein established and created shall constitute trust funds for the purposes provided herein for such funds. All such funds shall be continuously secured in the same manner as county deposits are required to be secured by the laws of the State of Florida. The designation and establishment of the various funds in and by this resolution shall not be construed to require the establishment of any completely independent, self -balancing funds as such terra is cocamonly defined and used in govern,-nental accounting, but rather is intended solely to constitute an ear- marking of certain revenues and assets of the Issuer for certain purposes ana to establish certain priorities for application of such revenues and assets as herein provided. Money on deposit in the Revenue Fund, Sinking Fund (except the Reser;,e Account therein), the Bond Amortization Fund and the Operation and Maintenance Fund may be invested and rein- vested in the manner provided by law for the invest;nent of county funds, provided such investalents either mature or are red!emable at not less than par at the option of the Issuer, not later than -21- the date on wt::ci: ";<, ;:,�Y on de -Posh ti;crein will be needed for the purposes o� uc;; "_;r;:;i:;, The Toney in the Renewal a -Id Replacement 1'ur1__1 ,,;:,t �d and reinvested in the manner provided by lacy for of county funds, provided such investments mature or hr., re; eemabie at not less than par at the option of tho I5:3llt r, nOt i_dCC'.1:' t}:alh 5 years frof:: 'L—hieir dates. `rh�`�'mon y in the..,ay te invested and reinvested in the manr,�r :-,rovided L:; i;iw for' tihe i«vestment of county funds, provided such invest,m,•nts r,:ata-le or are redeemable at not less than par at the option of the Issuer, prior to the last maturity of the Bonds. 7i11 income on such investments shall be deposited into the Revenue Fund. C. OPE:RATIUN AND i-?AitiT't:NANCE. The issuer will maintain the Facilities and all parts thereof in good condition and will operate the same in an efficient and economical manner making such expenditures for Equipment and for renewals, repairs and replacements as may be proper for the economical operation and maintenance thereof. D. ANNUAL, BUDGET. The Issuer shall annually prepare and adopt within the time limits provided by law for the adoption bf county budgets, a detailed budget of the estimated expen- ditures for operation and maintenance of the Facilities during such next succeeding Fiscal Year. No expenditure for the opera- tion and maintenance of the Facilities shall be made in any Fiscal Year in excess of the amount provided therefor in such budget without a findinx and recommendation by the duly authorized officer in chai�-;ie thereof, or shall be made until the governing body of the IsS.Jer shall havf_ approved such finding and recommendation. No such increased expenditures in excess of 10% of the amount provided therefor in such budget ::shall in any event be made except apon ti-le furt,.er certification of the Consulting Engineer that > ,ci: increased expenditures are necessary and essential to the continuance in operation of the Facilities. The Issuer shall mail copies of such annaal budgets and all ordinan- -22- ces and resole_xen itures for opera- tion and .,rho shall file his address witi� in t wr .ing that copies of all such budgets ar. L _s(;iut=ions oe t furr.is ]e him, and shall make avaibu�3;e;:= and all ordinances ar.:3 resolu- tions aut}]Orizin for operation and main- . tena ce of file ::llltl>s at all reasonable tir„es to any holder Or holders of i:,:1n. :, <;r tc,, a-lycn•,. acting for and on oe ;al- of such holder or hole r E•.OLCT10,;S. The Issuer shall annually adopt an ass •ss,-. rt r, s lotion ws rE_`duire:: by the Act, and thereby will det`Yr� i�:c, Eix, levy and collect such Assessments as will d1WaVs �r :!'1 ;• L"E?`,'e::L:?S in each year sufficient tC3 pad' 1QU Of the 111axii-aum 7Ivn:3 Ser`,ice RC'Q1L1ireT;lent On the Bonds and on all outstanding Parit,; Obligations, plus 100`s Cf all reserve or other Payments, including the Cost of Operation and Maintenance and deposits for renewals and replacements of the Facilities. Such Assessments shall not be reduced so as to be insufficient to proi<:E- revenues for such Purposes; provided, however, that the -%s, ssj7'_'nts shall be levied against the bennj- kited property in prOPortion to the special and positive benefits to be received fro,n t: acquisition and construction of the Project and the furnishing of solid waste disposal services to the residents of the Issuer, and shall never exceed in the aggre- gate the amount b-y, which such property is determined to be benefited. LL�) -, • UL'��-" AND I ssuer snail al ' - books 50 K"eo and records of}:._ pi,__; ands wcich shall be kept separate and apart from all oti:r :Oo';s, records and accougts of the Issuer, and the holders of Less than l0% of the BOn(]s outstanding shall have the r._:� "t all reasonable tiro to inspect all records, accoun c;a a of the Issuer relating thereto, G. 'L'I''. . e Is_uer shell also at least once a yea in J,� u } J f cr , r wit: 'a t the ci se 'of its i'iscl Year, c :use - 23- the books, recor:is jr ;� relating to the Pledged Funds to be properly auU. r-cognized independent firm of certified public account. r,t ;11.,111 ; ake generally available the report Of such audits to an_ h,),der or holders of Bonds. Such audits shall contain the balance sheet, a schedule of insurance in existence, a schedule of the collection and application of all P1t8ged Funds, a schedule of reserves and investments, and a cer- tificate by the auditors stating no default on the part of the Issuer of any covenant ►orein has been disclosed by reason of the audit. The auditors selected shall be changed at any time by a written request signed by a majority of the holders of the Bonds or their duly 3ut'no ized representatives. A copy of such annual audit shall reg,_,iarly be furnished to any holder of Bonds who shall have re�j,est�-j in writing that a copy of such reports be furnished hi 7. H. NO MOFZLL'3AGE OR SALE OF THE FACILITIES. The Issuer will not sell, lease, mortgage, pledge or otherwise encumber the Facilities, or any substantial part thereof, except as herein provided. The foregoing provision notwithstanding, the Issuei- "shall have and hereby reserves the right to sell, lease or other- wise dispose of any of the property comprising a part of the Facilities which the Issuer shall hereafter determine, in the "manner provided herein, to be no longer necessary, useful or pro- fitable in the operation of the Facilities. Prior to any such sale, lease or other disposition of such property, if the amount to be received therefor is not in excess of $50,000, the duly aut:iorized officer in charge thereof shall make a finding in writing determining that such property comaprising a part of the Facilities is no longer necessary, useful or profitable in the operation thereof. If the ar,„ount tc be received from such sale, lease or Other disposition of the property shall be in excess of $50,000 but not in exce�3s of $J00,000, such officer shall first make a -24- finding in writ i;;.,,;r •- ny tha�... suc:; j, operty comprising a part of the Eacitit r,o lonrjer necessary, useful or profi- table in the and the Roard shall, by resolu- tion duly adoi�tc ?, jc t;rc,, ? conch the finding of such officer, and authorize sale, lease or other disposition of the property. If t1-10 Q;-1oL:nt to be received from such sale, lease or other disposition of the property shall be in excess of $100,000 but not in excess of 105 of the value of fixed assets of the Facilities according to the most recent annual audit report, such Officer shall first make a finding in writing determining that such property comprising a part of the Facilities is no longer necessary, useful or 'Profitable in the operation thereof, and the Consulting F.ng ir;.2ers shall make a findim3 that it is in the best interest of the Facilities that such nraitierty be disposed of, and the Board shall by resolution, duly adopted, approve and concur in the findings of such officer and of the Consulting Engineers, and shall authorize such sale, lease or other disposition of the property. 110 sale or other disposition of the property for a'sum in excess of 10% of the value of the fixed assets of the Facilities according to the most recent annual audit and operating report shall be made unless the officer in charge of the Facilities a;jd the Consulting Engineers shall make in writing the finding hereinabove referred to, and they shall further find that the estimated Assessments to be levied by the Issuer for the furnishing of the services of the Facilities and for the payment of the Bond Service Requirement on the Bonds in the 5 Fiscal Years immediately succeeding the sale or other disposition of such property will be not less than the amount required pursuant to Subsection E of this Section, and the Board shall by resolution, d:l adopted, approve and concur in the finding of the officer and the Consulting Engineers, and shall authorize such sale or other disposition of the property. -25- An,, th �t ion t;:e contrar y notwith- standing, ;i:al l restrict the Board from authorizing :Ii:,,Position of any of the property comprising a t of t`: ,:,3,♦;ii it,,'s, if the attorney for the Issuer shall ren,i.r an opinion stating that the obligation of the Issuer to levy and collect the Assessments will not be materially ad`V'7rsely affected by reason of such sale or disposition. The I;,YoceF>k, der. ived from any such sale or other dispo- sition of prop -arty shall rat placed in the Renewal and Replacement Fund or used for the retirement of outstanding Bonds, in Such proportions to he determined by the Board upon the recommen- dations of the officer in charge of the Facilities. I. INSURANCE— The Issuer will carry adequate fire and windstorm insurance on all buildings and structures of the works and properties of the Facilities which are subject to loss through fire or win(lstorm, will carry adequate public liability insurance, and will otherwise carry insurance of all kinds and in • the amounts normally carried in the operation of similar facili- ties and properties in Florida, except public liability insurance for which the Issuer may be a self -insurer in accordance with 'the laws of the State of Florida. Any such insurance shall be carried for the benefit of the holders of the Bonds. All money received for losses under any of such insurance, except public liability, is hereby pledged by the Issuer as security for the Bonds, until and unless such proceeds are used to remedy the loss or damage for wc.ich such proceeds are received, either by repairing the property da:aaged or replacing the property destroyed as racticable. J. FNFoFCEtiIENT OF COLLECTIONS. The Issuer will dili- gently receive, enforce and collect the Pledged Funds; will take all steps, actions and proceedings for the enforcement and col- lection of the Assessments as shall become delinquent to the full extent permitted or authorized by law; and will maintain accurate records with respect thereof. All Pledged Funds shall, as - 2 6 - d. collected, be Kwi lot not otheri-;ise. o r c i i1 r o v i j o d a nd if W OWNWI of any lot or parcel of jand jj j N the paymant of any Assessment for A 5n, :nc" :0 Board shall record at the office of h, � j :Kc Suird, a notice of lien for Such,tWpai�,' Asnusn=n; and if wzh anpaid assessment he nut paid within 270 dalvq oV rh� ZY da.z P of such unpaid assessment, the Board shall declare the cnkyc anni'd hAlaNce of such Assassm2nt to ho Ln default an!, at i" Ova �Vcq�', shall cause such delinquent property to be forucIoseA in !nc snou naNnur new cr hcreaU cr nrjvtdcd by jaw for the forecLosur. af norlyaqoc on real cstate, or uth2rwisu as pro- vided A i1w. If su:; Curoclosire he not pronptly fKad and prosecuted, then any hardholdcr mov fl!w and prosecute Ich foreclosure action in the narc of the Psccr for ;he honcfit of the holdvrs of all, outstanding or unpaid 1-05 and intrust thereon. All mancy realized thereby shall be depositee: in the Revenue FuAd and distributed 'as above provided.- The Issuer further covenants, at its expense, to furnish to any Boadholdcr requunti,, the same, 60 days after the ,due t�. date of each annual instailmont, a list of all delihquents, together with an annual audit of the Rcvonue Fund by A certified public accountant. L. YCHUGSURK OF ASSESSMENT LIENS. If any property shall be offerul C"r ..:u C:y who nonpayAont uf an& \4sossmcnt, and no person or pcy.a�s s�nll narcKaso Ao same fcr an amunnt equal to the fall an an: on tho AsSeSsnCnt (principal, interest and cast. i, Qu 1Y,PcKY snail Ucr A purahanod in the name of the Issuer C"c un anuunt cu1nal to the balance dvc an the Assessment (piins_ ,pAi, inrwrusL in_1 costs), and the Issuer shall receive in its corn"Yn!c nN, u tttitle t, tA,prole_ f,, the benefit of thu 561��yy of thy. banis. The issuer shall hava the power and shall irlso �r YKI such property, and deposit all of the net proceeds of ary shcn JuNsc or sale into the Revenue Fund. Not less than 10 jAvs rinr to Qu fhk� of any Corc&nsure action as herein providK, t�w •Inswor s„ajj cause written nolic, th.... f I LL; to be maila agents of the holder: of the Bonds. Not less than i,ar to the proposed sale of any lot or tract of land > .,? oreclosure by the Issuer, it shall give written notice th _ nor to such representatives. r- The Issue.. agrees that it }:<ill be r,?(_:,sired to take the measures provided by law for sale o� pror..�rty acquired by it as trustee for the Bond- holders within 30 (lays after the receipt of the request therefor signed by the I;:-la.,rs of r,ot less than 15� of the aggregate prin- cipal amount o_ o,,tstanding Bonds. M. RE..IED1ES. Any holder of Bonds or any coupons', apper- taining thereto, issued under the provision hereof, or any trustee acting for the holders of such Bonds, may either at law or in equity, by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights, includin,; the right to the appointment of a receiver, existing under the: laws of the State of Florida, or granted and contained herein, and may enforce and compel the performance of all duties required herein or by any applicable statutes to be performed by the Issuer or by any officer thereof. N. CONSULTING ENGINEERS. The Issuer will annually retain an independent Consulting Engineer or engineering firm having a favorable reputation for skill acid experience for the design, construction anJ operation of facilities of comparable size and character as the r'acilities, for the purpose of pro- viding the Issuer co::,:etent engineering counsel affecting the economical and operation of the Facilities and in con- nection with the making of capital improvements and renewals and replacements of the Faci.L.L . The Issuer may, however, employ additional engincrers at any time with relation to specific engi- neering and operation problems arising in connection with the System. The Issuer shall, at least every 2 years, cause to be prepared by the Consulting Engineers, a report or survey with respect to the :r.an<�yement of the Facilities, the sufficiency of N - 28- the Assessm n--_, _" icc5 of the Facilities, the proper main- tenance of ti, ties 0L the Facilities and the necessity for capital i;n��r �; _.. :. s :n,i reco,�nendati.;n therefor. Such a report or survey shall o _;11ow any failure of the Issuer to perform or comply with the nants herein contained. In making such report or survey, the Consulting EnginL�(.rs shall accept certified stal'ements of t independent certified public accountants. Copies of earli or survey shall be placed on file witl. the Issuer and shall be o�^?n to the inspection of any holier of Bonds or other interested parties. O. NO Ci,;-MPETING FACILITIES. Except as may he provided in the Act, the Issuer will not grant, renew or cause, consent to, or allow renewal, ext,_nsion or expansion of any franchise or pel-pit to any person, firm, corporation or body, or agency or instrumentality whatsoever, for the furnishing of ser- vices similar to those of the Facilities to or within the boun- daries of the Issuer. P. ISSUANCE OF OTHER OBLIGATIONS. The Issuer will not issue any other.- obligations, except under the conditions and in the manner provided herein, payable from the Pledged Funds nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien of the Bonds and the interest thereon, upon the Pledged Funds. Any other obligations issued by the Issuer in addition to the Bonds herein authorized or Addi- tional Parity Obligations provided for in subsection Q below, payable from the Pledged Funds, shall contain an express state- ment that such obligations are junior and subordinate in all respects to the Bon:is, herein authorized, as to lien on and source and security for payment from such Pledged Funds. Q• ISS")'III SCE OF ADDITIONAL PARITY OBLIGATIONS. Additional Parity Obligations, payable on a parity from the Pledged Funds :.it;, the Bonds, herein authorized, may be issued after the issuanc= of any Bonds, herein authorized, for the - 29- construction alldi.tic;ns, extensions and impro- vements tb for r.-funding purposes, and upon the conditions a::. Provided: (a) .•. s::.ill nave been obtained and filed with the Issuer a certi is ;te an inden,2nden,t certified public accountant Of suitable e>;p._r: nco and rponsibiiity: (i) stating that the booTrrs and rec„L- i,; of th:� Issuer relating to the collection and receipt of rlt:.:; 7 u: ds :^.ave boen and i *. ed by him for the fiscal year i;,,mediat_ 1_ c�s1 �L eoe :,J utf of the proposed obli- gations; ; i i the amount >f Net Pledged Funds receives' by tr:o :.:. eY for_ the ,odited period referred to in (i) above, with rers_ t., h s: c;i certificate is rnade; (iii) ng the t t'. Plt-�dged Funds pursuant to (ii) above, equal at least 1.20 ti:-:_s the Maximus* Fond Service Requirement on all Bonds, and all aditional Parity Obligations, if any, theta outstandin and on the additional Parity Obligations with respect to which such certificate is made. (b) If desirable, the Net Pledged Funds for such fiscal year may be adjusted by the Consulting Engineers to reflect for such fiscal year and the period from the end of such fiscal year to the date of sale of the proposed obligations, changes made in the rates or other charges of the Assessments during such fiscal year and the period from the end of such fiscal year to the date of sale of the iPL7c.`poSed obligations, as if such changes were in effect for the er:tire fiscal year. (c) mac;, resolution authorizing the issuance of addi- tional 1.parit14 y cb_.L,ations will recite that all of the covenants herein container; ;will be applicable to such Additional Parity Obligations. (d) Tn- Issuer shall not be in default in performing any of the cov-2n:nos and obligations assumed hereunder, and all payments herein r-]uired to have been made into the accounts and funds, as provi d hereunder, shall have been made to the full extent required, -30- 7" r'I rI7S. The Issuer in Operating the Facilities (ic'MOnst-rated ability. S. 1 171 1_'7 S The T5SUO,- Will, to the full extent permitt,_,j ')(-rs0,'1s within the limits of the Issuer who car: >-',�rvices of tht., Facilities to utilize such services immediat-�Ily upon availability '-.-nd to cc:.�ase the use of alroti-,e-r means 3 and :etilids Similar to �:he services 'LUZ:1-ished by the Facilities. SECTION 11.6. -SALE" OF i'1,,),iDS. The Donds shall be issued and sold at Public or private slle at such price or prices con- sistent with the provisio!-js of the Act and the requirements of this Instrument af-, t'"e I,*,suer shall hereafter determine by resolution. SECTION 17. ":ODIFICATION OR AMENDMENT. No material modification cr amend:-;erjt Of this Instrument or of any Ordinance or resolution amendatory hereof or supplemental hereto may be made without the consent in writing of the holders of two-thirds or more in aggregate principal amount of the Bonds then outstanding, provided, however, that no modification or amendment shall permit a change in the maturity of such Bonds or a r& . duc- .tion in the rate of interest thereon or in the amount of the principal obligation, or affect the unconditional promise of the Issuer to pay the Principal Of and interest on the Bonds as, the same shall come �jje 'rOM the Pl,,dged Funds, or relic,? t;*ie percen- tage of the'holders of tie Bonds required to consent to any material modification or amendment hereof, without the consent in writing of the holder or holders of all such Bonds. SECTION 18. DEFEASANCE. If, at any time, the.Issuer shall have paid, or Shall have made provision for payment of, the principal, interest and redemption premiumis, if any, with respect to the Bonds, then, and in that event, the pledge of and lien on the Pledged Funds in favor of the holders of the Bonds shall be no longer in effect. For purposes of the preceding sentence, deposit of sufficie;-t cash and/or principal and interest on -31- MORWAM, MONROE COUNTY MUNICIPAL SERVICE DISTRICT, MONROE COUNTY, FLORIDA $ 8, 000, 000 I14PROVEMENT BONDS, SERIES 1980 NON -ARBITRAGE CERTIFICATE The undersigned official of the Board of County Commissioners of Monroe County, Florida (the "Board") , the governing body of the Monroe County Municipal Service District (the "District"), certifies with respect to the above issue of notes ( the "Bonds") , as follows: 1. The undersigned, along with other officials of the Board, is charged with the responsibility of issuing the Bonds. 2. This certificate is made pursuant to Sections 1.103-13, 1.103-14, and 1.103-15 of the Code of Federal Regulations promulgated by T.D. 7627 on May 31, 1979 (the "Regulations"), all with respect to arbitrage bonds as described in Section 103(c) of the Internal Revenue Code of 1954, as amended ( the "Code") . 3. The Bonds are being issued on the date hereof for the purpose of permanent financing of the cost of the acquisition and construction of additions, extensions and improvements to the solid waste disposal system spf -h District, as more particularly described in Resolution No.' 980 of the Board, as amended (collectively, the "Resolution") and hereinafter referred to as the "Project," as to which the estimated cost is $8, 000, 000. 00. On the date hereof the District will refund its outstanding $ 4, 000, 000 Improvement Bonds, Series 1980, Anticipation Notes, Series A, dated December 1, 1980, maturing May 15, 1981 (the "Notes"), which were issued to provide interim financing for part of the cost of the Project. 4. As of the date hereof, the Board has entered into contracts for technical services, construction and acquisition of portions of the Project involving more than $100, 000. Work on and acquisition and construction of the Project will proceed.with due diligence to completion, and it is presently expected that the Project will be completed by December 22, 1983. 5. The total aroceeds of the sale of the Bonds are $ 7, 903, 147. 33 which will be used as follows: a. Accrued and capitalized interest deposited in the Sinking Fund b. Deposited with Paving agent for Notes for payme:. of Notes at maturity on May l 1981 c . Deposited into Resei . Account d . Pay MBIA insurance pre;,- um e . Incinerator Construction Fund Total ............... $ 545, 207. 33 $ 4, 172, 333. 00 $ 930, 985.00 $ 250, 000. 00 $ 2,004,622.00 $ 7, 903, 147. 33 6. At least 85% of the proceeds of the sale of the Notes and the proceeds of the sale of the Bonds deposited in the Incinerator Construction Fund will be spent by December 22, 1983. All accrued and capitalized interest deposited into the Sinking Fund and the investment income derived therefrom will be spent for interest due on the Bonds on or prior to April 1, 1982. -1- 7. The Board reasonably expects that the Project will not be sold or otherwise disposed of, in whole or in part, prior to the last maturity of the Bonds. 8. T7,e Bonds are payable from the proceeds of the spe- cial assessments levied annually against residential property within the District specially benefited by the acquisition and construction of the Project and the furnishing of solid waste disposal services by the District, including interest on such special assessments; any payments received from franchisee solid waste collectors with respect to commercial property within the District; all other non ad valorem funds received by the District with respect to the furnishing of solid waste disposal services to the residents of the District, excluding any federal funds received from time to time by the District; and certain invest- ment income (collectively, the "Pledged Revenues"). All amounts of proceeds of the sale of the Bonds and Pledged Revenues depo- sited into the Sinking Fund (excluding the Reserve Account therein) for the purpose of payment of principal of and interest on the Bonds will be used within 13 months of the date of deposit for such purpose, except for a reasonable carryover amount not to exceed the greater of one year's earnings on the Sinking Fund ( excluding the Reserve Account therein) or 1/1 2 of annual debt service on the Bonds. 9. All income from investments of Bond proceeds depo- sited in the Incinerator Construction Fund will be expended for costs of the Project within one year after receipt or will be deposited within one year in the Sinking Fund for the payment of the principal of and interest on the Bonds. All income on investments in the Sinking Fund (excluding the Reserve Account therein) will be retained in the Sinking Fund and spent within 13 months after receipt for payment of principal of or interest on the Bonds. 10. On the date hereof, the District will deposit with Florida Keys First State Bank, Key West, Florida, the paying : agent for the Notes, from the proceeds of the sale of the Bonds, an amount equal_ to $4, 172, 333. 00 which will be sufficient to pay a•t their maturity on May 15, 1981, the principal of and interest on the Notes. 11. Other than the Sinking Fund and Reserve Account described above, the District has not established and does not expect to establish any sinking fund or similar fund for payment of the principal of and interest on the Bonds. 12. 'There are no funds of the District other than as described in paragraphs 8, 9 and 10 above which are reasonably expected to be used, directly or indirectly, to pay debt service on the Bonds, or which are pledged as security for the Bonds and for which there is a reasonable assurance that amounts therein will be available to pay debt service on the Bonds if the District encounters financial difficulties. 13. None of the proceeds of the sale of the Bonds will be used as a replacement or substitute for other funds which were otherwise to be used a..; a source of financing for any part of the cost of the Project. 14. The District has not been notified of any listing or proposed listing of it by the Internal Revenue Service as an issuer that may not certify -its bonds. On the basis of the foregoing facts, estimates and reasonable expectations, and the covenants made in the Resolution, it is not expected that the proceeds of the sale of the Bonds will be used in a manner that would cause the Bonds to be -2-- arbitrage bonds under Section 103(c) f th Regulations. To the best of my knowledge and belief there are no facts, estimates or circumstances that would materially change such expectations. IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate as of this 13th day of May, 1981. C 1 , and of County Commissioners =10 INCUMBENCY CERTIFICATE I, Ralph W. White, Clerk of the Circuit Court for Monroe County, Florida, and ex officio Clerk of the Board of County Commissioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District, DO HEREBY CERTIFY as follows: 1. The names of the members of the Board of County Commissioners of Monroe County, Florida, and the dates of commen- cement and expiration of their respective terms of office are as f ollows: Members Curt Blair Jerry Hernandez, Jr. George E. Dolezal Ken Sorensen W ilhelmina Harvey Term Began November 1978 November 1976 November 1978 November 19, 1980 November 19, 1980 November 1982 November 1984 November 1982 November 1984 November 1984 2. The following persons served as members of the Board - of County Commissioners of Monroe County, Florida, for the terms specified: Members Don Schloesser Richard A. Kerr Term Began November 1976 November 1976 Term Ended November 18, 1980 November 18, 1980 3. George E. Dolezal was duly elected Chairman of the Board of County Commissioners by the members thereof for a term of one year commencing on November 19, 1980. 4. All of the above persons have duly filed their oaths of office, and such of them as are required by law to file bonds or undertakings have duly filed such bonds or undertakings in the amount and manner required by law. 5. I am the duly elected, qualified and acting Clerk of the Circuit Court in and for Monroe County, Florida, and ex offi- c io Clerk of the Board of County Commissioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District. My present term of office commenced on October 1, 1973, and expires on December 31, 1984. I have filed my oath of office and fidelity bond in the amount and manner required by law. 6. The corporate seal impressed hereon is the true and only corporate seal of Monroe County Municipal Service District, Monroe County, Florida. IN WITNESS WHEREOF, I have hereunto set my hand and impressed the official seal of the District, this 13th day of May, 1981. (SEAL) Cle Bo of unt mmi - s ioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District CERTIFICATE AS TO PRIOR PLEDGE We, the undersigned officers of Monroe County Municipal Service District, Monroe County, Florida (hereinafter called "District"), DO HEREBY CERTIFY that the Pledged Funds (as defined in Resolution No. 328-1980 of the Board of County Commissioners Of Monroe County, Florida) which are pledged to the payment of the principal of and interest on its $8,000,000 Improvement Bonds, Series 1980, dated April 1, 1981, have not been pledged in whole or in part, directly or indirectly, for the benefit of any outstanding obligations previously issued by the District. WITNESS OUR HANDS and the seal of the District this 13th day of May, 1981. ( S EAL) C ai an, Bo f Co Comm' - ione s of onro Co ty, Flo ida, the g ver ng b y f Non o Count Munic'pa Servic istric Clerk, of unty s ioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District SIGNATURE AND NO LITIGATION CERTIFICATE WE HEREBY CERTIFY that the undersigned effXAA herirme of the Board of County Commissioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District ( hereinafter called "District") , did on the 12th day of May, 1981, officially sign the following described obligations of the District: $ 8, 000, 000 - IMPROVEMENT BONDS, SERIES 1980, coupon bonds, dated April 1, 1981, $5,000 each, numbered consecutively from 1 upward, bearing interest (payable semiannually on April 1 and October 1) at the rates per annum and maturing on October 1 in the years and amounts as follows: YEAR AMOUNT INTEREST RATE YEAR INTEREST _ AMOUNT RATE 1982 $40,000 11.25% 1992 $120,000 10.00% 1983 1984 45,000 50,000 11.25 1993 130,000 10.10 1985 55,000 11.25 11.25 1994 1995 145,000 10.20 1986 65,000 11.25 1996 160,000 175,000 10.30 10.40 1987 1988 70,000 11.25 1997 195,000 10.50 1989 80,000 85,000 11. 25 11.25 1998 215,000 10.60 1990 95,000 11. 25 1999 2000 240,000 265,000 10.70 10.75 1991 105,000 9.80 2001 295,000 10.80 2011 5,370,000 11.25 We further certify that at zdg, o of the signing of the obligations by the undersigned and on this date, we were and are the duly chosen, qualified and acting officers authorized to execute the obligations as indicated by the offi- cial titles opposite our signatures hereunder. 0- We further certify that the obligations were 1 exe- cuted by the facsimile signature of the undersigned o the Board of County Commissioners, who hereby adopts, ratifies and confirms such facsimile signature. We further certify that the semiannual interest coupons attached to the obligations are properly executed with the fac- simile signatures of the undersigned Chairman and Clerk, who hereby adopt, ratify and confirm their facsimile signatures. We further certify that the Validation Certificate appearing on each of the obligations is properly executed with the facsimile signature of the undersigned Chairman, who hereby adopts, ratifies and confirir;s his facsimile signature. We further certify that our manual signatures have been f iled with the Department of State of the State of Florida pur- suant to the provisions of Section 116. 34, Florida Statutes. We further certify that no litigation of any nature is now pending or, to our knowledge, threatened (either in state or federal courts) restraining or enjoining the sale, execution, issuance or delivery of the obligations, or the application of the proceeds from the sale thereof; or in any manner questioning the proceedings or authority under which the obligations are issued; or affecting the validity of the obligations, or of any provisions made or authorized for their payment, or the payment, collection, application, deposit or pledge of the funds pledged •t Y for the security of the holders of the obligations; or affecting the corporate existence of the District or the titles of the pre- sent officers of the Board of County Commissioners of Monroe County, Florida, or any of them to their respective offices; and that none of the proceedings or authority for the issuance of the obligations has been repealed, revoked or rescinded. We further certify that the seal impressed upon this certificate is the legally adopted, proper and only official seal of the District; and that the seal has been imprinted upon all of the obligations and is hereby ratified. ( SEAL) WITNESS our hands and such corporate seal this 13th day of May, 1981. Signature f Geprge E. Do eza Ra-Ip W,/W ite Official Title Chairman, Board of County Com- missioners, Monroe County, Florida, the governing body of Monroe County Municipal Service District Clerk, Board of County Commis- sioners, Monroe County, Florida, the governing body of Monroe County Municipal Service District i e i—m arve ` J `'1 Member Board of Count C > t y ommissioners Monroe County, Florida he ove in body off` Monroe County Municipal �ervice Rsltf ict. I HEREBY CERTIFY that the signatures of the officers of the Board of County Commissioners of Monroe County, Florida, .which appear above are true and genuine and that I know such officers and know them to hold the offices set opposite their names. FLORIDA NATIONAL BANK OF THE FLORIDA KEYS Authoriz d Of ficer CERTIFICATE AS TO PUBLIC MEETINGS STATE OF FLORIDA C OUNTY OF MONROE We, the undersigned members of the Board of County Commissioners of Monroe County, Florida, at all times material hereto, recognizing that the purchaser of $8,000,000 Improvement Bonds, Series 1980, of Monroe County Municipal Service District, Monroe County, Florida, dated April 1, 1981, will have purchased such bonds in reliance upon this certificate, do hereby certify, individually and collectively, that no two or more members of the Board, meeting privately together, reached any prior conclusion as to whether the actions taken by the Board with respect to the bonds, the security therefor and the application of the proceeds thereof, should or should not be taken by the Board or should or should not be recommended as an action to be taken by the Board, except at public meetings of the Board held after due notice to - the public was given in the ordinary manner required by law and custom of the Board. IN WITNESS WHEREOF, we have hereunto affixed our affi- -cial sign ures this 13th day of May, 1981. Ken Sorensen Je rry Hernandez, Jr. W i l h m na Ha �ey 'l orge E. Dulezal Don Schloe ser (term expired November 18, 1980) Richard A. Kerr term expired November 18, 1980) Curt Blair Sworn to and subscribed before me this 13th day of May, 1981. hotrir Publi/c/o�f Fiorida at Large Ny Corunission Expires: "Ott RUX YAK OF RCMA AT tAIM my OMUMASUM owums JIBE q Im n0J GBBAI P6 , TM CERTIFICATE CONCERNING OFFICIAL STATEMENT We, the undersigned officers of the Board of County Commissioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District (hereinafter called "District"), do hereby certify that nothing has come to our attention which would lead us to believe that the Official Statement relating to the issuance of $8,000,000 Improvement Bonds, Series 1980, of the District, as of the date thereof and as of the date hereof, contains an untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Official Statement is intended to be used, or which is necessary to make the statements contained therein in the light of the circumstances under which they were made, not misleading. IN WITNESS WHEREOF, we have hereunto set our hands and the seal of the District this 13th day of May, 1981. ( SEAL) C i a , Bo rd un m ' s- ion , Mon Coun Florida gL Clerk, Bo r of County mmissloners Of Monroe County, Florida �CEERTTIF�Ir�.lyt/t./tCATE OF DELIVERY AND AND PAYMENT �'"�7"' W . I 1, Q4-�of the Board of County Commissioners of Monroe County, Florida, the governing body of Monroe County Municipal Service District (hereinafter called " District-), DO HEREBY CERTIFY: That on the 13th day of May, 1981, I delivered to William R. Hough & Co. , St. Petersburg, Florida, the purchaser thereof, the following described obligations of the District: $ 8, 000, 000 - IMPROVEMENT BONDS, SERIES 1980, coupon bonds, dated April 1, 1981, $5,000 each, numbered consecutively from 1 upward, bearing interest (payable semiannually on April 1 and October 1) at the rates per annum and maturing on October 1 in the years and amounts as follows: INTEREST INTEREST YEAR AMOUNT RATE YEAR AMOUNT RATE 1982 $40,000 11.25% 1992 $120,000 10.00% 1983 45,000 11.25 1993 130,000 10.10 1984 50,000 11.25 1994 145,000 10.20 1985 55,000 11.25 1995 160,000 10.30 1986 65,000 11.25 1996 175,000 10.40 1987 70,000 11.25 1997 195,000 10.50 1988 80,000 11. 25 1998 215,000 10.60 1989 85,000 11.25 1999 240,000 10.70 1990 1991 95,000 105,000 11. 25 2000 265,000 10.75 9.80 2001 295,000 10.80 2011 5,370,000 11.25 That at the time of delivery of the obligations, I received from the purchaser full payment for the obligations in accordance with the contract of sale, computed as follows: Contract Price $7, 800, 000. 00 Accrued Interest 103,147.33 Total Purchase Price $7,903,147.33 That at the time of delivery of the obligations, all matured interest coupons, if any, were detached therefrom and all unmatured interest coupons were attached thereto. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the District, this 13th day of May, 1981. ( SEAL) �"""''` -me•µ , Board o f of "onroe County, i ng body of Monroe Service District County mmissioners Florida, the govern - County Municipal RECEIPT OF PURCHASER The undersigned, a partner of William R. Hough & Co., the purchaser of the following described obligations of Monroe County Municipal Service District: $ 8, 000, 000 - IMPROVEMENT BONDS, SERIES 1980, coupon bonds, dated April 1, 1961, $5,000 each, numbered consecutively from 1 upward, bearing interest (payable semiannually on April 1 and October 1) at the rates per annum and maturing on October 1 in the years and amounts as follows: INTEREST IN`PEREST YEAR AMOUNT RATE YEAR AMOUNT RATE 1982 $40, 000 11. 25% 1992 $120, 000 10. 00% 1983 45,000 11.25 1993 130,000 10.10 1984 50,000 11.25 1994 145,000 '�10. 20 1985 55,000 11.25 1995 160,000 10.30 1986 65,000 11.25 1996 175,000 10.40 1987 70,000 11.25 1997 195,000 10.50 1988 80,000 11.25 1998 215,000 10.60 1989 85,000 11.25 1999 240,000 10.70 1990 95,000 11.25 2000 265,000 10.75 1991 105,000 9.80 2001 295,000 10.80 2011 5,370,000 11.25 does hereby acknowledge receipt of such obligations; and does hereby acknowledge that all matured coupons, if any, were detached therefrom and all unmatured coupons were attached t here tof. DATED May 13, 1981. WILLIAM R. HOUGH & CO. By .t.� t eve Lo z