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<br />such notice; and the amount of principal shall be paid (i) in case the entire unpaid balance of <br />the principal of this Bond is to be paid, upon presentation and surrender of the Bond to the <br />office of the Paying Agent (designated corporate trust office, if the Paying Agent is not the <br />City's Finance Department), and (ii) in case only part of the unpaid balance of principal of <br />this Bond is to be paid, upon presentation of such Bond at the office of the Paying Agent <br />(designated corporate trust office, if the Paying Agent is not the City's Finance Department) <br />for notation thereon of the amount of principal then paid or for issuance of a replacement <br />Bond in the principal amount not redeemed. Notwithstanding the provisions of clause (ii) <br />above, if all of the Bonds are registered in the name of the Bank, a partial prepayment may <br />be effected by payment to the Bank of the principal without surrender of this Bond. If, on <br />the prepayment date, funds for the payment of the principal amount to be prepaid shall have <br />been provided to the Paying Agent, as above provided, then from and after the prepayment <br />date interest on such principal amount of this Bond shall cease to accrue. If said funds shall <br />not have been so paid on the prepayment date with respect to principal and on the next <br />succeeding Payment Date with respect to interest, the principal amount of the Bond shall <br />continue to bear interest until payment thereof. <br /> <br />THIS BOND SHALL NOT BE AND SHALL NOT CONSTITUTE AN <br />INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY <br />CONSTITUTIONAL, STATUTORY, CHARTER OR OTHER LIMITATIONS OF <br />INDEBTEDNESS BUT SHALL BE SECURED SOLELY BY AND PAYABLE FROM <br />THE PLEDGED REVENUES. NO HOLDER OF THIS BOND SHALL EVER HAVE <br />THE RIGHT TO COMPEL THE EXERCISE OF AD VALOREM TAXING POWER OF <br />THE CITY, OR TAXATION IN ANY FORM OF ANY REAL PROPERTY THEREIN <br />TO PAY THE BOND OR THE INTEREST THEREON. <br /> <br />The pledge of the Pledged Revenues for payment of this Bond shall be on a parity in <br />all respects to the pledge of the Pledged Revenues for payment of the City's outstanding <br />Utilities Tax Revenue Bond, Series 1998 pursuant to City of Sunny Isles Beach, Florida <br />Ordinance No. 98-39. <br /> <br />The terms and provisions of the Ordinance are incorporated in this Bond as though <br />such terms and provisions have been set out in full herein. <br /> <br />A-3 <br />