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States of America as at the time of payment is legal tender for public and
private debts. Bonds of the Fortieth Series shall be dated as in Section 10 of
the Mortgage provided.
• (II) The bonds of the Fortieth Series shall be pledged to, aad registered
_ in the name of, the trustee under the Trust Indenture, dated as of October 1,
1980 (hereinaRer called the Second Martin Indenture), of Martin County,
Florida (hereinafter called .the County) relating to its Pollution Control
Revenue Bonds (Florida Power & Light Company Project) (hereinaRer
called the Martin Revenue Bonds), in order to provide collateral security for -
the payment of principal of and interest on the Martin Revenue Bonds, the
-initial series of the Martin Revenue Bonds to be issued in the aggregate
principal amount of 56,300,000 and to be designated "Series 1980"
(hereinaRer called the Series 1980 Martin Bonds).
The Company shall receive a credit against its obligation to make any
payment of principal of or interest on the bonds of the Fortieth Series,
whether at maturity, upon redemption or otherwise, in an amount equal to,
and• such obligation shall be fully or partially, as the case may be, satisfied
and discharged to the extent of, the sum of (a) the amount, if any. paid by
or for the account of the County in respect of the oomesponding payment of
principal of or interest on the Series 1980 Martin Bonds and (b) the amount,
if any; credited pursuant to the Second Martin Indenture against the -
payment required to be made by or for the account of the County- in respect
of such payment of principal of or interest on the Series 1984 Martin Bonds.
The Corporate Trustee may conclusively presume that the obligation of the •
Company to pay the principal of and interest on the bonds of the Fortieth
Series as the same .shall become due and payable shall have been fully
satisfied and discharged unless and until it shall have received a written
notice from the trustee under the Second Martin Indenture, signed by its
President, a Vice President or a Trust Officer, stating that the oornesponding
payment of principal of or interest on the Series 1984 Martin Bonds has
become due and payable and has not been fully paid and specifying the
amount of funds required to make such payment.
. (III) Iri the event that any Series 1980 Martin Bonds are to be
- redeemed pursuant to the fiRh paragraph of Section 301 of the Second
Martin Indenture, bonds of the Fortieth Series, in a principal amount equal
to the principal amount of the Series 1980 Martin Bonds so to be redeemed,
~ eo~341 P~~~249
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