Exhibit F

         The holder hereof has agreed not to transfer this Note except to a
successor Trustee under the Trust Indenture dated as of April 1, 2003 of
Escambia County, Florida relating to the Bonds (hereinafter referred to).



                               GULF POWER COMPANY
                                 PROMISSORY NOTE

$32,550,000                                                      April 15, 2003

         GULF POWER COMPANY ("Gulf"), a corporation organized and existing under
the laws of the State of Maine, acknowledges itself indebted and for value
received hereby promises to pay to the order of Escambia County, Florida (the
"County"), and its successors and assigns, the principal sum of THIRTY-TWO
MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS ($32,550,000) together with interest
on the unpaid principal balance thereof from the date hereof until Gulf's
obligations with respect to the payment of such sum shall be discharged at the
rate or rates borne by the Bonds referred to below. As additional interest
hereon there shall be payable, and Gulf promises to pay when due, amounts which
shall equal the premium, if any, due on such Bonds in connection with the
redemption thereof. Gulf further promises to pay the purchase price of such
Bonds as hereinbelow provided.

         This Note is issued to evidence the Loan (as defined in the Agreement
hereinafter referred to) of the County to Gulf and the obligation of Gulf to
repay the same and shall be governed by and be payable in accordance with the
terms and conditions of a loan agreement (the "Agreement") between the County
and Gulf dated as of April 1, 2003, pursuant to which the County has loaned to
Gulf the proceeds of the sale of the County's $32,550,000 of Pollution Control
Revenue Refunding Bonds (Gulf Power Company Project), Series 2003 (the "Bonds").
This Note (together with the Agreement) has been assigned to The Bank of New
York Trust Company of Florida, N.A. (the "Trustee"), acting pursuant to a trust
indenture dated as of April 1, 2003 (the "Indenture") between the County and the
Trustee, and may not be assigned by the Trustee except to a successor Trustee
pursuant to the terms of the Indenture. Such assignment is made as security for
the Bonds. The Bonds are dated and bear interest in accordance with the
provisions of the Indenture, and mature on June 1, 2023. The Bonds are subject
to redemption or prior purchase prior to maturity as provided therein.

         Subject to the provisions of the Agreement, payments hereon are to be
made by paying to the Trustee, as assignee of the County, in funds which will be
immediately available on the day payment is due, amounts which, and at or before
times which, shall correspond to the payments with respect to the principal of
and premium, if any, and interest on the Bonds whenever and in whatever manner
the same shall become due, whether at stated maturity, upon redemption or
declaration or otherwise, and the purchase price of Bonds required to be
purchased under the Indenture. If (i) on the date any payments on the Bonds are
due there are any available moneys on deposit with the Trustee which are not
being held for the payment of Bonds due and payable but which have not been
presented for payment, or (ii) on any date on which Bonds are required to be
purchased pursuant to the Bonds or Article III of the Indenture, there are
available moneys on deposit with the Trustee held for the payment of the
purchase price which are not being held for the payment of Bonds which have not
been presented for payment, then, in each case, such moneys shall be credited
against the payment then due hereunder, first in respect of interest and then,
to the extent of remaining moneys, in respect of principal. Upon the occurrence
of an Event of Default, as defined in the Agreement, the principal of and
interest on this Note may be declared immediately due and payable as provided in
the Agreement.

         Neither the officers of Gulf nor any persons executing this Note shall
be liable personally or shall be subject to any personal liability or
accountability by reason of the issuance hereof.







         IN WITNESS WHEREOF, Gulf Power Company has caused this Note to be
executed in its corporate name and on its behalf by its President, its Treasurer
or a Vice President by his manual signature, and its corporate seal to be
impressed hereon and attested by the manual signature of its Secretary or an
Assistant Secretary, all as of the date first above written.

                         GULF POWER COMPANY


                         By:
                                  -------------------------------------------
                                  Vice President, Secretary and Treasurer

                         Attest:
                                  -------------------------------------------
                                  Assistant Secretary









                                   ASSIGNMENT


         Pay, without recourse, to the order of The Bank of New York Trust
Company of Florida, N.A., as assignee of Escambia County, Florida under the
Trust Indenture, dated as of April 1, 2003, between Escambia County, Florida and
The Bank of New York Trust Company of Florida, N.A., as Trustee, securing the
payment of Escambia County, Florida Pollution Control Revenue Refunding Bonds
(Gulf Power Company Project), Series 2003, in the original principal amount of
$32,550,000.


                           ESCAMBIA COUNTY, FLORIDA


                           By:
                                    -------------------------------------