6/15/1937 - Laserfiche WebLink

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1 1 M3 of the partied hereto to each of the other, receipt of which is hereby mutually acknowledged, and in further consideration of the mutual benefits flowing to the parties hereto, it is here- by mptualiy agreed as follows: I. (A). That the entire outstanding principal of the funded indebtedness of the said District shall be refunded in accordance with the terms and conditions hereinafter set forth, which said indebtedness is generally and approximately described as follows: Date of Interest Original Amount Amount I.� Rate of Issue Outstanding 7-1-1925 6% $490,000.00 $4250000.00 (B) That accrued interest to the date of the refunding bonds of said Distri shall be adjusted as follows: Evidences of all accrued interest to the said date of said re- funding bonds as hereinafter specified shall be exchanged for refunding bonds on the basis of par amount of refunding bonds --for an equal par amount of evidences of accrued interest as said First Party is able to assemble said evidences for that purpose, said refunding bonds to be exchanged for said evidences of accrued interest to be of identical tenor as those herein au- thorized to be exchanged for the principal indebtedness of said District, said refunding bonds being delivered in exchange to the nearest $1,000 of such accrued interest, with cash payment of any differential calculated as if said differential were at the rate of 4% per annum. o II. (A) That there shall be issued by proper action of the Second Party refund - Ing bonds of said District in an amount sufficient to refund,the interest and principal items hereinabbve identified. (B) That said bonds shall be executed as required by law and be placed on deposit with the First National Bank of Quicago, Illinois, in escrow, under instructions from Second Party that the refunding bonds shall be delivered to the holders of the securities de- scribed in Section I. (A) hereof, and in exchange therefor, on the basis of par for par, both principal and accrued interest to the date of the refunding bounds* t a III. That all of said refunding bonds shall be dated January I, 1937, and matur on January 1, 1967, IV. That all of said refunding bonds shall bear annual interest, payable semi- annually at the following rates: 0 per annum for the first nine years; 5f per annum for the next succeeding eight years; 6% per annum thereafter until paid. Provided that in case of default in the payment of interest on said refunding bonds or in case of failure or refusal of the governing authority of said District to cause to be levied the taxes provided to be levied for the interest and sinking fund of said refunding bonds, the District shall be accorded a period of six months from the date of any such default$ defaults, or failure to correct such default, defaults, or failure, and upon the inability or refusal to make such correction and upon the declaration by the holders of at least 25% of the principal bonds then outstanding all of said refunding bonds shall, at the option of the respective hold era, revert to the original interest rate of 6% per annum, beginning with the date to which interest had been paid prior to the happening of such default, defaults, or failure, and prc < e vision shall be made for the substitution of the bonds bearing the increased rate of interest for the bonds proposed to be issued hereunder. V* (A) That all of said Refunding Bonds shall be callable upon any interest pay ment date at par plus accrued interest. (B) That the option to call the bonds prior to maturity, if used, shall be e exercised in the following manner: (1) the bonds shall be drawn by lot by the governing auth ity of said District, the lots consisting of all outstanding bonds of the refunding issue: (2)