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<br />notice of said redemption, specifying the bonds called, shall be filed at the place whereat the
<br />principal and interest of said refunding bonds is payable at least thirty (30) days prior to
<br />the redemption date and notice of intention to redeem said bonds shall be published once, not
<br />more than sixty (60) nor less than thirty (30) days prior to the redemption date, in at least
<br />two puhlioations, one of which shall be a newspaper having general circulation in said District
<br />and the other shall be a financial journal pub3ished in the City of New York, New York.
<br />VI, That for the purpose of adequately providing for the payment of the interest
<br />on the refunding bonds, and for the creation of a sinking fund for the retirement of all of
<br />said refunding bonds, the prooesdings'authorizing the issuance thereof shall: (1) conform to
<br />the tax provision requirements of Chapter 15,7729 of the Laws of Florida, acts of 1931, and
<br />such other law or laws as shall be required by the approving bond attorneys provided for herein
<br />insofar as the saw may relate to the ace sllshment of this agreement; (2) contain legally
<br />effective obligations and covenants on the part of the Second Party, for and on behalf of said
<br />District, to and in favor of the holders of the respective refunding bonds, that, (a) in the
<br />annual budget and ad valorem tax levy to be prepared and made in the year 1937, and continuing
<br />each year thereafter until all of the refunding bonds have been retired, the annual interest
<br />and sinking fund ourrect ad valorem tax levy shall be in an amount which will aggregate the sum
<br />Of $361000.00, including and deducting therefrom any revenues other than from ad valorem taxes
<br />which may be available and applicable, such tax to be levied and computed upon the extended and
<br />finally equalized valuation of taxable property in the respective taxing units, and upon the
<br />assumption that ninety-five per cent. (95fo) of the taxes levied and assessed for the purpose
<br />will be collected; (b) the annual levies shall be increased when necessary to provide for the
<br />actual interest maturities of the year next succeeding that in which the budget is being made
<br />and prepared.
<br />VII. That if at any time there is in the interest and sinking fund a000unt
<br />$5,000.00 or more, over and'abo*e current interest requirements, after making reasonable allow-
<br />anee for antioi�ated receipts, said funds shall be used by the governing authority of Second
<br />Party for the purpose of purchasing refunding bonds. Said purchases shall'be made in the fol-
<br />lowing manner:` (a) the governing authority of said District shall designate'a date, which sha
<br />be not less than fifteen (15) nor more than forty (40) days from the time such date is designat
<br />ed, at which time the governing authority will receive and consider in open session sealed
<br />offerings of bonds of the refunding issue herein authorized; (b) the governing authority of said
<br />District shall give written notice of this date to the First Party, and any bondholders so re-
<br />questing in writing; (o) notice of the time and place of receiving said offerings shall be
<br />published once, not less than ten (10) days before the designated time, in at least two publi-
<br />cations one of which shall be a newspaper having general circulation in said District, and the
<br />other shafl be a financial journal published in the City of New York, New York; (d) all avail-
<br />able funds, as hereinabove determined, except such sums as will be neoessary to pay the cont
<br />of this refunding program, as hereinafter set forth, shall be used to purchase bonds offered
<br />at the lowest prices; PROVIDED, however, that if the governing authority of said District shall
<br />be dissatisfied with any or all offers received, then it shall have the option to reject any or
<br />all such -offers, and,`within thirty (30) days of such rejection, shall readvertise for addition
<br />al sealed offerings, and the governing authority shall purchase the bonds offered at the lower
<br />prices upon readvertisemeut, and PROVIDED that after each advertised purchase, the governing
<br />authority may privately purchase additional bonds with subsequent surplus accumulations as long
<br />as privatepurchasesmay be made on such basis as to assure a higher income yield than the high-
<br />est yield calculated on bonds purchased pursuant to advertisement; PROVIDED, further, that the
<br />governing authority of said District, at its own discretion, make purchases in accordance
<br />with before the surplus reaches the identified.amount.
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