8/17/1937 - Laserfiche WebLink

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1 1.53 IJ � be levied and computed upon the extended and finally equalized valuation of such taxable pro- perty and upon the -.assumption that ninety-fiveper cent. (95%) of the taxes so.levie d and as. sessed for the purpose will be collected. So long as any of said Refunding Bonds are ing and unpaid, sunh..levy.shall be increased when necessary to provide for the actual interest and sinking fund requirements of the year next succeeding that in which the budget is being made and prepared. That. any lawful expenses pertaining to this refunding shall be paid out of revenues from the proceeds of the tax levy herein provided, or from any other funds available therefor within the control of the said Board and which may be lawfully devoted to such payment. Section 9. That it is hereby expressly understood -..and agreed that in case of default -.in. the..payment. of interest on said issue of Refunding Bonds$ or in. case of failure or refusal of the governing body of the said District to cause to be levied the taxes provided to be levied for the interest and sinking fund of said issue of.Refunding Bonds, the said governing body shall be accorded a period of six months after the happening of such default, failure or refusal, in which to correct the same, and upon its inability or refusal to do so within that period, and upon the declaration in writing filed with the Clerk of the Board of Couhty Commissioners of said County by the holders of at least twenty-five per cent. (25%) in principal amount of the then outstanding Refunding Bonds of the.issue_hereby authorized, each. of the Refunding Bonds of said issue shall, at' -the option of the respective holders, revert to and thereafter bear interest at the original rate borne by the outstanding bond in exchange for which said Refunding Bond has been issued, and in the case of Refunding Bonds issued to refund interest accrued on outstanding bonds each such Refunding Bond shall revert to and thereafter bear interest at the original rate borne by the bonds accrued interest on which was refunded by the issuance of said Refunding Bond, and such reversion shall be effective from the date to which interest was paid on the Refunding Bonds of .said issue prior to the. happening of the default, failure or refusal as above set forth, and said Board in behalf of said District agrees that if the right to such higher interest rate .accrues, as herein pro- vided, the higher rate of interest will be evidencedin.the,manner,then-provided by law. Section 10. That all of said Refunding .Bonds herein., authorized as may f roml time to time be outstanding shall have and are hereby declared to have the same security and source of payment as the bonded indebtedness thereby refunded, and.said-Refunding Bonds.shall constitute a continuation, extension, merger, and renew.al.o-f tne.indebtedness.thereby refunded and only such property in said District as was exempt from- ,taxation under the laws in force at the time such original indebtedness was incurred shall_be exempt from taxation to pay the interest upon and principal of said Refunding Bonds. ` Section 11. That the Refunding.. Bonds -are _ hereby .authorized to be executed as soon after the adoption of this resolution_ as may be, and,- promptly .upon the completion of the validation of the bonds as provided. in Section 17 hereof,. said executed Refunding Bonds., with the interest coupons attached thereto, shall..be--by-the Clerk of this Board;. deposited with the First rational Bank, in the City of Chicago, Illinois, as -escrow agent, with appropriate directions that as and when the bonds and interest. ac.crual.s-herein authorized to be refunded are surrendered, there shall be delivered in exchange therefor a like amount of - Refunding Bond , all pursuant to and as contemplated by the agreement hereinbefore -identified _and _pursuant to which Fiscal Agency authority was granted to. R. E. Crummer-&-Company. Said escrow agent shall beauthorized and directed to cancel the bonds and coupons so surrendered, and return same to the Clerk of said Board with proper report indicating the particular Refunding Bonds,de- livered in exchange therefor. It is hereby declared and intended that said Refunding Bonds are to be issued as of January 1, 1937, for the purpose of refinancing as of that date the like amount of indebtednes