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'154 of said District then existing as herein above described. Section 12. The..Refunding -Bonds shall be exchanged on the basis of a par amount of Refunding Bonds for an equal amount of the principal and interestindebtednessau* thorized to be refunded hereunder according to the following schedule: REFUNDING BONDS BONDED INDEBTEDNESS TO BE_.EXCHANGED THEREFOR Indian River County, Florida, S -al. R&B Dist. No. .4, issue dated July 1,- 1925 Bond Numbers (All Inclusive) Bond -.1 umbers Inclusive ) ( 25 to 27; 33; 49; 53 to 56; 58 to 60;, 73 to 88; ( 94 to 96; 98 ta. 102; 105; 106 • 117 to 122; ( 126 to 128; 130 to 141; .149;155 to 182; ( 188 to 192; 198 to 218; 221 to 225; 227 to 231; ( 233; 235 to 239; 245 to 326; 332 to 379; 1 to 445 (385 to 440; 443 to 452; 454 to 465; 468; 469; ( 471 to 490; and interest accrued and unpaid C as of January 1, 1937. Section 13. The provisions hereinbefore made for a sinking fund to pay the principal and interest on the Refunding Bonds hereby authorized shall inure solely and only to the payment of said bonds and interest thereon, and any funds now or hereafter availt-1- able for the payment of the indebtedness authorized to be refunded shall be used to pay the principal and interest on the Refunding Bonds hereby authorized. It is hereby specifically covenanted and agreed that any funds that may hereafter dome into hand for the exclusive pay- ment of the principal and interest on the presently outstanding bonds shall be converted into the interest and,sinking fund for said issue of Refunding Bonds and be used and applied sole- ly and only for the payment of the principal and interest of said bonds. Section 14. That all covenants, representations, agreements, and under- takings herein set out, as well as those appearing on the face of each of said Refunding Bon shall constitute a contract by said Board of County Commissioners of said County, in behalf of said District, with the holders of the Refunding Bonds, whichcontractshall be enforce- able by suit, action, or mandamus on b ehalf of any bondholder in any court of competent jurisdiction whether or nota monetary default shall then prevail in the payment of the principal or interest of such Refunding Bonds, and all rights and remedies which were avail- able for the support and enforcement of the bonds refunded hereby shall be available for the support and enforcement of said Refunding Bonds. Section 15. That if any clause, s ection, paragraph, or provision of this resolution or of the Refunding Bonds hereby authorized be declared unenforceable by any court of final jurisdiction, it shall not affect or .invalidate any remainder thereof, and, if any of the Refunding Bonds hereby authorized by adjudged illegal or unenforceable, the holders thereof shall be entitled to be subrogated to the rights of the holders of the indebtedness hereby provided to be refunded thereby and as such enforce their claim for payment. Section 16. That if any mistake or error shall have occured in this re- solution in the description of the numbers or maturities of any of t*e outstanding bonds pro- posed to be refunded, such mistake or error shall be deemed to be immaterial provided the total amount of outstanding bonds and evidences of interest accruals surrendered in exchange does not exceed the amount of Refunding Bonds hereby authorized to be issued. Section 17. That Charles A. Mitchell, Attorney -at -haw, be and he is here- by authorized and directed to take appropriate proceedings in the Circuit Court of the Ninth Judicial Circuit of Florida, in and for Indian River County, for the validation of said Re- funding Bonds, and the Chairman of this Board is authorized to verify any pleadings in such proceedings. PASSED AND APPROVED August 17th, 1937. 1 I. 1