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<br />of until paid, or until called for redemption, which interest shall be payable semi-annually
<br />on the first days of January and July of each year, and which interest, except as hereinafter
<br />otherwise provided, shall be enforceable and collectible at the rate of four per cent, (0)
<br />per annum from the date of .the bonds to January 1, 1946; at the rate of five per cent.(5%)
<br />per annum from and including January 1, 1946.9 to January 19 1954; and at the rate of sig per
<br />cent. (6f) per annum from and including January 1, 1954, and thereafter; and said interest at
<br />said rates shall be evidenced by coupons attached to each bond, Each of said Refunding Bonds
<br />shall be signed by the Chairman and attested.by the Clerk of said Board, and the corporate
<br />seal of said Board shall be affixed to each of said Refunding Bonds, Interest coupons attach-
<br />ed to each of said Refunding Bonds shall be executed with the facsimile signatures of the
<br />said Chairman and Clerk, and said officials by the execution of said bonds shall adopt as and
<br />for their own proper signatures their respective facsimile signatures on each of said coupons.
<br />Section 3. That all of said Refunding Bonds and interest thereon shall be
<br />payable in lawful money of the United States of ,America at Chemical Bank and Trust Company of
<br />New York, in the City of New York, New York•
<br />Section 4, That whenever and as often as there is a surplus of $5,000.00
<br />or more, in the Interest and Sinking Fund account created for the payment of said Refunding
<br />Bonds and interest thereon, over and above current interest requirements, after making reason-
<br />able allowance for anticipated receipts, said surplus shall be used by the said Board for the
<br />purchase of bonds of this issue in the following manner; the said Board shall designate a date
<br />which shall be not less then fifteek (15) nor more than forty (40) days from the time said
<br />date is designated, at which time it will receive sealed tenders of bonds of this issue and
<br />act upon such tenders in open session, Upon determining said date, the said Board shall cause
<br />written notice thereof to be mailed to R. E, Crunmer & Company and to any bondholders who
<br />may have theretofore so requested in writing. Notice of the time and place of receiving such
<br />tenders shall also be published once, not less then ten (10) days before the date designated
<br />for the receipt of tenders, in at least two publications, one of which shall be a newspaper of
<br />general circulation printed and published in Indian River County, Florida, and the other shall
<br />be a financial journal published in the City of New York, New York. The entire available sur-
<br />plus for the retirement of bonds shall be used to purchase bonds offered by such tenders at
<br />the lowest prices; PROVIDED, however, that if said Board be dissatisfied with any or all
<br />tenders thus received, it shall have the option to reject any or all of same, and, within
<br />thirty (30) days after such rejection, it shall_readvertise for additional sealed tenders in
<br />the same manner as hereinbefore provided, and shall purchase the bonds offered at the lowest
<br />prices upon such readvertisement, absorbing all funds available; PROVIDED, that no such offers
<br />shall be accepted nor bonds purchased at a price in excess of the price at which it is herein
<br />provided that said bonds shall be callable; and, PROVIDED, further, that fo3ldi3g each respec-
<br />tive tender date said Board may privately purchase additional bonds with subsequent surplus
<br />accumulations as long as private purchases may be made upon such basis as will show a higher
<br />income yield that the highest yield calculated on bonds purchased responsive to tenders re-
<br />ceived at the last preceding tender date; PROVIDED, further, that said Board may, at its dis-
<br />cretion, make purchases in accordance herewith before the surplus reaches the identified
<br />amount.
<br />That whenever the said Board shall have been unable,for a period of so much as six
<br />months, to apply such surplus funds to the purchase of bonds at a price less than the callable)
<br />price, it shall proceed to call such bonds by lot as hereinafter provided, in order to permit
<br />application of the full amount of funds available.
<br />Section 5. That all of said Refunding Bonds shall he callable upon any
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