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..7871
<br />NO
<br />January 1, 1955; and at the rate of six per c ent., per annum_ thereafter.
<br />In the event. of a failure .or refusal of the governing._authority of said District to
<br />perform any of -the covenants., agreements., or obligations- to. _th.e holders .of .the Refunding. Bonds
<br />of the issue of which this bond is one, as expressed herein or in the.resolution-.authorizing
<br />their issuance, or upon.a default in -the payment of intereston said...bonds, then said govern-
<br />ing authority shall he -accorded a period of six (6) months after thehappeningof such failure,
<br />refusal, or default, to correct the same; and, upon its inability or refusal_to_.-do so within
<br />that period, and upon -the declaration in writing filed.with-the Clerk of said Board of County
<br />Commissioners by the holders of at least twenty-five per cent. (35%) in principal amount of
<br />the said Refunding Bonds outstanding upon the happening of such failure, refusal., or default,
<br />each of the Refunding Bonds of said issue shall, at the option of the respective holders, re-
<br />vert to and thereafter bear the original, or six per cent. per anaum, interest.rate borne by
<br />the outstanding bond in exchange for which such Refunding Bond has been.issued, and, in the
<br />case of Refunding Bonds issued to refund interest accrued on outstanding bonds., each such Re-
<br />funding Bond shall revert to and thereafter bear the original, or six per cent. per annum, in-
<br />terest 'kate borne by the bonds accrued interest on which was refunded by the issuance of said
<br />Refunding Bond, but such reversion shall be effective only from thedate.-to, _ which.interest.had
<br />been paid on said Refunding Bonds prior to the date. of the filing of. the... declaration of in,
<br />tention to exercise such option, and said,Board agrees that if the right tosuchhigher in-
<br />terest rate accrues,, as herein provided, at the option of the holder hereof the higher rate
<br />of interest will be evidenced either by a substitution of new bonds and coupons bearing such
<br />higher interest, or by a substitution, in place of the existing coupons, of new coupons bear-
<br />ing such higher rate, such new coupons to be attached to the-existing...bonds.
<br />The right is hereby reserved to call andredeem all or any part of -the -issue of bonds
<br />of which this bond is one on any interest payment date prior to maturity at par plus accrued
<br />interest at the rate then.prevailing as enforceable and collectible. In the event of the exer-
<br />cise of such right to call, not less than thirty nor more than sixty days--notice:.of .such.-re-
<br />dempti,on will be given by filing and publication as provided by the resolution of the Board of
<br />County Commissioners authorizing the issuance of the issue of bonds of which..this bond is one,
<br />and said bonds, when so called, shall cease to bear interest on such -redemption date, provided
<br />that adequate funds for their redemption shall. have been provided and set aside at the design-
<br />ated paying agent by said District for such purpose.
<br />This bond is one of an issue of Refunding Bonds of like date,, tenor and effect, ag-
<br />gregating $80,000.00, numbered 1 to 80, inclusive.
<br />AND IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is issued under the
<br />authority of and in compliance with the General Refunding Act of 1931, being Chapter 15,772,
<br />General Laws of Florida, 1931, and pursuant to a resolution duly adopted by the Board of
<br />County Commissioners of Indian River County, Florida, and is issued in exchange for and as a
<br />continuation, extension, merger and renewal of a like amount of valid subsisting bonded indebt-
<br />edness of said Vabasso Bridge District and the Board of Commissioners of said District, issued
<br />prior to November 6, 1934, and outstanding at the date of the passage of said resolution and
<br />for the purpose of refunding said indebtedness; and that all acts, conditions and things re-
<br />quired to happen, exist, and be performed, precedent to and i. --the issuance of this bond have
<br />happened, exist, and have been performed in due time, form and manner as required by law, and
<br />that neither the indebtedness which is refunded, nor the issue of bonds of which t his bond is
<br />one, together with all the other indebtedness of the said District, exceeds any limitation
<br />prescribed by the Constitution or statutes of the State of Florida, and that, before the is-
<br />suance of the issue of bonds of which this bond is one, provision has been made for the lavy
<br />and collection of a direct annual tax apon all property within said District, except only such
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