fl
<br />1
<br />1
<br />1891
<br />sufficient to produce the sum of Five Thousand Dollars ($5,000.00), including and deducting
<br />therefrom.at the optionofsaid Board-, any revenue other than from ad valorem taxes which may be
<br />available and which is actually so applied. Such taxes shall be levied -and computed upon the ex-
<br />tended and finally equalized valuation of all property within said District except only such
<br />property as was -exempt from taxationunderthe laws and Constitution -.of Florida which were in
<br />force and a ffect at the time of the creation of the.indebtedness proposed .to .be refunded here-
<br />under. The taxes so levied shall be in addition to allo-ther taxes.. levied -by or on, -behalf of
<br />said District, and the proceeds thereof are hereby, appropriated and shall.be usedexclusively
<br />far the purpose for which the same are levied, and so long as any of said Refunding Bonds are
<br />outstanding, the respective annual tax levies shall be increased when necessary to provide_
<br />sufficient funds for the actual interest and principal or sinking fund requirements of the year
<br />next succeeding that in which the budget . is being made and prepared.
<br />(c) That any lawful expense pertaining to this refunding shall be paid out of reve-
<br />niles available therefor from the proceeds of the tax levy herein.provided, or, at the option_ of
<br />the said Board, from.any other funds -available to the said District lawfully within the control
<br />of the said Board which may be lawfully devoted to such payment.
<br />(d) That all of said Refunding Bonds, and interest thereon,. shall be; payable in
<br />lawful money of the United States of America at the Guaranty Trust Company of New York, in the
<br />City of New York, New York.
<br />(e) That the provisions hereinbefore made for a sinking fund to pay the principal
<br />and interest on the Refunding Bonds hereby authorized shall inure solely and,,only to_the payment
<br />of said bonds and interest thereon, and any funds now or hereafter available for the payment of
<br />the indebtedness authorized to be refunded shall be used to pay the principal, and..int erest on
<br />the Refunding Bonds hereby authorized. It is hereby specifically covenanted and agreed that any
<br />funds that may hereafter become available for the exclusive -payment -of the principal and inter.
<br />est on the presently outstanding bonds shall be converted into the interest and -sinking fund
<br />for said issue of Refunding.Bonds and be used and applied solely and only for the payment of the
<br />principal and interest on said. bonds.
<br />(f) That all covenants, representations, agreements,and.undertakings herein. set out,
<br />as well as those appearing on the face of each of said Refunding Bonds, s hall -constitute a con-
<br />tract with the holders of the Refunding Bonds, which contract shall .be enfcaceable-by suit, .&�c-
<br />tion, or mandamus on behalf of any bondholder in. -any court of .competent, jurisdiction whether, or,
<br />not a monetary default shall then have occurred in.the.payment.of the principal or interest of
<br />such Refunding Bonds., and - all rights and remedies which w.aere available for the support. -and en-
<br />forcement of the bonds refunded hereby shall be available for the support and enforcement of
<br />said Refunding Bonds.
<br />(g) That all of said Refunding Bonds hereinauthorized as may from time to time be
<br />outstanding shall have and are hereby declared to have the same security and source of payment
<br />as the indebtedness thereby refunded, and said Refunding Bonds shall constitute a_,continuaftion,
<br />extension, merger, and renewal of the indebtedness thereby refunded, and only such property in
<br />said District as was exempt from taxation under the laws in --force at the time such original in"
<br />debtedness was incurred shall be exempt from taxation to pay the interest upon and principal of
<br />said Refunding Bonds.
<br />(h) That the Refunding Bonds are hereby authorized to be executed as soon after the
<br />adoption of this resolution as may be, and, promptly upon the completion of the validation of
<br />the bonds as provided'in Section ?hereof, said executed Refunding Bonds, with the interest
<br />coupons attached thereto, shall be by the Clerk of this Board deposited with the First National
<br />Bank, in the City of Chicago, Illinois, as escrow agent, with, -.appropriate dire-ctions that as and
<br />when the bonds and interest accruals herein authorized to be refunded are surrendered, there
<br />
|