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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 />