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shall be delivered in exchange therefor a like amount of said Refunding Bonds,, -all pursuant to
<br />and as contemplated by the agreeme.nt. hereinbefore _identified and pursuant to which R. E. Crum
<br />& Company was designated Fiscal Agent. Said escrow agent -shall-.be-.authorized and directed to
<br />cancel the bonds and coupons so surrendered and return same to the Clerk of said Board, with
<br />proper report indicating the particular Refunding Bonds delivered in a xchange,therefor.
<br />(i) It is hereby declared and intended that said Refunding Bonds are to be issued as
<br />of January 1, 1938, for the purpose of refinancing, as of that .date, the like amount of indebt-
<br />edness of said District then existing as hereinabove described.
<br />(j) That all of said Refunding Bonds shall be callable _ upon any interest payment date
<br />prior to maturity, at par plus accured interest at the rate then prevailing as enforceable and
<br />collectible,.
<br />(k) The option to call any, of said Refunding Bonds prior to maturity shall be exer-
<br />cised in the following manner: The Refunding Bonds to be called .shall be drawn by lot from all
<br />the bonds then outstanding, and notice of such redemption, identifying the bonds to be redeemed
<br />by date, number, and maturity, shall be filed at the place whereat the principal and interest
<br />are payable, such notice to be filed at least thirty (30) days prior to such redemption date,
<br />and said notice of intention to redeem shall be published once, not more than sixty (60) nor
<br />less than thirty (30) days prior to such redemption date, in at least two publications, one
<br />of which shall be a newspaper of general circulation printed and published in Indian River
<br />County, Florida, and the other shall be a financial journal published in the City of New York,
<br />New York; and said bonds when so called for redemption shall cease.to.-.bear interest on such
<br />redemption date, provided that adequate Rinds for their redemption shall have been provided and
<br />set aside at the designated paying agent by said District for such purpose.
<br />(1) That if there be no newspaper of general circulation printed and published in
<br />Indian River County, Florida, in which to printanynotices required by this resolution, then
<br />any of said notices may be published in a newspaper having general circulation in said County.
<br />(m) That is is hereby expressly covenanted and agreed that, in case of a failure or
<br />refusal of the governing authority of said District to perform any of the agreements or obliga-
<br />tions to the holders of the refunding bonds herein authorized to be issued,. as expressed in the
<br />bonds themselves or in this resolution, or upon a default in the payment of interest on said.
<br />Refunding Bonds, said District shall be accorded a period of six (6) months after -the happening
<br />of such failure, refusal, or default, to correct the same, and upon its inability or refusal
<br />to do so within that period, and upon the declaration in writing filed with the Clerk of Lthe
<br />Board of County Commissioners of Indian River County, Florida, by the holders of at least
<br />twenty-five per cent. (25%) in principal amount of the Refunding Bonds outstanding upon the
<br />happening of such failure, refusal, or default, mach.of the Refunding Bonds of said issue shall,
<br />at the option of the respective holders thereof, revert to and thereafter bear interest at the
<br />original rate borne by the outstanding bond in exchange for which said Refunding Bond has been
<br />issued, and, in the case of Refunding Bonds issued to refund interest accrued on outstanding
<br />bonds, each such Refunding Bond shall revert to and thereafter bear interest at the original
<br />rate borne by the bonds accrued interest on which was refunded by the issuance of said Refund-
<br />ing Bond; but such reversion shall b e effective only from the date to which interest had been
<br />paid on said Refunding Bonds prior to the date of the filing of the declaration of intention to
<br />exercise such option,and said Board agrees that if the right to such higher Anterest rate ac-
<br />crues, as herein provided, at the option of the holder hereof the .higher rate of interest will
<br />be evidenced either by a substitution of new bonds and coupons bearing such higher interest, or
<br />by a substitution, in place of tbze existing coupons, of new coupons bearing such, higher rate.,
<br />such new coupons to be attached to the existing bonds.
<br />(n) That the said Board hereby agrees to call for and review financial reports of
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