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<br />said District every six (6) months after payment of interest, and principal if any, then due,
<br />and any surplus which may be available in the Refunding Bond Interest and'Sinking Fund Account;,-,
<br />after making due allowance for interest and principal maturities- due at the next succeeding
<br />semi-annual payment period and after making reasonable allowance for anticipated receipts, shal:
<br />be used by the said Board for the purchase of Refunding Bonds of said issue, which purchases
<br />shall be made in the following manners Within sixty (60) days after.the suPp�lus is ascertain-
<br />able the said Board shall designate a date, which shall be not less than thirty (30) nor more
<br />than forty-five (45) days from the time said date is designated, at which time it will receive
<br />sealed tenders of bonds of the Refunding Bond issue herein authorized, and act upon such tend-
<br />ers in open session. Upon determining said date, the said Board shall cause written notice
<br />thereof to be mailed to any bondholders who may have theretofore sorequested in-writibg. Notice
<br />of the time and place of receiving such tenders shall also be published at least once, not less
<br />than fifteen (15) days before the date designated for the receipt of tenders, in at least two
<br />publications, one of which shall be a newspaper of general circulation printed and published
<br />in Indian Diver County, Florida, and the other shall be a f inancial.journal published in the
<br />City of New York, New York. The entire available surplus for the retirement of bonds, the
<br />amount of vhich shall be determined as hereinabove set forth,,shall be used to purchase bonds
<br />offered by such tenders at the lowest prices; PROVIDED, however, that, if said Board be dis-
<br />satisfied with any or all tenders thus received, it shall have the option to reject any cr all
<br />of same,
<br />and, within thirty-one
<br />(3 1) days after such rejection, it
<br />shall readvertise for
<br />ad-
<br />ditional.
<br />sealed tenders in the
<br />same manner as hereinabove provided
<br />and shall purchase the
<br />bonds
<br />offered at the lowest prices upon such readvertisement, absorbing all surplus funds available;
<br />PROVIDED, further, that no such offers shall be accepted nor bonds purchased at a price in ex-
<br />cess of the price at which it is herein provided that said bonds shall be callable; and, PRO-
<br />VIDED, further, that following each respective tender date said Board may privately purchase
<br />additional bonds with subsequent surplus accumulations as long as private purchasesr-mmay be
<br />made upon such basis as will show a higher income yield than the highest yield calculated on
<br />bonds purchased responsive to offers received at the last preceding tender date; PROVIDED,
<br />further, that, at the option of said Board, purchases may be made to absorb surplus accumula-
<br />tions more often than required by the schedule set forth above. In the event that no offerings
<br />can be obtained at or below the callable price, the said Board shall proceed to call bonds 'by
<br />lot, as hereinabove provided, to absorb the available surplus funds, each such call to be efr
<br />fective at the date of the next semi-annual interest payment after effort has been made to
<br />purchase bonds''.
<br />Section 5. (a) The Refunding Bonds shall be exchanged on the basis of a par amount
<br />of Refunding Bonds for an equal amount of the principal and interest indebtedness authorized
<br />to be refunded hereunder according to the following schedule, the indicated Refunding'Bonds
<br />to be exchanged indiscriminately for any of the outstanding indebtedness listed on the cor-
<br />responding line or lines under the title O"Bonded Indebtedness to be Exchanged Therefor".
<br />REFUNDING BONDS BONDED INDEBTEDNESS TO BE EXCHANGED THEREFOR
<br />Lumbers
<br />(Inclusive)
<br />(WABASSO BRIDGE DISTRICT BONDS, dated July 1,
<br />(1926, numbered 5 to ?, 9 to 16, 18 to 50,55,
<br />1 to 80 (57 to 75, all numbers inclusive, and interest
<br />(accrued and unpaid as of January 1, 1938, on
<br />(said bonds.
<br />(b) That in the event that any of the outstanding bonds hereinbefore described, or
<br />any interest thereon, have been merged into judgment, an amount of Refunding Bonds equal to
<br />the principal and interest of the bonds merged in such judgment, or any pa=rt thereof, may be
<br />exchanged for equal face amounts of satisfactions in discharge of any such judgment or judge
<br />ments, or any part thereof.
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