12/7/1937 - Laserfiche WebLink

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ORIGINAL DATE RATE AMOUNT AMOUNT _ISSUED OUTSTANDING 7-1-1926 6% $ 759000.00 $. -65,-000.00 It is understood that the indebtedness to be considered hereunder will be the exact, mount -,of indebtedness found to be outstanding and unpaid when the bond registers of the identified:-issuec of bonds have been c arefully. balanced. (B) All interest accrued and unpaid on the bonds.identified in(A)of this..Section to the date of the proposed Refunding Bonds., .whether evidenced by. matured . interest_-.coupona . or by accrued interest on matured bonds. Refunding Bonds allocated to be exchanged -for evidences of accrued andunpaidinterest shall ..be --delivered as Fir--s.t-P.arty..is_ able -to -assemble. said evidences in blocks of $1,000.00, the manner and method . of assembling -said evidences.- to be a matter wholly between.. First Party and bondholders participating in -the plan-. outli:ned herein. Section 2. That Second Party, shall, by proper action, cause -Refunding-.Bonds to.be authorized and validated by the Circuit Court, or. the., Supreme .Court. of Florida,. in -t he e. vent of any appeal., in..an- amount sufficient .to permit, an exchange of-securities._.on.._thee-basis. of par for par, using such procedure and forma . therefor as shall . be. approved by. -nationally re- cognized_ bond attorneys; that said Refunding ..Bonds shall. -be executed in:..the..manner- required by law and placed on deposit in -escrow with a bank to be.se.lected by First -party -under instruc- tions from -Second Darty, or its proper afficials, that said. Refunding Bonds -...shall. ,b_e delivered in exchange for securities described in Section- I hereof,- this contract.. being _.sufficient' auth- ,ority for acid officials to make said deposit .under usual-farms.for.the purpose, said forms to be prepared by First party and approved by the attorney for Second Party, Section 3. That said Refunding Bonds shall be dated January 1, 1938, and mature January 1, 1968. Section 4. (A) That said Refunding Bonds issued to refund items described in Section 1 (A) hereof shall bear interest, payable semi-annually, at the following rates: Four (4%) per cent. per annum for the first. nine .(9) years after date thereof; Dive (5%) per cent. per annum for the next succeeding eight (8) years; Six (6%) per cent. per annum thereafter. Section S. (A) That all of said Refunding Bonds shall -be callable at par plus accrued interest upon any interest payment date prior to maturity. (B) That the option to call the -Refunding Bonds prior to their respective maturity dates, if used, shall be exercised in the following manner: (a) The bonder_' -shall be-drawh',.by lot by the governing authority of the Second party; ' bonds; (11) The respective lots shall consist of all of the then outstanding (c) Notice of said redemption, specifying the bonds called, shall be filed at the place of payment of the principal and interest of said Refunding Bonds at least thirty (30) days prior to the redemption date and notice of intention t o redeem said bonds shall also be published once, not more than sixty (60) nor less than thirty (30) days prior to the redemption date, in at least two publications, one of which shall be a newspaper having general circulation in Indian River County, Florida, and the other shall be a financial journal published in the City of New York, New York. Section 6. That, for the purpose of adequately providing for the payment of the int- erest on said Refunding Bonds as it matures and for the creation .of a sinking fund for the re- tirement of all -of said Refunding Bonds as they mature, the proceedings authorizing the i thereof shall: (A) Conform to the tax provision requirements of Chapter 15,772 of the Laws 1 1