12/7/1937 - Laserfiche WebLink

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1 1 1 -- -- ---- -- of Florida, - Aets of 1931,. (C. G. L. - 2383) and such other law or laws. aa_shall.:.be.;r equired by the approving bond attorneys provided for herein in order to -accomplish the:full purposes here - of; (R) Contain legally effective obligations and covenants oa the part of the issuing taxing unit to and in - favor of the -holders of the Refunding Bonds.. that -- (a) In the annual budgets to be prepared-and.made.in-the_.year. 1938., and annually thereafter until all of said Refunding Bonds, and interest thereon, have been retired, there shall be included an appropriation in an amount sufficient to -produce a sum of Five Thousand r ($5,000.00) Dollars, including and deducting therefrom any revenue other than from ad valorem taxes which may be available and is actually so applied; (0) ft�avision' shall. be made for the levying of an ad --valorem tax in an, amount - suffic- ient to meet that portion of the respective annual appropriations which,may be payable from .ad valorem taxes, such takes to be levied and computed upon the extended and -finally, equalized:. assessed valuation of property of tht.issuing unit, except only such property as was exempt fr taxation at the time the original bonds proposed to be refunded were issued; (D) The respective annual tax levies shall be increased when -necessary to provide sufficient funds for the payment of the interest and principal maturities of the year next su- cceeding that in which any particular budget is being made and prepared= (Acre Mj�e_ limit If an -Y) (E) In the event of a failure or refusal of the governing authority of the issuing taxing unit to perform any of the obligations assumed thereunder to the holders of Refunding Bonds, or -upon a default in the payment of interest on said Refunding Bonds, then, upon the declaration in w riting filed with Second Party, through the Clerk of the Board of County Com- missioners, by the holders of at least twenty-five (25%) per cent. in principal amount of the; Refunding Bonds outstanding upon the happening of such failure, r-efusal., or default, said Re,- e-funding fundingBonds shall, at the option of the respective holders, revert to the -original interest. rate of the securities exchanged therefor, but such.r eversion shall only be- effective from. the. date to which interest had been paid on said Refunding Bonds prior to the date of the filingof the declaration of intention to exercise such option, and, if the right to the higher interest rate accrues, the higher rate of interest will be evidenced in the manner then_ provided by law; PROVIDED, said bonds shall not revert to the original interest rate unless the failure, re- . fuaal, or default is not corrected within a period of six (6) months after its happening. Section 7. That Second Party shall take such action as, may be necessary to consum- .mate the refinancing program herein authorized to the and that the proceedings authorizing the issuance of the Refunding Bonds, or the Refunding Bonds themselves,s hall - - (A) Be general obligations of the issuing taxing unit; (B) 'Contain a pledge of the full faith and credit of said issuing taxing unit for the prompt payment of the principal and interest of said Refunding Bonds according to their, tenor.; (C) Provide for payment in legal tender of the United States of all taxes provided to be levied for the payment of said Refunding Bonds and interest thereon; refunded; (D) Be continuations, extensions, mergers, and renewals of. the bonds proposed to .be (E) Provide that all rights and remedies which were available for the support .and bn- forcement of the bonds proposed to be refunded will continue and remain available for the -sup- port and enforcement of the Refunding Bonds issued in lieu thereof (F) Provide for the holders of the Refunding Bonds to be subrogated to the rights of the holders of the bonds exchanged therefor if said Refunding Bonds should be held invalid or unenforceable;