12/7/1937 - Laserfiche WebLink

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(G) Provide that any surplus which may be available---in-the interest and .sinking fund account of the issuing units each.- six months. _after, .payment . of;,.intaerest. end -,._principal then due (after making due allowance for. -.interest- and, principal-.matur.-ities_ due...at.. the_next._ semi-annual interest payment period and making reasonable allowance for -anticipated receipts) shall be used by the governing authority .of Second Party (hereinafter referred . to.. as "Governing_ authority") for the purpose of purchasing Refunding Bonds, said purchases to be:made in the following, manner; (a) Within. -sixty (60) days after the surplus --_is. ascertainable, the._governing authority shall designate a date, which shall be not less than thirty (30)..nor more than forty- five (45) days from the time such date is. designated, at -which time thegoverning authority will receive and consider in open session sealed offerings of Refunding.. Bonds herein authorized; (b) The governing authority shall give written notice of this date to any bond- holders so requesting in writing; (c) Notice of the time .and place of receiving said offerings..shall be published once, not less than fifteen (15) days before the designated time, 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; (d) All available funds, as hereinabove determined, shall be used to purchase bonds offered at the lowest prices; (e) If the governing authority shall be dissatisfied with any or all offers received upon first advertisement, then it shall have the option to reject any or all such offers, and, within thirty-one days after such r ejection, it shall readvertise for additional sealed offerings, whereupon the governing authority shall purchase the bonds offered at the lowest prices upon such readvertisement, absorbing all surplus funds available; (f) After each advertised purchase, the governing authority may privately pur- chase additional bonds --with subsequent surplus accumulations as .long as private purchases may be made on such basis as toassurea higher income yield than the highest yield calculated on bonds purchased pursuant to advertisement; (g) If no offerings can be obtained at or below the callable price, the govern- ing authority shall proceed to call bonds to absorb the available surplus, said call to be effective at the next interest payment period after effort has been made to purchase bonds. (h) At the option of the governing authority, purchases may be made to absorb surplus accumulations more often than required by the schedule set forth above. Section 8. (A) That First Party shall defray all expenses incident to: (a) assembling and exchanging the bonds herein proposed to be refunded; (b) printing the said Refunding Bonds; (c) the representation of -Second Party in legal proceedings to validate said Refunding Bonds; (d) obtaining the approving opinion of nationally recognized bond counsel upon the procedure used for the issuance and validation of said Refunding Bonds, said counsel to be selected by First Party; (e) all other expenses in connection herewith which may be approved by First Party. (b) That, within one week from the date hereof, Second Party shall designate and re- tain counsel to represent it in all matters connected herewith until the purposes of this con- tract have been fulfilled, and First Party shall indemnify Secon&Tarty for its cost in this connection, the total cost thereof to be in an amount to be agreed upon between the First Party and the attorney selected by Second Party. Section 9. That First Party shall be reimbursed and compensated for expenses incurred and services rendered, respectively, in connection herewith in the following manner: By assessing charges againat security holders who accept Refunding Bonds under the terms hereof, the amount of said charges being a matter wholly between First Party and security holders who accept said Refunding Bonds, and by Second Party paying to First Party, or its I 1 L 1