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<br />money of the'United States of America at the Chemical Bank & Trust Company, in the City of
<br />New York, ITew York,
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<br />(d) That the provisionis hereinbefore made for a sinking fund to pay the principal ah
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<br />interest on the Refunding Bonds hereby authorized shall inure solely and only to' the payment of
<br />said bonds and interest thereon, and any funds now or hereafter available for the payment of th
<br />indebtedness authorized to be refunded shall be used to pay the principal and interest on the
<br />Refunding Bonds hereby authorised., It is hereby specifically covenanted and agreed that any
<br />that may hereafter become available for the exclusive payment of the indebtedness refunded here-
<br />by shall be converted into the interest and sinking fund for said issue of Refunding Bonds and
<br />be used and applied solely and only for the payment of the principal and interest on said bonds.
<br />(e) That all covenants, representations, agreements, and undertakings herein set out,
<br />as well as those appearing on the face of each of said Refunding Bonds,' shall constitute a con-
<br />tract with the holders of the Refunding Bonds, which contract shall be enforceable by suit, ae-
<br />tion, or mandamus on behalf of any bondholder in any -court of competent jurisdiction whether or
<br />not a monetary default shall then have ocoured in the payment of the principal or interest of.
<br />such Refunding Bondss and all rights and remedies which were available for the support and en-
<br />forcement of the indebtedness refunded hereby shall be available for the support and enforcement
<br />of said Refunding Bonds*
<br />(f) That all of said Refunding Bonds herein authorized as may from time,to time be
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<br />outstanding shall have and are hereby declared to have the same security and source of payment
<br />as the indebtedness thereby refunded, and said Refunding Bonds shall constitute a continuation,
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<br />extension, merger, and renewal of the indebtedness thereby refunded, and Only such property in
<br />said County as was exempt from taxation under the laws in force at the time such original in-
<br />debtedness was incurred shall be exempt from taxation to pay the interest upon and principal of
<br />said Refunding Bonds.
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<br />(g). That the said Refunding Bonds are hereby authorized to be executed as soon after
<br />the adoption of this resolution as may be, and promptly upon the completion of the validation
<br />the bonds as provided in Section 7 hereof, said executed Refunding Bonds, with the interest
<br />pons theraato attached, shall be by the Clerk of this Board deposited with the State Treasurer as
<br />County -Treasurer of -Indian River County, Florida, ex-offieios as escrow agent, with appropriate
<br />directions that said Refunding Bonds shall be delivered to accomplish the following purpose:
<br />Effect a delivery of said Refunding Bonds to the State Treasurer as ea -officio County
<br />Treasurer of St. Lucie County, Florida, for account of the Interest and Sinking Fund of the Ott,
<br />Lucie County, Florida, 'Road and Bridge Refunding Bond issue dated July 1, 19370 in amounts rat-
<br />able to the amounts of St. Lucie County Road and Bridge Refunding Bonds, of terns identical wi
<br />the terms herein provided, as are themselves from time to time exchanged for presently outstan
<br />Ing original St* Lucie County indebtedness of the issues described in Section 1 (b) hereof, sa
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<br />deliveries to be made in the proportion that the total amount of the said Refunding Bonds of t
<br />respective series, designated as Series A and Series B, as set forth in Paragraphs (d) and (e)
<br />of Section 1 hereof, bears to the total amount of St. Lucie Cpunty, Florida, Road rand.Bridge R
<br />funding Bonds of the issue dated duly 11, 1937, of the corresponding series, as set forth in res-
<br />olution adopted by the Board of County Commissioners of said St. Lucie County, Florida on danu-
<br />18, 1938, authorizing the issuance of said St. Lucie County, Florida„ Road and: Bridge Refund -
<br />Ing Bonds dated duly 1, 19379 which proportions are hereinbelow stated in exact terms:
<br />Deliveries of the said Series A► Refunding' Bonds shall be made in the
<br />proportion that the sum of 83, 500.00 bears to the slim - of 0114, 000000, which
<br />is approximately the rate of $208.14 of Series A Refunding Bonds for each
<br />$19000#00 bond exchanged of the corresponding series of St. Lucie County,
<br />Florida, Road and Bridge Refunding Bond issue dated July 19 19317„
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