|
71
<br />Deliveries of said series B Refunding Bonds shall be made
<br />In proportion that the sum of $209, 89,28 bears to the sem, .of
<br />$5066000*00, which is approximately the rate of $410.45 of Ser-
<br />iss B Refunding Bends for each $1,000,00 bond exchanged of the
<br />corresponding Series of St. Lucie County, Florida, Road and
<br />Bridge Refunding Bond issue dated July 1, 193T.
<br />At and when the said Refunding Bonds are so delivered it shall operate to discharge a
<br />like amount of the indebtedness owed by Indian River County. to St. Lucie County, and same shall
<br />be -evidenced by certificates of the State Treasurer to that effect.
<br />(h) It is hereby declared and intended that said Refunding Bands are to be issued as
<br />of July 1, 1937, for the purpose of refinancing, as of that date, the like amount of indebted-
<br />ness of said County of Indian River then existing as hereinabove described.
<br />(I) That all of said Refunding Bonds shall be callable upon any interest payment date
<br />prior to matutity, at par plus accrued interest at the rate then prevailing as enforceable and
<br />collectible.
<br />The option to call any of said Refunding Bonds prior to maturity shall be enc.*
<br />ercised in the following manner: The Refunding Bonds to be called shall be drawn by lot from
<br />all the bonds then outstanding, and notice of such redemption, identifying the bonds to be re-
<br />deemed by date, series, number, and maturity, shall be filed at the place whereat the principal
<br />and interest are payable, such notice to be filed at lease thirty r30j days prior to such re-
<br />demption date, and said notice of intention to redeem shall be published once, not more than
<br />suety (60) nor less then thirty (30) days prior to such redemption date, in at least two pub-
<br />lications, one of which shall be a newspaper of general circulation printed and published in
<br />Indian River County, Florida, and the other shall be a financial journal published in the City
<br />of New York, New York; and said bonds when so called for redemption shall cease to bear inter-
<br />est on such redemption date,providedthat adequate funds for their redemption shall have been
<br />provided and set aside at the designated paying agent by said County for such purpose,
<br />(k) That if there be no newspaper of general circulation printed and published in
<br />Indian River County, r1orida, in which to print any notices required by this resolution, then
<br />any of said notices may be published in a newspaper having general circulation in said County.
<br />Section 5. The Refunding Bonds shall be exchanged on the basis of a par amount of
<br />Refunding Bonds for an equal amount of the indebtedness authorized to be refunded hereunder,
<br />e'aid exchanges to be made in accordance with the method of procedure hereinabove in Paragraph
<br />(g) of Section 4 hereof set forth,
<br />Section 6. That if any clause, section, paragraph, or provision of this resolution or
<br />of the Refunding Bonds hereby authorised be declared unenforceable by any court of final jurs-
<br />dictfon, it shall not affect or invalidate any remainder :thereof, and, if any of the Refunding
<br />Bonds hereby authorized be adjudged illegal or unenforceable, the holders thereof shall be en-
<br />titled to be subrogated to the rights of 'the holders of the indebtedness hereby provided to be
<br />refunded thereby and as suchenforee their claim for payment•
<br />0
<br />Section, 7. That Charles A. Mitchell, Attorney -at -Law, be and he is hereby authorized
<br />and directed to institute appropriate proceedings in the Circuit Court of the Ninth dtadicial
<br />Circuit of Florida, in and`for Indian River CountY, for the validation of said Refunding Bonds,
<br />and the Chairman and Clerk of this Board are hereby authorized to verify `any pleadings in such
<br />proceedings, and to Impress thereon the corporate seal of this Board.
<br />the MO tide for the adoption for the " adopt'ion `of the Resolution being duly seconded,
<br />it was declared adoptedp
<br />Tie Clerk was instru©ted to write Clewiston Motor Company for advise as to the best
<br />IL gas* and what kind of gas to use in Caterpillar Traotor.
<br />1
<br />1
<br />
|