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� 0 RESOLUTION -ROAD & BRIDGE #4 REFUrw G BONDS
<br />The following resolution was introduced and, upon being read in full, was upon motion
<br />1 of W. C. Graves, Zr., which motion was duly seconded by Frank C. Vickers, adopted by the followl�
<br />Ing vote:
<br />Ayes: Michael, Glover, Graves, Vickers and Helseth.
<br />Nayes: None
<br />Absent: None
<br />Not Voting: None
<br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, STATE OF
<br />FLORIDA, IN SESSION DULY ASSEMBLED:
<br />Section I*'That this Board does hereby approve, adopt.,and confirm that certain con-
<br />tract set forth in Section II hereof; the Chairman of this Board be,. and he is hereby directed
<br />to execute said contract for and on behalf of Special Road and Bridge District No. 4 in Indian
<br />River County, Florida, and the Clerk of this Board be, and he is hereby, directed to attest the
<br />signature of the said Chairman on said contract and affix the seal of said Board thereto.
<br />. Section II. That the contract approved, adopted and comfirmed in Section I hereof
<br />shall be as follows:
<br />CONTRACT OF EMPLOYMENT
<br />THIS CONTRACT, made and entered into this 1st day of October, A. D. 1940, by and be-
<br />tween R. E. CRUMMER & COMPANY, a corporation (hereinafter sometimes referred to as °RFIRST PART
<br />and SPECIAL ROAD AND BRIDGE DISTRICT NO. 4 in INDIAN RIVER COUNTY, FLORIDA, (hereinafter some-
<br />times referred to as "SECOND PARTY")
<br />WITNESSETH:
<br />In consideration of the sum of One (l.00) Dollar paid by each of the parties hereto
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<br />to each other, receipt of which is hereby mutually acknowledged, and in further consideration
<br />of the valuable specialized services which First Party can render Second Party and without which
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<br />Second Party cannot afford to risk undertaking to accomplish the desired objective® it is herebi
<br />mutually understood and agreed as follows:
<br />'B
<br />Section I. (A) That First Party is hereby employed by Second Party to use its best
<br />efforts in an endeavor to accomplish a refinancing of the following identified refundable funder
<br />indebtedness (hereinafter sometimes referred to as "Original Bonds") by the issuance in,lieu
<br />thereof of Refunding Bonds to be authorized and issued under the direction of Second Party in
<br />accordanoe with the definite terms and conditions hereinafter set forth in detail, said Second
<br />Party having exercised its governmental funotidn�:in definitely agreeing on such terms and oon-
<br />ditions:
<br />All outstanding principal of the callable funded indebtedness of the Second Party
<br />bearing date of January 1, 1937.
<br />(B) (1) That the Original Bonds considered subject to the prior portions of this
<br />Section will be the exact amount of indebtedness of the identified classifications found to be
<br />outstanding and unpaid when the bond register of the identified issue has been carefully
<br />balanced; (2) that, if any of the Original Bonds are retired, Refunding Bonds provided to be
<br />issued in lieu thereof shall be cancelled, and, if any of the Original Bonds are now in, or
<br />later come into, the possession of control of Second Party but in such manner that they may no
<br />be retired, Refunding Bonds provided to be issued in lieu thereof shall be so issued, at the
<br />option of Second Party, but,.whether so issued or not, First Patty shall be entitled to consid
<br />said Refunding Bonds as having been so issued in determining any percentages hereunder: (3)tha
<br />any Original Bonds now, or hereafter during the period of this contract, owned by First Party
<br />shall be considered as subject to conversion hereunder, and, since this is a contract of limit
<br />and specifioilly— defined employment, the full and complete duty of First Party being expresse
<br />herein, it is hereby specifically agreed that Second Party shall have no control over said
<br />Original Bonds so held as said Original Bonds are, or will be, hold by First Party inctacehoaci
<br />entirely divorced from the purpose for which Second Party has employed First Party and.said
<br />ownership only assists in that purpose.
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