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<br />Section II. (A) That Second Party shall, by and through its governing authority and/or proper
<br />officials, including an attorney named.by it, cause Refunding Bonds to be authorized, the nece
<br />sary validation proceedings to be brought in the proper Circuit Court, and an appeal to be
<br />prosecuted in the Supreme Court of Florida in the event of any appeal, said Refunding Bonds to
<br />be in an amount sufficient to permit delivery of securities hereunder on the basis of a par
<br />amount of Refunding Bonds being issued in lieu of an equal par amount of Original Bonds, using
<br />such necessary procedure and forms therefor as are authorized by law and will permit the Re-
<br />funding Bonds to be issued with the approving legal opinion of nationally recognized general
<br />market bond attorneys: that said Refunding Bonds shall be executed in the manner required by
<br />law and placed on deposit in escrow with The First National Bank of Chicago, Chicago, Illinois,
<br />or any other Bank Mutually agreeable to the parties hereto, under instructions that said Refund.
<br />ing Bonds shall be delivered upon surrender of securities described in Section I hereof, or
<br />upon payment of the sale price of said Refunding Bonds if a sale is made hereunder, this con-
<br />tract being sufficient authority for the proper officials of the issuing taxing unit to make
<br />said deposit under usual forms for the purpose, said forms to be prepared by First Party, as a
<br />part of its services hereunder, and approved by the attorney hereinafter designated.'as Second
<br />Party; PROVIDED,hbwever, that at the expiration of this contract, unless this contract shall be
<br />extended by mutual consent or unless otherwise mutually agreed upon by the parties hereto, any
<br />Refunding Bonds which have not then been issued or previously cancelled shall be cancelled by
<br />the Escrow Bank and thereafter disposed of according to the order of Second Party.
<br />(B) That, upon delivery, Second Party shall cause all accrued interest on Original
<br />Bonds to be paid to the date of the surrender thereof (or to the effective date of a call in
<br />the event of exercise of option to call said Original Bonds for payment before maturity), and
<br />interest shall begin to accrue on the Refunding,Bonds as of the date of delivery thereof;
<br />PROVIDED, however, that if delivery is made at any time except upon an interest payment date
<br />common to both Original Bonds and Refunding Bonds, interest accrued on Ori4in*l Bonds and on
<br />Refunding Bonds may be offset against each other and the net difference either paid to or re-
<br />ceived from the holder of the Original Bond, as the circumstances may require.
<br />Section III. That said Refunding Bonds shall be dated January 1, 1941; be payable,
<br />as to both principal and interest, at Manufacturers' Trust Company , New York, New York, or 'any
<br />other bank mutually agreeable to the parties hereto; and mature serially in annual Installments
<br />the ,first of which said installments shall be due the third year after the date of said Refund-
<br />ing Bonds and the last of which said installments shall be due not later than the thirtieth
<br />year after the date of said Refunding Bonds, the amounts of the specific installments to be
<br />according to a schedule to,be hereafter calculated by First Party, as part of its services he
<br />under, but subject to approval by Second Party.
<br />Section IV. That said Refunding Bonds shall bear interest, payable semi-annually, at
<br />the rate of four (0) per cent. per annum.
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<br />Section V.,That said Refunding Bonds shall be non-oallable.
<br />Section VI. That, for the purpose of adequately providing for the payment of the in-
<br />terest on said Refunding Bonds aA its matures and for the creation of a sinking fund for_the
<br />retirement of all of said Refunding Bonds as they mature, and the sum hereinafter agreed to be
<br />paid°First Party, the proceedings authorizing the issuance of the Refunding Bonds, or the Re-
<br />funding Bonds themselves, or both, shall:
<br />(A) Conform'to the tax provision requirements of Chapter 15,772 of the Laws of
<br />Florida, Acts of 1931, and such other law or laws as shall be necessary in order (1) to permit
<br />the Refunding Bonds to be issued with the approving legal opinion of the nationally recognized
<br />general market bond attorneys provided for herein and (2) to accomplish the full purposes here-
<br />of .
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