10/1/1940 - Laserfiche WebLink

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x¢42 0" (B) Contain legally effective obligations and covenants on the part of the issuing taxing unit toland in favor of the holders of the Refunding Bonds that in the annual budgets to be prepared and made in the year 1940, and annually thereafter until all of said Refunding Bonds, and interest thereon, have been retired, there shall be included an appropriation in an amount sufficient to produce from current ad valorem taxes the sum of Thirty Thousand the ($30,000.00) Dollars, including and deducting therefrom, at the option of/governing authority of the issuing unit, any revenue other than from ad valorem taxes which may be available and is actually so applied. (C) Make provision for the levying of current ad valorem taxes in an amount suffieien to meet that portion of the respective annual appropriations which may be payable from current ad valorem taxes, such taxes to be levied and computed upon the extended and finally equalized assessed valuation of all property subject to, or liable, for, taxation -.at the time of the firs and original creation of the indebtedness now evidenced by the Original Bonds. (D) Make provision for the respective annual tax levies to be increased when neces to provide sufficient funds for (1) the payment of the interest and principal maturities of the year next succeeding that in which any particular budget is being made and prepared; or (2) the replacement of funds disbursed from the Interest and Sinking Fund Account for any purpose other than (a) the payment of interest upon and the purchase or payment of the principal of the Refunding Bonds and (b) the payment of Refunding Fee Certificates provided to be issued by Section IX hereof. Section VII. That Second Party shall, by and through its governing authority and/or public officials, cause such action to be taken as may be necessary to consummate the refinan- cing program herein authorized to the end that the proceedings authorizing the issuance of the Refunding Bonds, or the Refunding Bonds themselves, or both, shall 1 -unit; (A) Provide for said Refunding Bonds to be general obligations of the issuing taxing (B) Contain a pledge of the full faith and credit of said issuing taxing unit for the prompt payment of the principal of and interest on said Refunding Bonds according to their tenor; (C) Provide for the payment in legal tender of the United States of all taxes provided to be levied for the payment of the principal of and interest on said Refunding Bonds; (D) Provide for said Refunding Bonds to be continuations, extensions, mergers, and newels of the Original Bonds proposed to be refund®d and the obligation evidenced thereby; (3) Provide that all rights and remedies which were available by contract for the support and enforcement of the Original Bonds proposed to be refunded, and the obligation evidenced thereby, will continue and remain available for the support and enforcement of the Refunding Bonds issued in lieu thereof; (F) Provide that, in the event said Refunding Bonds, or any term, provision, condit agreement, or clause therdn, shall be held for any reason whatsoever either invalid or unen- forceable, then the holders of the Refunding Bonds affected thereby shall be subrogated to any and all rights and remedies, in part or in whole, which at any time existed in favor of the holders of (1) any bonds initially issued to evidence the first and original indebtedness, or (2) any of said Original Bonds-, Section VII. (A) That First.Party shall hold Second Party harmless for all expenses incurred and services rendered incident to: (1) printing the said Refunding Bonds; (2) obtaininf the approving opinion of Messrs. Chapman and Cutler of Chicago, Illinois, nationally recognized general market bond attorneys, (or any other general market bond attorneys mutually agreeable to the parties hereto) upon the procedure used for the validation and issuance of said Refund - h! 1