12/3/1940 - Laserfiche WebLink

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1�*ind interest coupons issued under the provisions of this resolution that the said District will make prompt.payment of the same when due. (b) That for the purpose of adequately providing for.the payment of the interest and for the retirement of all of said Refunding Bonds herein authorized to be issued, the said Board, in behalf of said Special Road and Bridge District, hereby covenants and agrees with the holders of said Refunding Bonds that in the annual budget and ad valorem tax levy to be pre- pared and made in the.year 1940, and continuing each year thereafter until all of said Refund- ing Bonds and interest thereon have been retired, there shall be includeda levy of a current ad valorem tax on all property within said District subject to taxation for the payment of the .bonded indebtedness refunded thereby, which tau shall be in amounts sufficient to produce the ,sum of THIRTY THOUSAND DOLLARS ($30,000.00) in each year, including and deducting therefrom, at .the option of said Board, any revenue other than from ad valorem taxes which may be availabl for such purpose and which is actually so applied. Such taxes shall be levied and computed upon the extended and finally equalized valuation of all property, including homesteads, within said District, excepting only such property as was exempt from taxation under the Constitution and laws of Florida which were in force and effect at the time of the creation of the indebtedness represented by the outstanding bonds to be refunded hereunder. The taxes so levied shall be in addition to all other taxes levied by or on behalf of said District, and the proceeds thereof al of all tax certificates and tax deeds issued therefor are hereby appropriated and shall be used exclusively for the.purpose for which the same are levied, and, so long as any of said Refund- ing Bonds are outstanding, the, respective annual tax levies shall be increased when necessary to provide sufficient funds for the actual interest and principal requirements of said bonds fo; the year next succeeding that in which the budget is being made and prepared. -- (c) That it is hereby specifically understood and agreed that, in the event surplus funds should become available in the Interest and Sinking Fund hereinabove provided for said issue of Refunding Bonds hereby authorized, over and above iit erect and principal or sinking fund requirements, after making due allowance -for interest, and principal ( if any), maturing at the next semi-annual payment period and making reasonable allowance for anticipated receipts said surplus funds may be used for the purpose of purchasing Refunding Bonds of.said issue, sud purchases to be made in any manner allowed by law. (d) That any lawful expenses pertaining to this refunding, including specifically the payment to R. F. Crummer & Company, or its assignee, of a sum equal to two and one-half per cent. (2) of the par value of Refunding Bonds issued hereunder, shall be paid out of the Interest and Sinking Fund established to service the Refunding Bonds herein authorized. Said sum so to be paid shall be evidenced by certificates issued by the Clerk of the Board of County Commissioners of Indian River County, Florida, setting forth the Refunding Bonds issued and the amounts due, and said certificates shall be paid out of said Interest and Sinking Fund from moneys therein available each six (6) months after interest, and principal (if any), then due has been paid and before any disbursements are made from said fund for any purpose except for the payment of interest, and imincipal (if any), due on the Refunding Bond issue herein author- ized. No surplus shall be deemed to exist under the next preceding paragraph of this resolution until all certificates issued to evidence said sums shall have been paid in full. (e) That all of said Refunding Bonds, and interest thereon, shall be payable in law- ful money of the United States of America at Mandfacturers Trust Company, in the City of New York, New. York. (f) That the provisions hereinbefore made for an Interest and Sinking Fund to pay the Refunding Bonds hereby authorized, and interest thereon, shall inure solely and only to the payment of interest upon and the payment or purchase of the principal of said Refunding Bonds, and any funds now or hereafter available for the payment of the outstanding bonded indebtedness id 1*