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12/3/1940
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12/3/1940
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1 <br />1 <br />1 <br />1 <br />authorized. to be refunded shall be used for the payment of the interest upon and the payma nt <br />or purchase of the principal of the Refunding Bonds hereby provided -to be,issued. It -is hereby <br />specifically oovenanted and agreed that, to the extent allowed by law, any funds that may here, <br />after become available for the .exclusive payment of the presently outstanding bonded indebtedn <br />shall be eonverted.into the Interest and Sinking Fund for the issue of Refunding Bonds hereby <br />authorized., and as a fund in addition to -the sums hereinabove provided to be appropriated annu- <br />ally for tha said Refunding Bonds, and shall be used and applied only in the' manner in which <br />said Refunding Bond Interest and Sinking Fund moneys are herein provided to be used. <br />Section 6(a). That said Board, for and in behalf of said District, hereby covenants <br />that, notwithstanding the provisions of any laws inconsistent with the teams of this resolutio <br />the said District will not accept anything but lawful money of the United States of Ameri c&An <br />payment or satisfaction of the taxes required to be levied or pledged hereunder for the paymen <br />of the interest upon and for the payment orpnr®hase *of the principal of the Refunding Bonds <br />hereby authorized to be issued, and that said taxes will be collected at the same time and in <br />the same manner as other taxes which may be levied by Indian River County or by said Special <br />Road and Bridge District. <br />(b) That said Board hereby further covenants that notwithstanding Section 79 Article <br />Z, of the Constitution of the State of Florida, added thereto by amendment ratified November <br />6, 1934, and any legislation enacted pursuant thereto, it will levy taxes upon all homesteads <br />within said Special Road and Bridge District for the payment of the principal and interest of <br />said Refunding Bonds to the same extent that other property in said Distridt may be liable to <br />taxation therefor. <br />(c) The said Board, in behalf of said District, hereby further covenants and agrees <br />that so long as any of the Refunding Bonds authorized hereby.may be outstanding, said District <br />will not avail itself of any legislation impairing or modifying the obligations of the District <br />on the indebtedness refunded by said Refunding Bonds or the covenants of the District contained <br />in said bonds;,that said Refurd ing Bonds shall constitute a continuation, extension, merger <br />and renewal of the indebtedness evidenced by the outstanding bonds thereby refunded; that said <br />Refunding Bonds shall have and are hereby declared to have the same security.and source of pay- <br />ment as the indebtedness thereby refunded, and that all contractual rights and remedies which <br />were available for the support and enforcement of the bonded indebtedness to be refunded here- <br />under shall be available for the support and enforcement of said Refunding Bonds hereby provide <br />to be issued. <br />(d) That -all covenants, representations, agreements, and undertakings herein set out, <br />each of <br />as well as those appearing on the face of/said Refunding Bonds, shall constitute a contract <br />with the holders of the Refunding Bonds, which contract shall be enforceable by suit, action <br />or mandamus on behalf of any bondholder in any Court of competent jurisdiction whether or not <br />a monetary default shall then have occurred in the payment of the principal or interest of <br />such Refunding Bonds. <br />Section 7(a). That the said Refunding Bonds are hereby authorized to be executed as <br />soon after the adoption of this resolution as may be, and, promptly upon the completion of the <br />validation of the bonds as provided in Section 10 hereof, said executed Refunding Bonds, with <br />the interest coupons thereto attached, shall be by the Clerk of said Board deposited with -the <br />First National Bank of Chicago, in the City of Chicago, Illinois, as 'Escrow Agent, with <br />appropriate directions that as and when the bonds herein authorized to be refunded are surren- <br />dered, there shall be delivered in exchange therefor a like amount 'of said Refunding Bonds, all <br />pursuant to and as contemplated by the agreement here inbef ore identified and pursuant to which <br />R. E. Crummer & Company was employed to assist said Board in the refinancing of the outstanding <br />
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