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btedness of said Special Road and Bridge District. Said Escrow Agent shall be authorized and directed to cancel the bonds so surrendered and return same to the Clerk of said Board with, proper report indicating the particular Refunding Bonds delivered in exchange therefor. (b) That such part of said Refunding Bonds authorized by this resolution as are not exchanged for presently outstanding bonds, pursuant to the provisions of paragraph (a) of this Section, may be sold in the manner prescribed by law. The Board may hereafter provide therefor by resolution under authority of the General Refunding Act of 1931;`and, as to any of said Refunding Bonds sold under the terms hereof, said bondllso sold sUall be delivered and paid for at such time and in such manner. that the proceeds derived therefrom may be forthwith transmitt, to the paying bank of the outstanding callable bond issued' being refunded hereby, said trans- mittal to be under instructions that the said proceeds shall be applied to the retir®ment of the outstanding bonds so called for payment. The delivery of and payment for said Refunding Bonds shall be made at a time only sufficiently in advance of the redemption date of the call bonds that the proceeds thereof may be available at the paying bank on the effective date of t call for redemption; provided, however, that only such amount of Refunding Bonds shall be sold as may be necessary to provide funds for the retirement of such of the outstanding callable bonds as cannot beretired from funds in the Interest and Sinking Fund account on the day of a such sale. (c) That interest shall be paid on all outstanding bonds to the date of the surrender thereof, or to the effective date of a call in the event of the exercise option to call said outstanding bonds for payment before maturity., and interest .shall -begin to accrue on the Re- funding Bonds as of the date of delivery thereof, and all interest coupons on said Refunding Bonds which shall have matured prior_fto said date of delivery shall be detached and cancelled by mutilation; provided, however, that if delivery is made at any time except upon an interest pay ment date common to both the outstanding bonds and the Refunding Bonds, interest accrued on the outstanding hands and on the said Refunding Bonds, respectively, shall be off -set against each other and the net difference adjusted in cash as the circumstances may require. (d) That in the event.any part of the said Refunding Bonds authorized by this reso- lution are to be sold, it shall be the duty of the Clerk of said Board to give due notice of redemption of ell unmatured outstanding bonds representing indebtedness to be refunded by the bonds so to be sold, in the manner required by said outstanding bonds to be refunded. (e) That it is hereby declared and intended that said Refunding Bonds are to be issued as of January 1, 1941, for the purpose of refinancing, as of that date, the like amount of indebtedness of said District then existing as hereinbefore referred to. Section 8. That the said Refunding Bonds shall be exchanged on the basis of par for par'for the bonds authorized to be refunded hereunder according to the following schedule, the indicated Refunding Bonds to be exchanged indiscriminately for any of the outstanding bonds listed on thecorresponding line or lines under the title "Bonds to be Exchanged Therefor"; REFUNDING BONDS BONDS TO BE EXCHANGED THEREFOR Numbers Special Road and Bridge District No. 49 (Inclusive) of Indian River County, Florida. 1 to 417 (ROAD AND BRIDGE REFUNDING BONDS, DATED JANUARY 1, (1937, numbered 1 to 360, 367 to 423, all numbers (inclusive. Section 9.., That.,if any clause, section, paragraph or provision of this resolution or of the Refunding Bonds hereby authorized be declared unenforceable by any Court of final juris- diction, it shall not affect or invalidate any remainder thereof, and, if -any of the Refunding Bonds hereby authorized be adjudged illegal or unenforceable, the holders thereof shall be entitled to be subrogated to the rights of the holders of the indebtedness hereby provided to be refunded thereby and as such enforce their claims for payment. 1 1