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<br />RESOLUTION AUTHORIZING THE ISSUANCE OF $4179000.00 ROAD AND BRIDGE REFUNDING BONDS,
<br />SERIES 1941, DATED JANUARY lr 19419 OF SPECIAL ROAD AND BRIDGE DISTRICT NO. 49 IN
<br />INDIAN RIVER COUNTY, FLORIDA, FOR THE PURPOSE OF REFUNDING AND RETIRING THE LIKE
<br />AMOUNT OF LEGAL AND VALID OUTSTANDING NEGOTIABLE COUPON BONDS OF SAID SPECIAL ROAD
<br />AND BRIDGE DISTRICT: AND PROVIDING FOR THE MANNER OF ISSUANCE AND PAWENT THEREOF.
<br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVL+'R COUNTY, FLORIDA,
<br />IN SESSION DULY ASSEMBLED:
<br />Section 1. That this Board has ascertained and determined and does hereby declare tha:
<br />(a) The Board of County Commissioners (hereinafter sometimes referred to as said
<br />"Board"), of the County of Indian River (hereinafter sons times referred to as said "County"), i
<br />the State of Florida, as the governing authority of Special Road and Bridge District No. 4
<br />(hereinafter so=times referred to a s. said "District"), in said County and State, heretofore,
<br />under and by virtue of the Constitution and statutes of the State of Florida in such case wade
<br />and provided, duly authorized the issuance of negotiable coupon refunding bonds of said Distric
<br />for the purpose of refunding legal and valid outstanding road and bridge bonded indebtedness
<br />of said District, said Refunding Bonds being identified as to date of issue, designation, and
<br />amount thereof, as follows:
<br />Authorized Original
<br />Date of Issue _Desiggation mount of Issue
<br />January 1, 1937 Road and Bridge Refunding Bonds $445,000.00
<br />(b) $417,000.00 of said bonds are now outstanding and unredeemed, said bonds bearing
<br />interest from date thereof until paid or until called for redemption, payable semi-annually on
<br />the first days of January and July in each year, which interest, subject to the reversionary
<br />provisions as set forth in said bonds and in the resolution authorizing their issuance, is
<br />enforceable and collectible at the rate of four per cent. (4f) per annum from the date of the
<br />bonds to January 1, 1946; at the rate of five per cent. (5%) per annum from and including
<br />January 1, 19469 to January 1, 1954; and at the rate of six per cent. (6%) per annum from and
<br />including January 1, 1954, and thereafter. Said $417,000.00 outstanding Road and Bridge Re-
<br />funding Bonds dated January 1, 1937, are in the denomination of $1,000.00 each, mature on
<br />January 1, 1967, but subject to the right of prior redemption on any interest payment date,
<br />and are numbered as follows, to -wit:
<br />Bond Numbers
<br />(Inclusive,)
<br />1 to 3609 367 to 423
<br />(c) All of said outstanding bonds hereinabove described represent and constitute
<br />legal and valid subsisting obligations of said District, incurred prior to November 6, 19349
<br />for the payment of which the full faith and credit of said District ars pledged, and all
<br />property within said District, excepting only such property as would be exempt from.taxation
<br />under the provisions of the Constitution and Laws of Florida whichwere in force and effect at
<br />the time of the creation of the original indebtedness refunded by the aforesaid outstanding
<br />bonds is subject to the levy of an ad valorem tax, without limitation as to rate or amount,
<br />for the payment of the principal and interest of said bonds.
<br />(d) At the time of the passage of this resolution the sinking fund of the above des-
<br />cribed outstanding bonds of said District does not have moneys available for the redemption of
<br />all such bonds, and it is fbr the best interest of said District and its taxpayers to take
<br />advantage of the prevailing low interest rates for municipal bonds by refunding said outstand-
<br />ing bonds as hereinafter set forth, such new Refunding Bonds to bear interest at a lower rate
<br />than the rate or average rate of the bonds so refunded.
<br />(e) Under date of October 1, 1940, this Board ratified and confirmed an agreement pur-
<br />suant to which R. E. Crummer & Company was employed to work in cooperation with this Board in
<br />the refinancing of the bonded indebtedness of Special Road and Bridge District No. 4, in Indian
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<br />River County, Florida, which agreement contemplates the refinancing of the indebtedness eviden-
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