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<br />in full compliance with the provisions of Chapter 10690 of the Acts of the Legislature
<br />of Florida, regular Session 1925, did issue the time -.warrants of said County in the
<br />principal amount of $509000, dated August 15, ',1925, numbered from 1 to 50 inclusive*of
<br />the denomination of $19000. each, bearing interest atthe rate of seven per cent per
<br />annum, payable semi-annually and maturing in numerical order $59000. on -August 15 of
<br />each of the years 1926, to 1935 inclusive, of which, time warrants in the principal
<br />amount of $10,000 have heretofore matured and have been paid, leaving now outstanding
<br />and unpaid, time warrants in the principal amount of $40,000, constituting obligations
<br />for the payment of -which the credit of said County is pledged; and
<br />WHEREAS, by agreement with the holder and owner of the said indebtedness same is
<br />to be, presented for retirement and refund and !said indebtedness is in such form and of
<br />such character that it may be refunded by the lissuance of refunding bonds of said County
<br />bearing a less rate of interest, in the manner provided, by House Bill Number 1309 of
<br />the Acts of the legislature of Florida, regular session, 1927; and
<br />MiEUM39 interest has been paid on said indebtedness promptly when due and none
<br />of said indebtedness thus evidenced has ever been adjudicated to be invalid, and no
<br />iigitation is pending or threatened involving the validity of any of said indebtedness
<br />and there are no available funds to pay said indebtedness;
<br />NOWt THEEEFORE, Be it and It is Hereby Re'bo�ved by the Board of County Commissioners
<br />of Indian River County, in the State of Florida, as follows:
<br />Section 1. That pursuant to and in conformity with the authority derived, as
<br />referred to in the preamble of this resolution, there are hereby authorized to be issued
<br />forty (40) negotiable Refunding Bonds of said County of the denomination of x'1,000
<br />each, numbered consecutively from 1 to 40, both numbers included, to be dated for
<br />convenience as of August 15, 1927, each bearing interest from and after the date there-
<br />of until paid, at the rate of six per cent (6,%11) per annum, payable semi-annually on the
<br />fiftbhnth days of February and August in each year, such interest to be evidenced by
<br />negotiable coupons attached to each bond, both' principal and interest payable in lawful
<br />money
<br />of
<br />the Enited
<br />States of America at the
<br />Chase National Bank,
<br />in the
<br />City of New
<br />York,
<br />New
<br />York; that
<br />such bonds be signed by
<br />the Chairman of this
<br />Board
<br />of County
<br />Commissioners, countersigned and attested by the Clerk thereof, and that the seal of
<br />this Board be attached to each of said bonds as and for the corporate seal of said
<br />County; that theminterest coupons thereto attached be signed by said Chairman and Clerk
<br />by their respective fassimile signatures, and that said officials shall, by the execu-
<br />tion of said bonds, adopt as and for their ownl proper signatures, their respective
<br />facsimile signatures appearing upon said coupons; that said bonds become due and pay-
<br />able in their numerical order and the order of maturity, as follows: $5,000 on Augusst
<br />15 of each of the years 1928 to 1935 inclusive.
<br />Section 2. That the bonds and coupons shall be in form and recitals substantially
<br />as follows, to -wit:
<br />NO.
<br />(FOIM OF B OND )
<br />UNITED STATES OF AMERICA
<br />IT ATE OF FLORIDA -- COUNTY bF INDIAN RIVER.
<br />REFUNDING BOND.
<br />$19000.
<br />KNOW ALL ME?T BY THESE PRE SENT Sa That the County of Indian River, in the State of
<br />Florida, for value received, promises to pay to bearer One thousand dollars, ($1,000)
<br />on the fifteenth day og August 19 ,with interest on said sum from the date hereof
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