3/3/1959 - Laserfiche WebLink

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• 1 1 n LJ 1 0 1 J u I'M may be discharged from such registration by being transferred to bearer, after whichl:it shall again be transferable by delivery, but it may be again registered as before. Such registra- tion as to principal only shall not restrain the negotiability of the coupons by delivery. Date of Name of Registration ; Registered Holder Signature of Registrar Section 4. It is hereby found, determined and declared.by this Board of County Commissioners that the assessed valuation of the taxable property in the County of Indian River Florida, for the year 1958 was Twenty Six Million, Nine Hundred Seventy Six Thousand and Four Hundred Forty Nine Dollard ($26,976,449.00); and that the levy of a five mills on the dollar tax on the assessed valuation of all taxable property in said County, based upon assessed valuation of all taxable property of said County for the year 1958, would have yielded the sum of One Hundred Thirty Four Thousand Eight Hundred Eighty Two and 24/100 Dol ($134,882.24) in the year 1958. Section 5. That as long as any of the bonds authorized by this resolution, or the interest thereon, are outstanding and unpaid, the County shall be irrevocably and uncondi- tionally obligated to the full extent necessary to comply with the provisions of this resolu- tion, tolevy in each year a tax on all taxable property within said County, excluding all property now exempt by law and exdluding homestead property, in an amount of not exceeding five mills on the dollar on the assessed valuation of such taxable property in said County, hereinafter referred to as 01five mills tax1B, subject, however, to the provisions of Section 7 hereof. Such five mills tax shall be and constitute a special tax for the purposes provided in this resolution and shall be levied as a separate tax apart from all other taxes levied and collected by said County, and shall be used only for the purposes and in the manner pro- vided in this resolution. Section 6. There is hereby created a fund for the payment of the principal e,f and interest on said bonds, and for the creation and maintenance of reserves therefor, which shall be known as the "Sinking Fund". All proceeds derived from the levy and collection of said five mills tax authorized by this resolution shall be deposited in said Sinking Fund and said Sinking Fund shall be and constitute a trust fund and shall be used only for the purposes and in the manner provided in this resolution. The moneys in said Sinking Fund at any time shall be used only for the following purposes and in the following order and priority: (1) For the payment in each year of the principal of and interest on the bonds issued pursuant to this resolution as the same shall mature and.become due, and such payments shall be a first, prior and paramount lien on all moneys in said Sinking Fund;