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HomeMy WebLinkAbout8/17/1937rl,�_ 144 being within the boundaries of said Quay Bridge District._ for the.. purpose, of . properly operatingl� the bridge in said District and the reasonable and usual, repairs and ma.intenance.of -said Bridge and the approaches thereto, the total sum estimated in the budget being $4s9W.67. The Board then proceeded to, fix and set- the rateof- millage -for WA,BASSO BRIDGE RIOT, in accordance with the laws of Florida, as amended -by the Actsofthe 1929 Legislature and it was determined that a tax rate of Ten (10) mills on the dollar- be levied-and..is hereby fixed and assessed for the year 1937, upon all of the property in- the .County. of Indian River lying and being within the boundaries of said Wabasso Bridge District for the purpose of mai; taining said Bridge.construction,and the purchase of bonds and.interes-t,.coupons against said District now outstanding, and unpaid, the total sum estimated in the budget being $2,254.21. RESOLVED-, that the Tax Assessor in and for the County of Indian River, State of Florida, be and he is hereby directed to levy and assess all of the -foregoing tares as fixed and levied by this Board upon the property as levied and that he extend the taxes on the value tion of such property according to said millage as fixed and determined by this Board on all the property subject to taxation in the said County of Indian River, as to all taxes levied and intended -to be entered on the assessment roll under the head of County taxes and upon all property lying and being within the Districts as described within the County of Indian River, as of the first day of January, -1937. RESOLVED, further that the Clerk of the Circuit Court and Clerk of this Board, be he is hereby directed to furnish to W, R. Duncan Tax Assessor of Indian River County, a full and complete copy of this resolution. RESOLVED, further that the Clerk and Auditor of the County be notified of the to be apportioned to the different accounts out of the total taxes 3evied for all purposes. The motion for the edoption of said resolution providing for the levy of taxes was seconded by Commissioner Poole and was adopted by the following vote. Ayes: Nudge, Poole, Helseth and Glover Nayes: None. The several bills and accounts against -the County, having been audited, were examined and found correct, were approved and warrants ordered issued in settlement of same. Such bills and accounts being on file in the office of the Clerk Circuit Court. The warrants so issued from the respective funds being listed in the supplemental minute book as provided b7 the rule: of the State Auditor, reference -to such record and the list so recorded being made a part of these minutes. There being no further business on mdLtion n de, seconded and carried the Board then adjourned,.until Tuesday, August 17th. 1937, at 9:30 A. M. S Chairman. TUESDAY, AUGUST 17th.. 19370-- The 93 . The Board of County Commissioners in and for Indian River County met at the Court- house in Vero Beach, at 9:30 o'clock A.M., Tuesday, August 17th., 19379 in regular adjourned meeting with the following members of the board present,.R. L. Mudge, Chairman, E. P. Poole, S. Be Glover and Edwin A. Helseth, Abse: Drank C. Vickers. Also present were go S. Barker, Deputy Sheriff, Chas. A. Mitohell, Attorney for the Board and Douglas Baker, Clerk. It was announced by the Chairman that the time had arrived, namely 9:30 otclosk A.M. for the openning of sealed bids in the office of the Clerk of the Circuit Court of Indian River County, up to 9:30 A.M. August 17th., 1937, on general obligation bonds of the Bounty of Indian River, Florida, in the aggregate principal amount of $79000.00 (being part of an 1 1 i4 5 authorized issue of $43,600,00) as invited by public notice published in the Vero Beach Press. Journal, a newspaper of general circulation, published at Vero Beach, Indian River County, P rida, and sworn proog'of the said publication of said public notice being herewith filed and reading as follows, to -wit: AFFidavit oF Publication COUNTY OF INDIAN RIVER 1 STATE OF FLORIDA r 85. Personally before me, the undersigned, an officer authorized under the laws of said State to administer oaths, came J. J. Schumann, business manager of the Vero Beach Press -Journal, a newspaper published in Vero Beach, Indian River County, Florida, who, being first duly sworn, says that the Vero Beach Press -Journal is a newspaper which has been continuously published at least once a week, and which has been entered as second class mail matter, in Vero Beach, Indian River County, Flori- da, for a period of more than one yearnegt preceding the first insertion of this publication; that the advertisement a copy of which is hereto attached, was published in the Vero Beach Press -Journal for...... ........ consecutive weeks, as follows, to-wit:���1111 I �- 2.3-3b qn... 6.-0 3 ................................. ............................................ ..1%3.1 �a Business Manager. 1 Sworn to and subscribed before me, this. 0! ..... day of. . ..............193,7 .. ,&;P, - - 14�aalw-t� Merk Circuit Court; Indian River County, Florida W NOTICE OF SALE OF BONDS Bids will be received by the Board of County Commissionersof Indian River County, Florida at the office 'of the Clerk ' of the Circuit Court of Indian River County in Vero Beach, Florida, up to 9:30 o'clock A. M. Eastern Standard time, August 17, 1937, at which time all bide received will be publicly opened and read aloud for the purchase of general I obligation bonds of the County of Indian 1 River, Florida,, in the aggregate princi- pal. amount of $7000.00 (being part of an authorized issue of $46,600.00.) Said bonds are of the denomination of $1000.00 and bear interest at the rate of four per centum per annum payable on March 1 and September 1 of each year. Said bonds are dated September 1, 1936 and the bonds to be so sold are number- ed 24 maturing September 1, 1949; 27. maturing September 1, 1950; 30 maturing September 1, 1961; 34 maturing Septem- her 1, 1902; 33 maturing September 1, 1963, 42 mhturiug September 1, 1964, and 46. maturing September 1, 1966. Any and all bids ,may be 'rejected if the Board of County Commissioners shall deem it to the best interests of the County so to do„ BOARD Oy COUNTY COMMISSIONERS By R. E. Mudge, Chairman Attest Douglas Baker, Clerk (SEAL) 11 July 16 23 30 Aug. 6 13 Thereon the following bid was then publicly opened and read aloud, to -wit: .Board of County Commissioners, - Indian River County, yla. Gentlemen: - We herewith bid the sum of Par plus accrued interest for the $9000 in principal amount, Indian River County Courthouse Bonds advertised by you for sale at the hour of.9:30 a.m., Tuesday, August 17th, 1937. We are prepared to make payment for these obligations immediately upon delivery of same to us. Very truly yours, THE INDIAN RIVER - CITRUS BARK By A. A. Sullivan ,g E a 0 L U T I 0 N commissioner Poole Ifttroduced the following resolution and moved its adoption, to-wii Whereas,, advertisement has been duly had for a period of thirty days -of sale of $7000.00 in principal amount of general obligation bonds of Indian River County, dated Sept- ember 1, 1935 and for the purpose of constructing and equipping a Pourt House in said County;'[ Whereas, the time has arrived for the opening of bids for the purchase of.said ba and the only bid received being that of The Indian River Citrus Bank of'Vsro Beaoh, Florida wherein an offer is made to purchase said bonds at the price of par plus accrued interest; therefore, Be It Resolved that the said offer of The Indian River Citrus Bank of par plus ac - trued interest for said $7000.00 in principal amount of bonds be, and the same is, herewith accepted and that the Chairman and Secretary of this Baord be, and they are, authorized to deliver the said bonds to said particular purchaser upon receipt of the proceeds thereof. The motion for the adoption of the resolution being duly seconded by Commissioner Glover, it was declared adopted by the following votes Ayes: Mudge, Glover, HelsetIland Poole Nays: Hone Bond No. Maturity Date* Principal Sum. 24 1949 $1000.00 27 1950 1000.00 30 1951 1000.00 34 1952 1000.00 38 1953 1000.00 42 1954 1000.00 46 1955 w - 1000.00 It was moved by E. P. Poole, seconded by S. E. Glover and carried that Be E. Mudge, Chairman and Douglas Baker, Clerk, be instructed and authorized to pay for the Furniture, equipment and Venetian Blinds for the new Courthouse. It was ordered that a warrant be drawn payable to the Indian River Citrus Bank for the sum of $1270.00 to retire Courthouse bond No. 1 in the amount of $500.00 due September 1, 1937 and for the payment of interest in the sum of $770.00 due September 1, 1937 on C bonds, said wgrrant to be issued against the Interest and Sinking Fund. Chas. A. Mitchell, attorney was instructed to write to the Federal Emergency Ad- ministration of Public Works requesting them to send an additional $2000.00 in Courthouse bonds to be retired on or about September 1, 1937, since sufficient funds are available for that purpose. The minutes of July 5th., and 6th., were read and approved. It was ordered Mrs. Alice Padgett be stricken from the pauper list. It was ordered M. F. Barnes be sticken from the pauper list, the board having been advised he had died. It was ordered Corneilus Williams be placed on the pauper list to receive the sum of $5.00 per month, effective the 17th., until the further order of the Board. It was ordered that Mrs. Carrie Martin, Vero Beach be placed on the pauper list to receive the sum of $10.00 per month until further order of the Board. It was ordered a warrant be drawn on the General Revenue Fund payable to Gladys Harris for the such of $5.00 as additional financial assistance. On motion made by Be P. Poole, seconded.by Edwin A. Helseth and carried, the Board requested Mr J. N. Be Wheelers representing the Vero Beach Board of Insurors, to issue In- surance policies to the County of Indian River Florida, for Workmen's Compensation Insumance, also on Public Liability and Property Damage Insurance on four County trucks and one trailer. It was ordered that this insurance be placed with the Vero Beach Board of Insurors and that 0 1 147 F� all County insurance,except as to County property in North end of County where insurance agents are located, be placed with said Board of Insurors. Mr. John Howard appeared before the Board and request that provision be made for his son, Harold Howard, in the Tuberculosis Sanatorium near Orlando, On motion. made by E. P. Poole, seconded by S. E. Glover and carried, this request was granted. Chas. A. Mitchell, attorney was instructed to prepare notice to advertise for bids on road oil in carload quanities or less. Frank A. Knight, Road Superintendent, reported that he had let the contract for dnd brushing grubbingjout the peninsular road from Riomar to the South County line, which is to be 10 feet wide, to Otis Wright (Col.) at a contract price of $80.00 per acre.& $6.00 per mile,respl Application for license to sell intoxicating liquors, wines and beer, was filed by S. W. Walls, Vero Beach, which was carefully examined and after due consideration was r denied. Application for license to sell intoxicating liquors, wines and beer, was filed by Holly Jackson, Gifford, which was carefully examined and denied because of no exact lo- cation given on the application. R E S 0 L U T I 0 N. RESOLUTION AUTHORIZING THE ISSUANCE OF ROAD AND BRIDGE REFUNDING BONDS OF SPECIAL ROAD AND BRIDGE DISTRICT NO. 49 IN INDIAN RIVER COUNTY, FLORIDA, FOR THE PURPOSE OF REFUNDING A LIKE AMOUNT OF LEGAL AND VALID OUTSTANDING BONDS OF SAID SPECIAL ROAD AND BRIDGE DISTRICT, AND INS TEREST THEREON, AND PROVIDING FOR THE MANNER OF ISSUANCE AND PAYMENT TM, EOF. The following resolution was introduced and read, and upon motion of Commissioner Poole, duly seconded by Commissioner Helseth, was adopted by the following vote: Ayes: Mudge, Glover, Helseth, Poole Nays: None Absent: Vickers Tot Voting: None a WBEREAS, the Board of County Commissioners, (hereinafter sometimes referred to as said "Board") of the County of'Indian River, (hereinafter sometimes referred to as said "County") State of Florida, as the governing authority of Special Road and Bridge District No. 4, (hereinafter sometimes referred to as said "District") in said County, a taxing dis- trict of said State, is authorized under and by virtue of the General Refunding Act of 1931, same being Chapter 159772, Laws of Florida, Acts of 1931, to issue bonds of said District for the purpose of refunding any or all outstanding bonded indebtedness of said District, whether the indebtedness to.be refunded has matured or is to mature hereafter; and AREAS, there have been heretofore duly authorized and issued by said Board, for and in behalf of said Districts negotiable coupon bonds of said District, for the purpose of constructing roads and bridges in said District, for which the full faith and credit of and a tax upon the entire taxable property within said District are pledged, said bonds having benn issued under and by virtue of the Constitution and statues of the State of Florida, in such case made and provided, in the following amount: Authorized Original Date of Issue Designation Amount of Issue July 1, 1925 Road and Bridge Bonds $ 4900000.00 cud, WHEREAS, of said bonds there are now outstanding bonds in the denomination of $1,000.00 each, (hereinafter, together with unpaid interest accruals thereon, sometimes ident} ified as "bonds" or "bonded indebtedness".), which constitute legal and valid unpaid indebt- edness of said District, bearing interest at the rate of six per cent. (6f) per annum, pay- able semi-annually, indentified as to n hers, maturities, and amounts as follows: < e W Bond Nwbers (Innolus_ive )y„ 25 to 21; 33 49 53 to 56; 58 to 60 73 dind 74 ° 75 to 78 94 to 96; 98 to 102 105 and 106 117 to 122; 126 to 128; 130 131 to 147; 149 155 to 168 169 to 182 188 to 192; 198 to 206 207 to 218; 221 to 225 227 to 231; 233; 235 to 239; 245 to 249 250 to 273 274 to 297. o ° 298 to 321' 522 to 326; 332 to 345 346 to 374 375 to 379; 385 to 403 404 to 432 433 to 440; 443 to 452; 454 to 461 462 to 465; 468; 469; 471 to 490 Total Bonds - - Maturity (Jule l) Accrued Interest to January 1, 1937, and interest coupons unpaid as of that date - 1932 1934 1935 1936 1937 1958 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 - Amount 4, 000., 00 1,000.00 7,000.00 :2,000.00 149000.00 89000,00 2,000.00 10,000.00 18,000.00 14„000.00 14,000.00 14,000.00 17,OOp.00 16,000.00 240000.00 24,000.00 24,000.00 19,000.00 29,00.0.00 24,000.00 29, 000,00 24,000.00 _26,004*OO $ 3669000.00 79,000.00 the aggregate amount of said outstanding bonded indebtedness as listed and described herein- above, bearing interest at the rate of six per cent. (6%) per annum, being FOUR H=RED FORTY- FIVE THOUSAND DOLLARS ($4459000.00); and WHMFAS, interest has accrued and is unpaid on all of said bonded indebtedness since January 10 1937, and the financial condi ion of said District and its inability to pay its in- debtedness in accordance with existing requirements as to interest rate and schedule of prin- oipal maturities make it necessary and for the ,beat . interest of said District and its .taxpay- er6 that said bonded indebtedness, in the aggregate.amount of Four Hundred Forty-five Thousand Dollars ($4450000.00) be refunded as of January 1, x937, the holders of obligations evidencing said indebtedness being willing to surrender the same for a like amount of:Road and Bridge Refunding Bonds of said Distrust; and WREAS, under date of June 15, 19379 this Board ratified and ognfirmed an agreement pursuant to which R. B. Crummer & Company will work in cooperation with this Board in the re- financing of the bonded indebtedness of said Special Road and Bridge District No. 4, which agreement contemplates the refinancing of the above described Road and Bridge bonded indebt- edness of said Districts as hereinafter provided- now, therefore, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF TEDIAN RIVER COUNTY, FLORIDA, IN SESSION DULY ASSEMBLED: Section 1. That for the purpose of refunding as of January 19 19379 the obligations evidencing the outstanding and unpaid six per cent. (6%) bonded indebtedness of said District, in the sum of Four Hundred Forty-five Thousand Dollars ($445,000000) as des- oribed in the preambles hereof, there shall.be and there are hereby authorized and ordered to be issued the n6g9tiable coupon bonds of said District, in the aggregate principal amount of Four Hundred Forty-five Thousand Dollars (.$4459000.00)1, to be designated "INDIAN RIVER.COUNTY, FLORIDA SPECIAL ROAD AND BRIDGE DISTRICT NO. 4 ROAD AND BRIDE RFFUND- ING BONDS" Said bonds shall W numbered, be in the denomination, and, subject to the right of prior re- demption, as hereinafter provided, shall mature and be in the amount as fellows: Bond lumbers (Inclusive) Denomination matte iter Amount 1 to 445 $ 10000.00 January 19 1967 $ 4459004.00 ' e Section 2. That all of said Refunding Bonds in the aggregate principal amount of $4450000.00 shall be dated January 19 1937, and shall bear interest from date there - Til 1 0 1 • 1 1 of until paid, or until called for redemption, which interest shall be payable semi-annually on the first days of January and July of each year, and which interest, except as hereinafter otherwise provided, shall be enforceable and collectible at the rate of four per cent, (0) per annum from the date of .the bonds to January 1, 1946; at the rate of five per cent.(5%) per annum from and including January 1, 1946.9 to January 19 1954; and at the rate of sig per cent. (6f) per annum from and including January 1, 1954, and thereafter; and said interest at said rates shall be evidenced by coupons attached to each bond, Each of said Refunding Bonds shall be signed by the Chairman and attested.by the Clerk of said Board, and the corporate seal of said Board shall be affixed to each of said Refunding Bonds, Interest coupons attach- ed to each of said Refunding Bonds shall be executed with the facsimile signatures of the said Chairman and Clerk, and said officials by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures on each of said coupons. Section 3. That all of said Refunding Bonds and interest thereon shall be payable in lawful money of the United States of ,America at Chemical Bank and Trust Company of New York, in the City of New York, New York• Section 4, That whenever and as often as there is a surplus of $5,000.00 or more, in the Interest and Sinking Fund account created for the payment of said Refunding Bonds and interest thereon, over and above current interest requirements, after making reason- able allowance for anticipated receipts, said surplus shall be used by the said Board for the purchase of bonds of this issue in the following manner; the said Board shall designate a date which shall be not less then fifteek (15) nor more than forty (40) days from the time said date is designated, at which time it will receive sealed tenders of bonds of this issue and act upon such tenders in open session, Upon determining said date, the said Board shall cause written notice thereof to be mailed to R. E, Crunmer & Company and to any bondholders who may have theretofore so requested in writing. Notice of the time and place of receiving such tenders shall also be published once, not less then ten (10) days before the date designated for the receipt of tenders, in at least two publications, one of which shall be a newspaper of general circulation printed and published in Indian River County, Florida, and the other shall be a financial journal published in the City of New York, New York. The entire available sur- plus for the retirement of bonds shall be used to purchase bonds offered by such tenders at the lowest prices; PROVIDED, however, that if said Board be dissatisfied with any or all tenders thus received, it shall have the option to reject any or all of same, and, within thirty (30) days after such rejection, it shall_readvertise for additional sealed tenders in the same manner as hereinbefore provided, and shall purchase the bonds offered at the lowest prices upon such readvertisement, absorbing all funds available; PROVIDED, that no such offers shall be accepted nor bonds purchased at a price in excess of the price at which it is herein provided that said bonds shall be callable; and, PROVIDED, further, that fo3ldi3g each respec- tive tender date said Board may privately purchase additional bonds with subsequent surplus accumulations as long as private purchases may be made upon such basis as will show a higher income yield that the highest yield calculated on bonds purchased responsive to tenders re- ceived at the last preceding tender date; PROVIDED, further, that said Board may, at its dis- cretion, make purchases in accordance herewith before the surplus reaches the identified amount. That whenever the said Board shall have been unable,for a period of so much as six months, to apply such surplus funds to the purchase of bonds at a price less than the callable) price, it shall proceed to call such bonds by lot as hereinafter provided, in order to permit application of the full amount of funds available. Section 5. That all of said Refunding Bonds shall he callable upon any IJr) interest payment date prior to maturity, at par plus accrued interest at the rate then pre- vailing as enforceable- and.-.colle,ctib.le. The option to call any of.said Refunding Bonds.pr.ior to maturity.-shall,be, -exercised in the following manner: the Refunding Bgnds.to be dalled-shall be drawn -by lot from all the a bonds then outstanding, and. notice of such redemption,_ -identifying the - bonds to. ,be. redeemed by date, number, and maturity, shall be .filed at..the place whereat -the .principal .and interest are payable, such notice to be filed at -least. thirty (30.) days prior ,to. such redemption .date., and said notice of intention to redeem said bonds shall -be published once, not..more than six- ty (60) nor less than thirty (30) days prior to such redemption date in at least two publi4-► cations, one of which shall be a newspaper of general. circulation..printed- and published in Indian River County, Florida, and the other shall be a financial . journal:published..in the City of New York, New York; and said bonds, when so called, shallcease to.bear ,interest on such redemption date, provided that adequate funds for their redemption shall.have been provided and set aside by said District for such purpose. That if there be no newspaper of general circulation printed and published in Indian River County, Florida, in which to publish the notices required by this section, or by any other section of this resolution, then any of said notices may be published in a_newspaper having general circulation in said 0ounty. Section 6. That said Refunding Bonds, the coupons thereto attached, and the validation certificate to be endorsed thereon, shall be in substantially the following form: Bond No. ______. UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF INDIAN RIVER SPECIAL ROAD & BRIDGE DISTRICT NO. 4 ROAD AND BRIDGE REFUNDING BOND $1,000.00 KNOW ALL MEN BY THESE PRESENTS: That Special Road and Bridge District No. 4. in the County of Indian River, State of Florida, by and through the Board of County Commissioners of said County and State, as the governing authority of said District, hereby acknowledges it- self to be iAdebted, and, for value received, hereby promises to pay to the bearer on the first day of January, A. D. 1967, the principal sum of ONE THOUSAND DOLLARS with the option'of prior redemption as hereinafter provided, and to pay interest on said sum, as hereinafter specified, from the date hereof until paid, or until called for redemption,pg able semi-annually on the. first days of January and July of each year, such interest to the maturity date of this bond to be paid upon presentation and surrender of the attached coupons as they severally become due. Both principal and interest of this bond are payable in lawful money of the United States of America at Chemical Bank and Trust Company of New York, in the City of New York, New York, and for the prompt payment of this bond, and the interest thereon, as the same becomes due, the full faith, credit and taxing power of said District are hereby irrevocably pledged to the same extent and with like force and effect as the same were pledged for the payment of the indebtedness refunded hereby. Interest on this bond, as evidenced by the interest coupons hereto attached, shall be enforceable and collectible at the rate of four per cent. per annum from the date hereof to January 1, 1946; at the rate of five per cent. per annum from and including January 1, 1946, to January 1, 1954; and at the rate of six per cent. per annum thereafter. In case of default in the payment of interest on this bond, or in case of failure or refusal of the governing body of said District to cause to be levied the taxes provided to be levied for the interest and sinking fund of the issue of bonds of which this bond is one, the said District shall be accorded a period of six months after the happening of such default, 1 ►s1 1 1 151 failune or. refusal,_ in whishto correct .the same, andupon--its. inability,: or.:refusal to_ correct such default or failure within that period, and upon the declaration in writing Filed with the Clerk of tyre .Board, of .0ounty -Commissioners . of.. said,. County. .by, the:, -holders' of at ; least. twenty- five per cent. (t%) in principal amount of the then-outstanding,Refunding-Bonds of the issue of which thiss bond is -one, each of the Refunding Bonds of said: issue. shall,-.. at.. the option of the respective holders, revert to and thereafter bear the original, or six percent. per annum interest rate borne- by the outstanding bond inc exchange. for which: said.. Refunding Bonds has bee issued; andAn in... the . case. of .Refunding _Bonds. issued to . refund .interest - accrued _on..outstanding. . bonds each such. refunding Bond shall revert.. to and th-ereafter bear the original, or sixper cent. per annum, interest rateborne by the bonds accrued interest on which was refunded by the issuance of said Refunding Bond, a nd such reversion shall -be effective from the date to which interest,. was.paid on the Refunding. Bonds .of said issue, prior to the happening of the de- fault, failure or refusal._as above set forth,.and said District agrees that if the right to such higher interest rate .accrues, as herein provided, the higher rate of interest will be evidenced--in.-the nammer then _provided by law. The right is hereby reserved to call -and- rede.em..all_.-or. any part of theissue of of which this bond is one onany interest payment, date prior to maturity,- at.par -plus accrued interest at the rate then prevailing as enforceable-an:d.collectible,.- In -the event of the ex- ercide of such right to call, not less -than thirty _nor - more. than- sixty days. notice of such .re- demption will be given by filing and publication as provided -by the resolution adopted by the Board of County Commissioners of said C.aunty..authorizing_ the: -issuance:_ of this --bond, and said bonds, when so called, shall cease to bear interest on such redemption date, provided that ad- equate funds for their redemption shall have been provided and set aside by said District for such purpose. This bond ,is one of an issue of Refunding Bonds of._like date and tenor, aggregating $4459000.00, numbered 1 to 445, inclusive. AND IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is issued under-thel authority of and in compliance with. the General --Refunding. Act. of 1931., being . Chapter 15,772, General haws of Florida, 1931, and pursuant. to. a, resoluti.on...du.ly. adopted. by the. -Board of -Cour. Commissioners of said County, and is issued in --exchange, for and as..a.continuation, extension, merger and renewal of a like amountofvalid subsisting bonded indebtedness of said District issued prior to November 6, 1934, and outstanding at _the date -of the passage of said resolutio and for the purpose of refunding said indebtedness; and that all acts, conditions,, a nd things required to happen, exist and be performed precedent to-and-An_the.issuance o-f.this bond have happened, exist and have been performed in due time, form and manner as required by law, and that neither the indebtedness which is refunded,nor the issue -.o -f bonds of which this bond is one, together with all the other indebtedness of said- District, exd'eeds any limitation pre- scribed by the Constitution or statutes of the. State of Florida,- and._that, before the issuance. of the issue of bonds of which this bond is one, provizi _has been made..f or the. levy and co- llection of a direct annual tax upon all- property wi.thin..said. District,., except --.only such pro- perty as would be exempt from taxation under the provisions - of the laws . and. Constitution of Florida which were in forceand effect at the time of the creation.of the.indebtedness refund- ed hereby, sufficient to pay the interest upon -.the issue of bonds of which thisbond is one as the same shall be come due., and to create- a- sinking fund for the payment of the principal ther of at maturity. All rights and r..emedies.which were available.for the support and -.enforcement of -the bonded indebtedness refunddid by this bond shall be available for the support and enforc ement of this bond. IN WITNESS iEREOF. The Board of County Commissioners of said County of Indian River ., ►sem State of Florida, for and in behalf of Special. Road and Bridge District No. 4, in said Coun and State, has caused this bond to. be signed by its..Chairman.and the..corporate seal of said Board to be affixed hereto, attested by its. Clerk. -and the ..inter.est...c.oupons..hereto-.attached to be executed with the facsimile signatures of said officers, all.as of the first day of January, A. D. 1937. Attestt Clerk, The Board of County Commis- sioners of the County of Indian River, State of Florida. (SEAL) No.— Chairman, the bOara Or county commiss- ioners of the County of Indian River, State of Florida. (FORM OF COUPON FOR SEMI-ANNUAL INTEREST PAYMENTS). On the first day of I , 19`, Special Road and Bridge District No. 4, in the County of Indian River, State of Florida, will pay to the bearer at Chemical Bank and'Trust Company of New York, in the City of New York., New York, the sum of being the then enforceable and collectible interest on its Road and Bridge Refunding Bond dated January 1, 193:7, No. , unless said bond shall have been theretofore called for redemption. Chairman, The Board of County Commis- sioners of the County of Indian River, State of Florida. Clerk, The Board of County Commis- sioners of the County of Indian River, State of Florida. (FORM FOR VALIDATION CERTIFICATE) _. Validated and confirmed by decree .of the Circuit Court of -the.-.Ninth.- Judicial. of Florida, in and for Indian River County, renderedonthe day. of 19 193. Clerk of the Circuit Court of Indian River County, Florida, Section 7. That for the prompt payment of the principal and interest of said issue of Refunding Bonds as the same shall become due and which are issued pursuant to this resolution, the full!faith and credit of and a tax upon all the property within said District are hereby irrevocably pledged to the same extent and with like force and effect as the same were pledged for the payment of indebtedness refunded by said bonds, and the said Board, in behalf of said District, hereby covenants and agrees with the holders of any and all of said Refunding Bonds and interest coupons issued under the provisions of this resolu- tion, that the said Board dz behalf of said District will make prompt payment of the same when due, Section 8. That for the purpose of adequately providing for the payment of the interest coupons and for a sinking fund for the retirement of all of said Special Road and Bridge District No. 4 Refunding Bonds hereby authorized to be issued, the said in behalf of said District, covenants and agrees with the holders of all of said Refunding Bonds that in the annual budget and ad valorem tax levy to be prepared and made in each year commencing with the year 1937 and continuing thereafter until all of said Refunding Bonds have been retired, there shall be included a-lwvy of a current ad valorem tax on all property in the said District subject to the levy and collection of such tax in an amount which will aggregate the sum of $309000.00, including and deducting therefrom any revenues other than from ad valorem taxes which may be available and applicable to such purpose, such taxes to 1 1 1 u 1 1.53 IJ � be levied and computed upon the extended and finally equalized valuation of such taxable pro- perty and upon the -.assumption that ninety-fiveper cent. (95%) of the taxes so.levie d and as. sessed for the purpose will be collected. So long as any of said Refunding Bonds are ing and unpaid, sunh..levy.shall be increased when necessary to provide for the actual interest and sinking fund requirements of the year next succeeding that in which the budget is being made and prepared. That. any lawful expenses pertaining to this refunding shall be paid out of revenues from the proceeds of the tax levy herein provided, or from any other funds available therefor within the control of the said Board and which may be lawfully devoted to such payment. Section 9. That it is hereby expressly understood -..and agreed that in case of default -.in. the..payment. of interest on said issue of Refunding Bonds$ or in. case of failure or refusal of the governing body of the said District to cause to be levied the taxes provided to be levied for the interest and sinking fund of said issue of.Refunding Bonds, the said governing body shall be accorded a period of six months after the happening of such default, failure or refusal, in which to correct the same, and upon its inability or refusal to do so within that period, and upon the declaration in writing filed with the Clerk of the Board of Couhty Commissioners of said County by the holders of at least twenty-five per cent. (25%) in principal amount of the then outstanding Refunding Bonds of the.issue_hereby authorized, each. of the Refunding Bonds of said issue shall, at' -the option of the respective holders, revert to and thereafter bear interest at the original rate borne by the outstanding bond in exchange for which said Refunding Bond has been issued, and in the case of Refunding Bonds issued to refund interest accrued on outstanding bonds each such Refunding Bond shall revert to and thereafter bear interest at the original rate borne by the bonds accrued interest on which was refunded by the issuance of said Refunding Bond, and such reversion shall be effective from the date to which interest was paid on the Refunding Bonds of .said issue prior to the. happening of the default, failure or refusal as above set forth, and said Board in behalf of said District agrees that if the right to such higher interest rate .accrues, as herein pro- vided, the higher rate of interest will be evidencedin.the,manner,then-provided by law. Section 10. That all of said Refunding .Bonds herein., authorized as may f roml time to time be outstanding shall have and are hereby declared to have the same security and source of payment as the bonded indebtedness thereby refunded, and.said-Refunding Bonds.shall constitute a continuation, extension, merger, and renew.al.o-f tne.indebtedness.thereby refunded and only such property in said District as was exempt from- ,taxation under the laws in force at the time such original indebtedness was incurred shall_be exempt from taxation to pay the interest upon and principal of said Refunding Bonds. ` Section 11. That the Refunding.. Bonds -are _ hereby .authorized to be executed as soon after the adoption of this resolution_ as may be, and,- promptly .upon the completion of the validation of the bonds as provided. in Section 17 hereof,. said executed Refunding Bonds., with the interest coupons attached thereto, shall..be--by-the Clerk of this Board;. deposited with the First rational Bank, in the City of Chicago, Illinois, as -escrow agent, with appropriate directions that as and when the bonds and interest. ac.crual.s-herein authorized to be refunded are surrendered, there shall be delivered in exchange therefor a like amount of - Refunding Bond , all pursuant to and as contemplated by the agreement hereinbefore -identified _and _pursuant to which Fiscal Agency authority was granted to. R. E. Crummer-&-Company. Said escrow agent shall beauthorized and directed to cancel the bonds and coupons so surrendered, and return same to the Clerk of said Board with proper report indicating the particular Refunding Bonds,de- livered in exchange therefor. It is hereby declared and intended that said Refunding Bonds are to be issued as of January 1, 1937, for the purpose of refinancing as of that date the like amount of indebtednes '154 of said District then existing as herein above described. Section 12. The..Refunding -Bonds shall be exchanged on the basis of a par amount of Refunding Bonds for an equal amount of the principal and interestindebtednessau* thorized to be refunded hereunder according to the following schedule: REFUNDING BONDS BONDED INDEBTEDNESS TO BE_.EXCHANGED THEREFOR Indian River County, Florida, S -al. R&B Dist. No. .4, issue dated July 1,- 1925 Bond Numbers (All Inclusive) Bond -.1 umbers Inclusive ) ( 25 to 27; 33; 49; 53 to 56; 58 to 60;, 73 to 88; ( 94 to 96; 98 ta. 102; 105; 106 • 117 to 122; ( 126 to 128; 130 to 141; .149;155 to 182; ( 188 to 192; 198 to 218; 221 to 225; 227 to 231; ( 233; 235 to 239; 245 to 326; 332 to 379; 1 to 445 (385 to 440; 443 to 452; 454 to 465; 468; 469; ( 471 to 490; and interest accrued and unpaid C as of January 1, 1937. Section 13. The provisions hereinbefore made for a sinking fund to pay the principal and interest on the Refunding Bonds hereby authorized shall inure solely and only to the payment of said bonds and interest thereon, and any funds now or hereafter availt-1- able for the payment of the indebtedness authorized to be refunded shall be used to pay the principal and interest on the Refunding Bonds hereby authorized. It is hereby specifically covenanted and agreed that any funds that may hereafter dome into hand for the exclusive pay- ment of the principal and interest on the presently outstanding bonds shall be converted into the interest and,sinking fund for said issue of Refunding Bonds and be used and applied sole- ly and only for the payment of the principal and interest of said bonds. Section 14. That all covenants, representations, agreements, and under- takings herein set out, as well as those appearing on the face of each of said Refunding Bon shall constitute a contract by said Board of County Commissioners of said County, in behalf of said District, with the holders of the Refunding Bonds, whichcontractshall be enforce- able by suit, action, or mandamus on b ehalf of any bondholder in any court of competent jurisdiction whether or nota monetary default shall then prevail in the payment of the principal or interest of such Refunding Bonds, and all rights and remedies which were avail- able for the support and enforcement of the bonds refunded hereby shall be available for the support and enforcement of said Refunding Bonds. Section 15. That if any clause, s ection, paragraph, or provision of this resolution or of the Refunding Bonds hereby authorized be declared unenforceable by any court of final jurisdiction, it shall not affect or .invalidate any remainder thereof, and, if any of the Refunding Bonds hereby authorized by 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 claim for payment. Section 16. That if any mistake or error shall have occured in this re- solution in the description of the numbers or maturities of any of t*e outstanding bonds pro- posed to be refunded, such mistake or error shall be deemed to be immaterial provided the total amount of outstanding bonds and evidences of interest accruals surrendered in exchange does not exceed the amount of Refunding Bonds hereby authorized to be issued. Section 17. That Charles A. Mitchell, Attorney -at -haw, be and he is here- by authorized and directed to take appropriate proceedings in the Circuit Court of the Ninth Judicial Circuit of Florida, in and for Indian River County, for the validation of said Re- funding Bonds, and the Chairman of this Board is authorized to verify any pleadings in such proceedings. PASSED AND APPROVED August 17th, 1937. 1 I. 1 1 1 . 11 1 15 1 (SEAL) R* -E. Mudge. Chairman, The Board of County Commissioners of the County of Indian River, State of .Florida. Attest. ,Douglas Baker. .Clerk of the Circuit. Court.. and ex - officio, Clerk of the Board of County Commissioners of the County of Indian River, State of Florida. (CT. CT. SEAL) Clerk Douglas Baker filed his semi. -annual report of fees and commissions for the period January 1st., 1937 to June 30th., 1937, as follows. RECEIPTS: Recording fees.........................$1131.10 Tax Redemptions ........................ 1565.50 Civil costs ............................ 376.10 T6TAL...9.......9.9...$ 3072.70 Clerk Board County Com'rs..............$.600.00 Criminal costs ......................... 118.50 General Court 133.15 TOTAL ................$ 851.65 TOTAL RECEIPTS................ 3924.35 EXPENSES: Salary Leila Gray, Deputy ..............$ 810.00 Salary Ralph Harris, Deputy............ `450.00 Salary Wanda Knowles, Deputy........... 86.66 Salary Dessa Moeller, Deputy........... 45.32 Salary Mary Alice Howard, Deputy......, 2.00 Trip to Ft. Lauderdale (Tax. Red.)..... 15.A0 Premium on Bond........................ 15.00 Trip to metting Clerks-Assn:�Tacks©nviyl , ,i2 00 TOTAL.......,.::.::...$ 1448.98. TOTAL RECEIPTS, all sources .......................$ 3924.35 TOTAL EXPENSES .................................... 1448.98 L NET INCOME........... 2475.37 Said Statement or report was duly sworn to and subscribed before Otis M. Cobb, County Judge, August -17th,, 1937. Judge Otis M. Cobb, filed his semi-annual report of fees and commissions for the period January lat., 1937 to June 30th., 1937, as follows. CEIPTS: Probate Fees ..........................$ 356.28 Civil Docket Fees ..................... 17.00 Marriage Fees...... ................... 425.50 Fishing & Hunting Lie ................. 19.50 Occup. License Fees........ 12.00 TOTAL...............$ 830.28 Criminal Fees- Inquests,.,,,,,.*...,.* 94.08 Salary Judge County Court ............. 125.00 Salary Judge Juvenile Court........... 125.00 TOTAL ............... $ 344.08 TOTAL RECEIPTS............ 1174.36 EXPENSES. Bryan Hutto (Clerk) ...................$ 6.00 Bamma Twitchell (Clerk) ... 6.00 Postage, Stationery, etc .............. 13,25 TOTAL...............$ 25.25 TOTAL RECEIPTS.....'*- .......................0.0.00.$ 1174.36 TOTALEXPENSES ................................... 25.25 NET' INCOME* .........$ 1149* 11 The County depository filed its monthly statement showing receipts and disburse- ments of the various funds which was found to be correct. There being no further business on motion made, seconded and carried the Board then 715.6 Clerk. Emu"Pff- 4f o — — — — — — — — — — — — — r —— SDAYs SEPT ER i%th., 1937. The Board of County Commissioners in and for Indian River County met at -the Court- house in Vero Beach, at 9:30 dtolook A. M., Tuesday, Sepitelber 7th.9 19379 in regular meet - Ing with the following members of the Board present, R. E. Mudge, Chairman;.E. P! Poole, E# Glever, Edwin A. Helseth and Frank 0*,Vickers. Also present were Charles A. Mitchell, Attorney for the Board, Wm. Frick, Sheriff, and Douglas Baker, Clerk. and -17th. , The minutes of August 3rd,,/were read and approved. It was announced by.the Chairman that:the time.had arrived, namely 9:30 o'clock A.M., for the opening of sealed bids in the office of the Clerk of the Circuit Court of Indian River County' mp'to 9:30 AM, September .7th., 1937, on the purchase of road oil in carload lots, and less then: carload lots, as invited by public notice published in the Vero Beach Press -Journal, a newspaper of general circulation, published at Fero Beach, Indian Raver County, Florida, and sworn proof of the said.publication of said pu'plic notice being, herewith filed and reading as follows, to -wit: Personally before me, the undersigned,, an officer authorized under the -laws of, said State to 'administer oaths, came J. J. Schumann, business manager of the Vero Beach Press-Jammal, a newspaper published in Vero No CH RigWEsmlNG BIDS Beach, Indian River County, Florida, who, being fast Notice is h�reb9 given that the Board duly sworn, says that the Vero BeachPress4ournal is a of County, iimmissioners of Indian River newspaper which has been continuously published at least ® �;' o�� eve sea ea• bida once a week, and which has been on as second elass to the h$ur Of 9:80 0, 17*. A �I, ,SeAtem ber, , 7� 1947 at the , �ffide . Qi the Clerk marl matter, in Vero Beach, Indian River County, Flori- of theCircuit Court •of Indian River _ da, for a psriod of more than one year neat preceding the (County in the Court Aouse in Vero Beaeh, fi' rst insertion of this publication; that the advertisement j Florid,., for, the PPrclaase by said, County a copy of which is hereto attached, was published in the I of road oil in earlosd lots and in less Vero Beach Press -Journal than carload lots and. for deliAzy at . such tjmbe agreed. n e or times. n in such quantities �`` ' n between the bid- for... id for..... ... .consecutive weeks, as follows der a: d, said Board. 7 e ':right is reserved to -Wit: reject any and all Bider •......... F1 • IBo Corjnty Commission ...:..... .. .. • f , , ers of of ndiap River County, By R. E. „Mudge, Chairman Attest: Dptgias Baker, Clerk ,h t% Aug 20 27 4 B= a mer. Sworn to and subscribed' before me, this: t� .�... . day of. . k .. > .193.1. U AIAA. Clerk Circuit Coaart, Indian River Cgnnty, Florida s 1 t