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HomeMy WebLinkAbout12/7/1937with the following members of the board present, R. E. lfudge,-Chairman;.E. P. Poole;. Edwin A. Helseth. and S. No Glover, absent _Funk, C: Vickers. -Also ,..present were . Charles A. Mitchell, At ney to the Board, lk, Frick, Sheriff. and .Uauglas--Baker, Clerk. Special meeting was called for the purpose..,of:_.inspeating- -the. Courthouse .roof. Mr. H. 0. Bishop, 1403, Challen, Ave., .Jacksonville, Florida, representing . th.e. ,.Barrett... Company. and Mr. Hale, Contractor, Ke lbourne Florida, togetherwith the. members _. of :_the . Board inspected the Courthouse roof and the following report was made by Mr. Bishop. lh-. Charles A. Mitchell County Attorney CIO Voc a ll & Mitchell 107-15 Indian River Citrus Bank Bldg. Vero Beach, Fla. Dear Sir: Res Court House Roof Vero Beach, Fla. This letter will refer to your complaint placed with our. New York Office under date of November 17:• Our representative, qtr. H. 0. Bishop, made a thorough examination on December 4, with the following gentlemen presents S. E. Glover, County Commissioner Edward A. Helseth, County Commissioner E. P. Poole, County Commissioner Douglas Baker, Clerk of Circuit Court W. H. Garnes, Architect E. H. Hale, Roofer The information which has been conveyed to us.is.that the roof proper, for which we are responsible under the bond issued, is in perfect condition and no leaks have occurred from same. The flashing is : also in good condition.. Leaks complained of, from all indications, are traceable to water absorption by parapet walls, ornamental cornice, etc, We are informed that a water test was made on the roof by flooding water over same a period of time and no-leaks.occurred but when the water was placed on the outside walls great quantities entered the building. It appears that we have no responsibility here and the owner*s problem is one of a waterproofing nature of the parapet walls. We are pleased to have been of service in this connection.and Very truly yours THE BARRETT COMPANY Paul A. Tate Built up Roofing Dept. There being no further business, on motion made, seconded and c d the meeting adjourned. / }chairman ATT T s Clerk. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Tuesday December 7th., 1937. 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, December 7th, 1937, in regular meeting with the following members of the Board -present, R. E. Mudge, Chairman; E. P. Poole; S. E. Glover;arid Edwin A. Helseth, absent: Frank C. Vickers. Also present were Charles A. Mitchell, Attorney for the Board, Wm. Frick, Sheriff, and Douglas Baker, Clerk. Ctrs. Amy Floyd, R. F. D., Vero Beach and Mrs. J. B. Watson Winter Beach appeared be - fore the Board and requested financial assistance. These uses were referred to Miss Leila M. 1 1 1 Bunkley, County Nurse, and ordered -that -her r-ecommendation:wbe..approved . Mr` F. C. Poppell,, Ft... Pierce., and Mr.... V. H. _Talker,, Winter. Beach.,., appeared -before the Board in behalf of Mr. J. W. ZcCul,lera...who ia. now .,,serving. . a. five...month._ sentence -in the County Jail and requested the Boards -consideration with regard to clemency_of.his case. This request was denied by the Board. It was ordered that_a warrant be drawn on the -Special Road.and._Bridge.Distridt.#4.in the amount of 41200.00 payable to Alto Adams, Attorney, inthe case of Ball -Vs.- County for the retirement of forty Special Road and Bridge District #4 Interest.Coupons. Mrs. W. F. Cox, President of the Welfare Board appeared before the Board and made a verbal report regarding the organization and progress of the new welfare Board and made such. recommendations and suggestions as she thought might be necessary in accomplishing the desired results. She also stated that the Welfare Board would appreciate suggestions and recommendations from the Board of County Commissioners at all times. Mr. S. E. Glover reported that all of the cabins that were for sale by Mr. Claude Smith have -been sold. Deputy Sheriff Bond of C. G. Wilhoit in and for Indian River County, for the sum of $1000.00 with J. Hubert Graves and W. G. Jones as sureties was approved. Deputy Sheriff Bond of Charlie Savage in and For Indian River County, for the sum of $1000.00 with J. Hubert Graves and W. G. Jones as sureties was approved. Deputy Sheriff Bond of J. Hubert Graves in and for Indian River County, for the sum of $1000.00 with F. B. Woods and C. G. Wilhoit as sureties was approved. It was ordered that W. H. Fretwell be removed from the Pauper List as he is now re- ceiving old age assistance. It was,ordered that Guy Gramm be removed from the Paupers List as he is deceased. Miss Leila M. Bunkley, County Nurse, appeared before the Board and made certain re- commendations with regard=to various cases and filed the following report of her activities for the month of November, to -wit: During the.month of November there were 88 cases under care. 145 visits were made to these cases. l6 of the cases have syphilis and are under treatment. 3 cases were hospitalized. 11 cases were referred to doctors. Out of 26 white children tested for animal parasites 14 of the number were positive hookworm. -These are undertreatment. There were 117 conferences with doctors, teachers,social workers, ministers, county cotmissioneri -and interested individuals in regard to the work. From the Thanksgiving party at the Theater, admission fee being a can of fruit or vegetables. there were 10 Thanksgiving boxes. The Girl Scouts distributed these. The worker had the super- vision of this piece of work. On motion made by Edwin A. Helseth, seconded by E. -P. Poole and carried the Board _agreed to furnish Medicine (Nlasduarson) for patients who will pay the Doctor for treatment. Mr. W. R. Duncan, Tax Assessor, appeared before the Board and presented a partial statement in the amount of $1000.00 of commissions due him as Tax Assessor of Indian River County for the years 1932, 19339 19349 1935 and 1936 according to the E. & I. List submitted.. by Troy E. Moody, Tax Collector, on October 5th., of this year. Cdr. Duncan also requested._ that the balance due him be paid at a later date when the auditor had made his final report on.,..the. E. & I List submitted by Troy E. Moody, for the years as shown above. This request was granted and the statement in the amount of $1000.00 was ordered paid from the General Revenue -Fuad, Mr. E. C. Richards made application for Duplicate tax sale certificate #478 which issued September 2nd., 1935. This request was granted by the Board. F'71'_ 1.78 It was.ordered,that a check in:.the..amount.of $20..00 .be..issued.each.month-.during the fiscal year for 1937- 1938 to Rose M. Toohey, W. F. A. Superlisor for Womens Sewing Department as provided for in the current-budget. was ordered that the sum of $10.00 be paid to Bars. Edward Domhoff from the General Revenue Fund. It was,ordered that the sum of $8.00 be paid to Bars. Daisy Barker from the General Revenue Fund. It was ordered. that John .Council receive the sum, -o -f $18..00 per month, effective Jan- uary lst., 1938, in lieu of the amount he had been -receiving $12.00. A9§2 LETT I 4N._ Commissioner E. P, Poole. -introduced the fallowing resolution. -and moved.its adoption: WHEREAS, The State Board' of Administration .has submitted .certain .proposals of indivi- duals, firms and corporations offering to sell to said Board of Administration . certain b onds of Indian diver County, and obligations assumed by said County, under the provisions of House Bill No. 30, acts of the 1933 -Legislature; and AREAS, after carefully considering all of such -proposals and taking into considerao► tion the amount . of funds available for that - purpose,. and _ the approximate .value of said bonds and obligations, it is deemed advisable and expedient to purchase and hold uncancelled certain of said bonds and obligations to -wit: One (1) St. Lucie County Special Road and Bridge District #1 6 % bond, dated January 1, 1918, due duly 1, 1932, at a price of 95 F. with July 1, 1932 .coupon attached, as designated offering "WO, Three (3) St. Lucie County Road &_ Dock. 5% bonds,.dated-June 1, 1910, due June 1, 19359 at a price of 89j Flat, with June 1, 1934 and subsequent coupons attached, as designated offer- ing KG". THEREFORE, BE IT RESOLVED, by the ..Board .of_ .C.ounty..-Commissioner..s that. the State Board of Administration be requested to purchase and hold.uncaneelled .the -securities listed above at the price quoted. The resolutionvas duly seconded by Commissioner Helseth and upon being put toa vote the same was unanimously adopted. - Mr. Z. Pi, Poole was appointed as- a. committee- to .get.. information .regard the construct- ion -of concrete culverts and was ordered to.purchase.the-material...for-.the forms .and the iron for reinforcement. Said culverts to be constructed and used for.County road and bridge mainten- ange. Rn-motion..made by Edwin. A. Helseth, seconded- by .E.. P.. Poole. and carried the board made in response to advertisment in request for bids, accepted the bi"of the Belcher Oil Company reading as follows, to -wit: Honorable Board of County Commissioners, � Indian River .County, Nero Beach, Flai, B I Gentlemens- It is our understanding that --.you.: are.. desirous, of. a. quotation, on furnishing, heating, 1hauling and applying approximately one ten thousand gallon car of asphalt on your county roads in connection witY/our State Road Project .:on:.Road-No.. 30. In the event that you can arrange to -have this. work done at -a time when our distr is available at Vero Beach, it is our.pleasure to.quote you $.125 pergallon on State Road Dep- artment of Florida 8 to. 13 viscosity- hot- asphalt-as-.above._.described. Should you desire to use State Road Department of Florida cut back asphalt, it is our pleasure to quote you a price of $.115 per gallon furnished and applied. i 1 1 1 11, 1 —fie thank you for the privilege of beiing able to tender you this quotation and await you farther advice should you desire to have us servi you. Verb truly'yours M, BELL : OIL COMPANY' J. E._.. Dodson - J. E. DODSON MANAGER, ROAD ARTUENT.' And idstftdted..Douglas. Baker, Clerk, to advise the _ Belcher Oil _ Company- to . proceed with oiling approximate-ly -12,- mi_les.of County roads., said..amount. of .work .and_ time.. of ..w.ork--to-.be done subject to the agreement..of Frank A. -Knight, County Road Super..intendentand: subject, to...h.is inspection. On _motion, made by E. P. Poole, -seconded by Edwin A..Helseth and carried.. it was order- ed that a electric pump be purchased from T. W. Radinsky and installed in the basement at a price of $99.50. On motion made by E. P. Poole, seconded by -Edwin A. Helseth --- and carried Douglas Baker, Clerk, was instructed to provide light extensions and drop cords and pulls intheCounty offic halls and to climate certain light bulbs to be done with the idea of being as conservative as possible with the electric current and at the same time providing more efficient lighting,, facilities. $ E A 2 T 9 T I_©N -39 The following resolutionwas introduce -d - And, upon being. read. .in.._full..was,.. upon motion of E. P. Poole, which motion was duly seconded _by S. E. Glover,..adopted..,by.-the:following.vote:. Ayest Edwin A. Helsella , Au P. X!oole , Sg _E. G1oYer Nayes: None , , , Absent: Frank Cockers Not Voting# Mone , --00000-- BE IT RESOLVED BY -THE BOARD OF COUNTY COWSSIONERS FOR THE COUNTY OF INDIAN RIVER, STATE OF FLORIDA, IN SESSION DULY ASSEMBLED: Section 1. That this Board does hereby approve, adapt, and. confirm.that .certain_ agreement set forth in Section 2 hereof; the Chairmanofthis Boardbe, and he.is.hereby, di- rected to execute said agreement forand on behalf of the said. Board.. on -behalf of Wabasso Bridge District, and the Clerk of this Board be, and he is hereby., direc.ted.to attest the signature of the said Chairman on said agreement and affix the seal of this Board thereto. Section a. That the agreement approved, adopted and confirmed in Section 1 hereof shall be as followst A G R E E M E N T THIS AGREE=NT, made and entered into -this' 7th day of December, A. D..1937, by and . between R. E. CRUMMER & COMPANY, a Delaware Corporation with principal office at -Orlando, Flo - ride, (hereinafter sometimes referred to as "FIRST PARTY",and sometimes referred to as "FISCAL AGENT*) and the WABASSO BRIDE DISTRICT' in Indian River County., Florida,. (hereinafter sometimes referred to as "SECOND PARTY'S and sometimes referred to as the nistrictft). W I T N E S S E T H: In consideration of the sum of One ($1.00) Dollar paid by each of the partieshereto to each other, receipt of which is hereby mutually acknowledged, and in further. consideration... of the mutual benefits flowing to the respective parties hereto, it is hereby.mutually under- stood and agreed as follows: Section 1. That First Party shall endeavor to -a ccomp.lish _ a. refunding,.. by a par. for par exchange, of the following identified refundable handed indebtedness (hereinafter referred to as "Bonds") in accordance with the terms and conditions hereinafter set forth: (A) All outstanding principal of the funded indebtedness of the Wabasso Bridge Distr . which is generally and approximately described as follows: ORIGINAL DATE RATE AMOUNT AMOUNT _ISSUED OUTSTANDING 7-1-1926 6% $ 759000.00 $. -65,-000.00 It is understood that the indebtedness to be considered hereunder will be the exact, mount -,of indebtedness found to be outstanding and unpaid when the bond registers of the identified:-issuec of bonds have been c arefully. balanced. (B) All interest accrued and unpaid on the bonds.identified in(A)of this..Section to the date of the proposed Refunding Bonds., .whether evidenced by. matured . interest_-.coupona . or by accrued interest on matured bonds. Refunding Bonds allocated to be exchanged -for evidences of accrued andunpaidinterest shall ..be --delivered as Fir--s.t-P.arty..is_ able -to -assemble. said evidences in blocks of $1,000.00, the manner and method . of assembling -said evidences.- to be a matter wholly between.. First Party and bondholders participating in -the plan-. outli:ned herein. Section 2. That Second Party, shall, by proper action, cause -Refunding-.Bonds to.be authorized and validated by the Circuit Court, or. the., Supreme .Court. of Florida,. in -t he e. vent of any appeal., in..an- amount sufficient .to permit, an exchange of-securities._.on.._thee-basis. of par for par, using such procedure and forma . therefor as shall . be. approved by. -nationally re- cognized_ bond attorneys; that said Refunding ..Bonds shall. -be executed in:..the..manner- required by law and placed on deposit in -escrow with a bank to be.se.lected by First -party -under instruc- tions from -Second Darty, or its proper afficials, that said. Refunding Bonds -...shall. ,b_e delivered in exchange for securities described in Section- I hereof,- this contract.. being _.sufficient' auth- ,ority for acid officials to make said deposit .under usual-farms.for.the purpose, said forms to be prepared by First party and approved by the attorney for Second Party, Section 3. That said Refunding Bonds shall be dated January 1, 1938, and mature January 1, 1968. Section 4. (A) That said Refunding Bonds issued to refund items described in Section 1 (A) hereof shall bear interest, payable semi-annually, at the following rates: Four (4%) per cent. per annum for the first. nine .(9) years after date thereof; Dive (5%) per cent. per annum for the next succeeding eight (8) years; Six (6%) per cent. per annum thereafter. Section S. (A) That all of said Refunding Bonds shall -be callable at par plus accrued interest upon any interest payment date prior to maturity. (B) That the option to call the -Refunding Bonds prior to their respective maturity dates, if used, shall be exercised in the following manner: (a) The bonder_' -shall be-drawh',.by lot by the governing authority of the Second party; ' bonds; (11) The respective lots shall consist of all of the then outstanding (c) Notice of said redemption, specifying the bonds called, shall be filed at the place of payment of the principal and interest of said Refunding Bonds at least thirty (30) days prior to the redemption date and notice of intention t o redeem said bonds shall also be published once, not more than sixty (60) nor less than thirty (30) days prior to the redemption date, in at least two publications, one of which shall be a newspaper having general circulation in Indian River County, Florida, and the other shall be a financial journal published in the City of New York, New York. Section 6. That, for the purpose of adequately providing for the payment of the int- erest on said Refunding Bonds as it matures and for the creation .of a sinking fund for the re- tirement of all -of said Refunding Bonds as they mature, the proceedings authorizing the i thereof shall: (A) Conform to the tax provision requirements of Chapter 15,772 of the Laws 1 1 1 1 1 -- -- ---- -- of Florida, - Aets of 1931,. (C. G. L. - 2383) and such other law or laws. aa_shall.:.be.;r equired by the approving bond attorneys provided for herein in order to -accomplish the:full purposes here - of; (R) Contain legally effective obligations and covenants oa the part of the issuing taxing unit to and in - favor of the -holders of the Refunding Bonds.. that -- (a) In the annual budgets to be prepared-and.made.in-the_.year. 1938., and annually thereafter until all of said Refunding Bonds, and interest thereon, have been retired, there shall be included an appropriation in an amount sufficient to -produce a sum of Five Thousand r ($5,000.00) Dollars, including and deducting therefrom any revenue other than from ad valorem taxes which may be available and is actually so applied; (0) ft�avision' shall. be made for the levying of an ad --valorem tax in an, amount - suffic- ient to meet that portion of the respective annual appropriations which,may be payable from .ad valorem taxes, such takes to be levied and computed upon the extended and -finally, equalized:. assessed valuation of property of tht.issuing unit, except only such property as was exempt fr taxation at the time the original bonds proposed to be refunded were issued; (D) The respective annual tax levies shall be increased when -necessary to provide sufficient funds for the payment of the interest and principal maturities of the year next su- cceeding that in which any particular budget is being made and prepared= (Acre Mj�e_ limit If an -Y) (E) In the event of a failure or refusal of the governing authority of the issuing taxing unit to perform any of the obligations assumed thereunder to the holders of Refunding Bonds, or -upon a default in the payment of interest on said Refunding Bonds, then, upon the declaration in w riting filed with Second Party, through the Clerk of the Board of County Com- missioners, by the holders of at least twenty-five (25%) per cent. in principal amount of the; Refunding Bonds outstanding upon the happening of such failure, r-efusal., or default, said Re,- e-funding fundingBonds shall, at the option of the respective holders, revert to the -original interest. rate of the securities exchanged therefor, but such.r eversion shall only be- effective from. the. date to which interest had been paid on said Refunding Bonds prior to the date of the filingof the declaration of intention to exercise such option, and, if the right to the higher interest rate accrues, the higher rate of interest will be evidenced in the manner then_ provided by law; PROVIDED, said bonds shall not revert to the original interest rate unless the failure, re- . fuaal, or default is not corrected within a period of six (6) months after its happening. Section 7. That Second Party shall take such action as, may be necessary to consum- .mate the refinancing program herein authorized to the and that the proceedings authorizing the issuance of the Refunding Bonds, or the Refunding Bonds themselves,s hall - - (A) Be general obligations of the issuing taxing unit; (B) 'Contain a pledge of the full faith and credit of said issuing taxing unit for the prompt payment of the principal and interest of said Refunding Bonds according to their, tenor.; (C) Provide for payment in legal tender of the United States of all taxes provided to be levied for the payment of said Refunding Bonds and interest thereon; refunded; (D) Be continuations, extensions, mergers, and renewals of. the bonds proposed to .be (E) Provide that all rights and remedies which were available for the support .and bn- forcement of the bonds proposed to be refunded will continue and remain available for the -sup- port and enforcement of the Refunding Bonds issued in lieu thereof (F) Provide for the holders of the Refunding Bonds to be subrogated to the rights of the holders of the bonds exchanged therefor if said Refunding Bonds should be held invalid or unenforceable; (G) Provide that any surplus which may be available---in-the interest and .sinking fund account of the issuing units each.- six months. _after, .payment . of;,.intaerest. end -,._principal then due (after making due allowance for. -.interest- and, principal-.matur.-ities_ due...at.. the_next._ semi-annual interest payment period and making reasonable allowance for -anticipated receipts) shall be used by the governing authority .of Second Party (hereinafter referred . to.. as "Governing_ authority") for the purpose of purchasing Refunding Bonds, said purchases to be:made in the following, manner; (a) Within. -sixty (60) days after the surplus --_is. ascertainable, the._governing authority shall designate a date, which shall be not less than thirty (30)..nor more than forty- five (45) days from the time such date is. designated, at -which time thegoverning authority will receive and consider in open session sealed offerings of Refunding.. Bonds herein authorized; (b) The governing authority shall give written notice of this date to any bond- holders so requesting in writing; (c) Notice of the time .and place of receiving said offerings..shall be published once, not less than fifteen (15) days before the designated time, in at least two publications, one of which shall be a newspaper having general circulation in Indian River County, Florida, and the other shall be a financial journal published in the City of New York, New York; (d) All available funds, as hereinabove determined, shall be used to purchase bonds offered at the lowest prices; (e) If the governing authority shall be dissatisfied with any or all offers received upon first advertisement, then it shall have the option to reject any or all such offers, and, within thirty-one days after such r ejection, it shall readvertise for additional sealed offerings, whereupon the governing authority shall purchase the bonds offered at the lowest prices upon such readvertisement, absorbing all surplus funds available; (f) After each advertised purchase, the governing authority may privately pur- chase additional bonds --with subsequent surplus accumulations as .long as private purchases may be made on such basis as toassurea higher income yield than the highest yield calculated on bonds purchased pursuant to advertisement; (g) If no offerings can be obtained at or below the callable price, the govern- ing authority shall proceed to call bonds to absorb the available surplus, said call to be effective at the next interest payment period after effort has been made to purchase bonds. (h) At the option of the governing authority, purchases may be made to absorb surplus accumulations more often than required by the schedule set forth above. Section 8. (A) That First Party shall defray all expenses incident to: (a) assembling and exchanging the bonds herein proposed to be refunded; (b) printing the said Refunding Bonds; (c) the representation of -Second Party in legal proceedings to validate said Refunding Bonds; (d) obtaining the approving opinion of nationally recognized bond counsel upon the procedure used for the issuance and validation of said Refunding Bonds, said counsel to be selected by First Party; (e) all other expenses in connection herewith which may be approved by First Party. (b) That, within one week from the date hereof, Second Party shall designate and re- tain counsel to represent it in all matters connected herewith until the purposes of this con- tract have been fulfilled, and First Party shall indemnify Secon&Tarty for its cost in this connection, the total cost thereof to be in an amount to be agreed upon between the First Party and the attorney selected by Second Party. Section 9. That First Party shall be reimbursed and compensated for expenses incurred and services rendered, respectively, in connection herewith in the following manner: By assessing charges againat security holders who accept Refunding Bonds under the terms hereof, the amount of said charges being a matter wholly between First Party and security holders who accept said Refunding Bonds, and by Second Party paying to First Party, or its I 1 L 1 1 1 1 assignee, a sum equal to two (2%) per cent. on the par value of bonds exchanged hereunder, the amount due to be evidenced by certificates issued to First Party by the-Clerk-af the Board of County Commissionerssetting, forth the bondsexchanged. and . amount.,..due.,..which,,:certiticate the said Clerk is authorized and directed to issue by the execution_of this-d-ontract.-Said certi- ficates shall be.paid out of the interest and sinking.fund-of the issuing units oUt of funds available each six months after interest them due has been paid. Section 10. That general provisions shall.apply to.this-contract.as followst (A) That, for a period of three years from date hereof, First Party is granted ex- clusive authority to act for and on behalf of Section Party in all matters connected with, or relating to, the exchange of the presently.outstanding securities for Refunding Bonds, provided First Party has, within one year from date hereof, obtained the consent of the holders of seven- ty-five (75%) per cent., or more, of the bonds proposed to be refunded hereunder to partici- pate in the plan of refunding set forth herein. (B) That any judgments entered on any securities subject to refunding hereunder shall be considered as subject to refunding as if said judgments had not been obtained. (C) That the parties hereto will jointly use their best effortsto induce holders of the presently outstanding bonds included within the scope hereof to participate in the refund- ing program set forth herein, and, until otherwise mutually agreed upon, subject to the limi- tations herein set forth, the plan herein set forth shall constitute the exclusive refunding program for said Second Party. (D) That whenever and as often as the First Party shall request in writing to be in- formed as to the financial sffi rs of the Second Party, such as the amount of tax k vies, toll- 7 ections, delinquencies, the amount of revenue and income_ available from sources other than from ad valorem taxes, the amount 'of bonds issued, outstanding or retired, or the.status or amount of interest or sinking fund, Second Party agrees to furnish such information promptly, and to give due consideration to any recommendations of the First Party with regard to such financial af�-:., fairs. (E) That, if, during the life of this contract, any of the outstanding bonds subject to refunding, or coupons appurtenant thereto or clipped therefrom, shall be presented for pay- ment, or suit instituted thereon or in respect thereto, Second Party agrees that the First Party will be notified before any terms of settlement are agreed upon between Second Warty and any such bondholder. (F) That, unless otherwise hereafter mutually agreed upon between the parties hereto, no payments shall be made by Second Party to First Party under the terms of Section 9 hereof, until the consent of the owners of seventy-five per cent. (75%), or more, of the securities pro- posed to be refunded hereunder has been obtained to participate in said plan of refunding. IN WITNESS WHEREOF, First Party has executed this instrument -in duplicate, under its hand and seal, and Second Party has caused this instrument to be executed in duplicate in its name under due authority and has caused the same to be signed by the Chairman of the Board of County Commissioners of Indian River County, Florida, and the deal of said Board to be duly affixed hereto, attested by the Clerk of said Board, all as of the 7th day of December, A. D. 193?. (SEAL) ATTEST E. Richardson E. Richardson Secretary (SEAL) R. E. CRUMM & COMPANY By_ Hewen A. Lasseter Hewen A. Lasseter Vice President FIRST PARTY WABASSO BRIDGE DISCTRICT in.Indian River County, Florida 1-84 ATTEST Douglas Baker Douglas Baker Clerk, Board of County Commissio#ers of Indian River Qounty, Florida. R E yS 2 L U T I O N_ By R. E. Mudge R. E.. Mudge. Chairman, _Board, of County Commissioners of Indian River County, Florida SECOND PARTY The following resolution was introduced, read, and, upon motion of E. P. Poo:.e, se- conded by S. E. Glover; duly adopted by the following vote: Ayes: E. F. Poole, S. E. Glover, Edwin A. Helseth, R. E. Mudge Nays: None Absents Frank C. Vickers Not Voting: None RESOLUTION AUTHORIZING THE ISSUANCE OF REFUND ING BONDS OF WABASSO BRIDGE DISTRICT, IN INDIAN RIVER COUNTY, FLORIDA, FOR THE PURPOSE OF RE+= FUNDING A LIKE AMOUNT OF LEGAL AND VALID OUT- STANDING BONDS OF SAID DISTRICT, AND INTEREST THEREON; AND PROVIDING FOR THE MANNER OF ISSU- ANCE AND PAYMENT THEREOF; BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, IN SESSION DULY ASSEMBLED: that; Section 1. That this Board has ascertained and determined and does hereby declare (a) 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 Wabasso Bridge District (hereinafter some- times referred to as said "District*), in said County, a taxing district.of said State, is authorized, under and by virtue of the General Refunding Act of 1931, same being Chapter 15,772, General Laws of Florida, Acts of 1931, to issue bonds of said District, for the purpose of refunding anj$ or all outstanding bonded indebtedness of said District, whether the indebt- edness to be refunded has matured or is to mature hereafter. (b) The Board'of Commissioners of said Wabasso Bridge District heretofore caused to be issued negotiable coupon bonds of said District, for the purpose of constructing a bridge and approaches thereto across the Indian River at or near Wabasso, in said District, and all other works necessary or proper in connection with said Bridge, for the payment of which the full faith and credit of said District and said Board of Commissioners and a tax upon the entire taxable property within said District are pledged, said bonds having been issued under and by virtue of the Constitution and statutes of the State of Florida in such case made and provided, in the following amount: Date of Issue Designation Amount July 1, 1926 Wabasso Bridge District Bonds $759000.00 (c) Of said bonds there are now outstanding bonds (hereinafter together with ac - trued and unpaid interest thereon, sometimes identified as "bonus" or "'bonded indebtedness`t), which constitute legal and valid unpaid indebtedness of said District,,identified as to de- signation, date of issue, denomination, interest rate, numbers, maturities, and amounts, as follows: WABASSO BRIDGE DISTRICT BONDS, dated July 1, 1926, in the denomination of $1,000.00 each, bearing interest at 6% per annum, payable semi-annually: Bond Numbers (Inclusive) Maturity (January 1) Amount 5 1933 $19000.00 1 1 J 1 1 1 1 .6 and 7 9 10 and 11 12 and 13 14 and 15 16 18 and 19 20 and 21 22 and 23 24 and 25 26 and 27 28 and 29 30 to 32 33 to 35 36 to 38 39 to 42 43 to 46 47 to 50 55 57 to 60 61 to 65 1934 29000.60 1935 _11,000.00 1936 21,000.00 1937 .21000.00 1938 29000.00 1939 19.000.00 1940 21000.00 1941 P,9000.00 1942 2,000.00 1943 2,000.00 1944 29000.00 1945 29000.00 1946 39000.00 1947 3,000.00 1948 39000.00 1949 49000.00 1950 49000.00 1951 49000.00 1952 19000.00 1953 49000.00 1954 59000.00 185 66 to 70 1955 5,000400 71 to 75 1956 58,000.00 Total Bonds of said Issue Now Outstanding ...................:....$64,000.00 Accrued Interest to January 1, 1938, and'interest coupons unpaid as of that date ................................ 16,000.00 the aggregate amount of said outstanding bonded indebtedness as listed and described herein- above in Paragraph (c) of this Section, bearing interest at six per cent. (6%) per annum, being EIGHTY THOUSAND DOLLARS ($80,000.00). (d) If any mistake or error shall have occured in the description of the serial_. numbers or maturity dates of any of the outstanding bonds proposed to be refunded, as set. forth in Paragraph (c) of this section, such mistake or error shall be deemed to be im- material provided the total amount'of Refunding Bonds issued hereunder does not exceed the amount of outstanding bonded indebtedness surrendered in exchange. (e) The financial condition of said Wabasso Bridge District and its inability to pay its indebtedness make it necessary and for the best interest -of said District and its taxpayers that said indebtedness, in the aggregate amount of EIGHTY THOUSAND DOLLARS ($809000.00) be befunded as of January 1, 1938, the holders of obligations evidencing said indebtedness being willing to surrender the same in exchange for a like amount of Refunding Bonds of said District. (f) Under date of December 7, 19379 this Board ratified and confirmed an agree- ment pursuant to Which R. E. Crummer'& Company was named Fiscal Agent to work in cooperation with this Board in tl.e refinancing of the bonded indebtedness of Said Wabasso Bridge District, which agreement,�contemplates the refinancing of the above described indebtedness of said District, as hereinafter provided. Section 2. (a) That for the purpose of refunding as of January 1, 1938, the obli- gations evidencing the outstanding and unpaid bonded indebtedness of said Wabasso Bridge District, in the sum -of EIGHTY THOUSAND DOLLARS ($80,000.00) as described in.Paragraph (c) of. Section 1 hereof, there shall be and there are hereby authorized and ordered to be issued the negotiable coupon bonds of said District, in the aggregate principal amount of EIGHTY THOUSAND DOLLARS ($80,000.00) to be designated "WABASSO BRIDGE DISTRICT REFUNDING BONDS" -.4 Said bonds shall be numbered, shall be in the denomination, ands -subject to the right of �rior redemption, as hereinafter provided, shall mature and be in the amount as followst Bond numbers Maturity (Inclusive) denomination C 1) mount 1 to 80 $10000.00 1968 $80 r OOO.00 (b) That said Refunding Bonds, in the aggregate principal amount of $809000.009 shall be dated January 1, 1938, and shall bear interest from date thereof 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 said 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 B, 1947; at the rate of five .per cent. (5%) per annum from and including January 1, 1947, to January 1, 1955; and at the -rate of six per cent. (6%) per annum from and including January 1, 1955, 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 of the Board of County Commissioners of Indian River County, Florida, and the cor- porate seal of said Board shall be affixed thereto, attested by the Clerk of said Board. In- terest coupons attached to each ofrsaid Refunding Bonds shall be executed with the facismile 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. (a) That said Refunding Bonds., the.coupons thereto attached, and the validation certificate to be endorsed thereon, shall be in substantially- the following forms UNITED STATES OF AICA 'Bond No.� STATE OF FLORIDA $19000.00 COUNTY OF INDIAN RIVER WABASSO BRIDGE DISTRICT REFUNDII9G BOND KNOW ALL MEN BY THESE PRESENTS: That-Iffabasso Bridge District, in the County of Indian River, State of Florida, by and through the Bona of County Commissioners of said County and State, as the governing authority of said District, hereby acknowledges itself to be indebted, and, for value received, hereby promises to pay to the bearer the principal sum of ONE THOUSAND DOLLARS' on the first day of January, A. D. 1968, with the option. of .prior redemption as hereinafter provided, and to pay interest on said sum, as hereinafter specified, from the date hereof un- til paid, or until called for redemption, payable 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 pre- sentation 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 State of America at the Guaranty Trust Company of New York, in the City of New York, New York; and far 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 date hereof to anuarY, '; at the rate of five per cent. per annum from and including January 1, 19479 1 1 1 ..7871 NO January 1, 1955; and at the rate of six per c ent., per annum_ thereafter. In the event. of a failure .or refusal of the governing._authority of said District to perform any of -the covenants., agreements., or obligations- to. _th.e holders .of .the Refunding. Bonds of the issue of which this bond is one, as expressed herein or in the.resolution-.authorizing their issuance, or upon.a default in -the payment of intereston said...bonds, then said govern- ing authority shall he -accorded a period of six (6) months after thehappeningof such failure, refusal, or default, 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 said Board of County Commissioners by the holders of at least twenty-five per cent. (35%) in principal amount of the said Refunding Bonds outstanding upon the happening of such failure, refusal., or default, each of the Refunding Bonds of said issue shall, at the option of the respective holders, re- vert to and thereafter bear the original, or six per cent. per anaum, interest.rate borne by the outstanding bond in exchange for which such Refunding Bond has been.issued, and, in the case of Refunding Bonds issued to refund interest accrued on outstanding bonds., each such Re- funding Bond shall revert to and thereafter bear the original, or six per cent. per annum, in- terest 'kate borne by the bonds accrued interest on which was refunded by the issuance of said Refunding Bond, but such reversion shall be effective only from thedate.-to, _ which.interest.had been paid on said Refunding Bonds prior to the date. of the filing of. the... declaration of in, tention to exercise such option, and said,Board agrees that if the right tosuchhigher in- terest rate accrues,, as herein provided, at the option of the holder hereof the higher rate of interest will be evidenced either by a substitution of new bonds and coupons bearing such higher interest, or by a substitution, in place of the existing coupons, of new coupons bear- ing such higher rate, such new coupons to be attached to the-existing...bonds. The right is hereby reserved to call andredeem all or any part of -the -issue of bonds of which this bond is one on any interest payment date prior to maturity at par plus accrued interest at the rate then.prevailing as enforceable and collectible. In the event of the exer- cise of such right to call, not less than thirty nor more than sixty days--notice:.of .such.-re- dempti,on will be given by filing and publication as provided by the resolution of the Board of County Commissioners authorizing the issuance of the issue of bonds of which..this bond is one, and said bonds, when so called, shall cease to bear interest on such -redemption date, provided that adequate funds for their redemption shall. have been provided and set aside at the design- ated paying agent by said District for such purpose. This bond is one of an issue of Refunding Bonds of like date,, tenor and effect, ag- gregating $80,000.00, numbered 1 to 80, inclusive. AND IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is issued under the authority of and in compliance with the General Refunding Act of 1931, being Chapter 15,772, General Laws of Florida, 1931, and pursuant to a resolution duly adopted by the Board of County Commissioners of Indian River County, Florida, and is issued in exchange for and as a continuation, extension, merger and renewal of a like amount of valid subsisting bonded indebt- edness of said Vabasso Bridge District and the Board of Commissioners of said District, issued prior to November 6, 1934, and outstanding at the date of the passage of said resolution and for the purpose of refunding said indebtedness; and that all acts, conditions and things re- quired to happen, exist, and be performed, precedent to and i. --the issuance of 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 of bonds of which t his bond is one, together with all the other indebtedness of the said District, exceeds any limitation prescribed by the Constitution or statutes of the State of Florida, and that, before the is- suance of the issue of bonds of which this bond is one, provision has been made for the lavy and collection of a direct annual tax apon all property within said District, except only such 1 ��property as would be exempt from taxation -under the provisions of the laws and Constitution of Florida which were in. force and effect at thetime_, of the creation of.. the indebtedness refund- ed hereby, sufficient to pay the interest upon the issue of bonds of which_this..bond.is one as the same shall become due and to create a sinking fund for the payment of the -principal tTL-reof at maturity, All rights and remedies which were available for the support.and.endorcement of the bonded indebtedness refunded by this bond shall be avaliable for the support and enforce- ment of this bond. IN WITNESS WHEREOF, the Board of County -Commissioners of said County of Indian River, State of Florida, for and in behalf of said Wabasso Bridge District -in. s aid County and State, has issued this bond and has caused the same to be signed by its Chairman .and the -corporate seal of said Board to be affixed hereto, attested by the Clerk of said Board, and has caused the interest coupons hereto attached to be executed with the facsimile signatures of the said Chairman and Clerk, all as of the first day of January, A. D. 1938. Attestt Clerk, The Board of County Commis- Chairman, The Board of County Comte sioners of the County of Indian River, missioners of the County of Indian State of Florida.. River, State of Florida (SEAL) (FORM OF COUPON FOR SEM -ANNUAL INTEREST PAYMENTS) No. On the first day of , 19_, Wabasso Bridge District, in the County of Indian River, State of Florida, will pay to the bearer at the Guaranty Trust Company of New York, in the City of New York, New York, the sum of DOLLARS, being the then enforceable and collectible interest on its Refunding Bond- dated January 1, 19389 NO.., unless said bond shall have been theretofore called for redemption. Attest: Clerk, The Board .of County Commis- sioners of the County of Indian River, State of Florida. Chairman, TheBoardof County Com- missioners of the County of Indian River, State of Florida. (FCRM FOR VALIDATION CERTIFICATE.) Court of the Ninth Judicial Circuit Validated and confirmed by decree of the Circuit/of Florida, in and for.Indian River County, rendered on the _ day of , 193_____. Clerk of the Circuit Court of Indian (SEAL) River County, Florida. Section 4. (a) That for the prompt payment of the principal and interest of all of said Refunding Bonds as the same shall become due which are issued pursuant to this resolution, the full faith and credit of said Wabasso Bridge District and a tax upon all the property with- in said District are hereby irrevocably pledged to the same extent and with like force and ef- fect as the same were pledged for the payment of indebtedness refunded by said bonds, aid 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 re- solution that the said Board, in behalf of said District, will make prompt payment of the same when due. (b) 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. Refunding. Bonds, herein auth- orized to be issued, the said Board covenants and agrees with the holders of all of said Re- funding Bonds that in the annual budget and ad valorem t ax.levy to be prepared and made in each year commencing with the.year 1938, and continUing thereafter until all of said Refund- ing Bonds, and interest thereon, have been retired, there .shall be included a levy of a current ad valorem tax onAllproperty in said District subject to the 3: vy and collection of such tax 1.0 1 1 1 fl 1 1 1891 sufficient to produce the sum of Five Thousand Dollars ($5,000.00), including and deducting therefrom.at the optionofsaid Board-, any revenue other than from ad valorem taxes which may be available and which is actually so applied. Such taxes shall be levied -and computed upon the ex- tended and finally equalized valuation of all property within said District except only such property as was -exempt from taxationunderthe laws and Constitution -.of Florida which were in force and a ffect at the time of the creation of the.indebtedness proposed .to .be refunded here- under. The taxes so levied shall be in addition to allo-ther taxes.. levied -by or on, -behalf of said District, and the proceeds thereof are hereby, appropriated and shall.be usedexclusively far the purpose for which the same are levied, and so long as any of said Refunding Bonds are outstanding, the respective annual tax levies shall be increased when necessary to provide_ sufficient funds for the actual interest and principal or sinking fund requirements of the year next succeeding that in which the budget . is being made and prepared. (c) That any lawful expense pertaining to this refunding shall be paid out of reve- niles available therefor from the proceeds of the tax levy herein.provided, or, at the option_ of the said Board, from.any other funds -available to the said District lawfully within the control of the said Board which may be lawfully devoted to such payment. (d) That all of said Refunding Bonds, and interest thereon,. shall be; payable in lawful money of the United States of America at the Guaranty Trust Company of New York, in the City of New York, New York. (e) That 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 available for the payment of the indebtedness authorized to be refunded shall be used to pay the principal, and..int erest on the Refunding Bonds hereby authorized. It is hereby specifically covenanted and agreed that any funds that may hereafter become available for the exclusive -payment -of the principal and inter. est 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 solely and only for the payment of the principal and interest on said. bonds. (f) That all covenants, representations, agreements,and.undertakings herein. set out, as well as those appearing on the face of each of said Refunding Bonds, s hall -constitute a con- tract with the holders of the Refunding Bonds, which contract shall .be enfcaceable-by suit, .&�c- tion, or mandamus on behalf of any bondholder in. -any court of .competent, jurisdiction whether, or, not a monetary default shall then have occurred in.the.payment.of the principal or interest of such Refunding Bonds., and - all rights and remedies which w.aere available for the support. -and en- forcement of the bonds refunded hereby shall be available for the support and enforcement of said Refunding Bonds. (g) That all of said Refunding Bonds hereinauthorized as may from time to time be outstanding shall have and are hereby declared to have the same security and source of payment as the indebtedness thereby refunded, and said Refunding Bonds shall constitute a_,continuaftion, extension, merger, and renewal of the 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 in" debtedness was incurred shall be exempt from taxation to pay the interest upon and principal of said Refunding Bonds. (h) 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 ?hereof, said executed Refunding Bonds, with the interest coupons attached thereto, shall be by the Clerk of this Board deposited with the First National Bank, in the City of Chicago, Illinois, as escrow agent, with, -.appropriate dire-ctions that as and when the bonds and interest accruals herein authorized to be refunded are surrendered, there shall be delivered in exchange therefor a like amount of said Refunding Bonds,, -all pursuant to and as contemplated by the agreeme.nt. hereinbefore _identified and pursuant to which R. E. Crum & Company was designated Fiscal Agent. Said escrow agent -shall-.be-.authorized 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 delivered in a xchange,therefor. (i) It is hereby declared and intended that said Refunding Bonds are to be issued as of January 1, 1938, for the purpose of refinancing, as of that .date, the like amount of indebt- edness of said District then existing as hereinabove described. (j) That all of said Refunding Bonds shall be callable _ upon any interest payment date prior to maturity, at par plus accured interest at the rate then prevailing as enforceable and collectible,. (k) The option to call any, of said Refunding Bonds prior to maturity shall be exer- cised in the following manner: The Refunding Bonds to be called .shall be drawn by lot from all the 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 shall be published once, not more than sixty (60) nor less than thirty (30) days prior to such redemption date, 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; and said bonds when so called for redemption shall cease.to.-.bear interest on such redemption date, provided that adequate Rinds for their redemption shall have been provided and set aside at the designated paying agent by said District for such purpose. (1) That if there be no newspaper of general circulation printed and published in Indian River County, Florida, in which to printanynotices required by this resolution, then any of said notices may be published in a newspaper having general circulation in said County. (m) That is is hereby expressly covenanted and agreed that, in case of a failure or refusal of the governing authority of said District to perform any of the agreements or obliga- tions to the holders of the refunding bonds herein authorized to be issued,. as expressed in the bonds themselves or in this resolution, or upon a default in the payment of interest on said. Refunding Bonds, said District shall be accorded a period of six (6) months after -the happening of such failure, refusal, or default, 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 Lthe Board of County Commissioners of Indian River County, Florida, by the holders of at least twenty-five per cent. (25%) in principal amount of the Refunding Bonds outstanding upon the happening of such failure, refusal, or default, mach.of the Refunding Bonds of said issue shall, at the option of the respective holders thereof, 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 Refund- ing Bond; but such reversion shall b e effective only from the date to which interest had been paid on said Refunding Bonds prior to the date of the filing of the declaration of intention to exercise such option,and said Board agrees that if the right to such higher Anterest rate ac- crues, as herein provided, at the option of the holder hereof the .higher rate of interest will be evidenced either by a substitution of new bonds and coupons bearing such higher interest, or by a substitution, in place of tbze existing coupons, of new coupons bearing such, higher rate., such new coupons to be attached to the existing bonds. (n) That the said Board hereby agrees to call for and review financial reports of i u 1 1 lu 1 1 said District every six (6) months after payment of interest, and principal if any, then due, and any surplus which may be available in the Refunding Bond Interest and'Sinking Fund Account;,-, after making due allowance for interest and principal maturities- due at the next succeeding semi-annual payment period and after making reasonable allowance for anticipated receipts, shal: be used by the said Board for the purchase of Refunding Bonds of said issue, which purchases shall be made in the following manners Within sixty (60) days after.the suPp�lus is ascertain- able the said Board shall designate a date, which shall be not less than thirty (30) nor more than forty-five (45) days from the time said date is designated, at which time it will receive sealed tenders of bonds of the Refunding Bond issue herein authorized, and act upon such tend- ers in open session. Upon determining said date, the said Board shall cause written notice thereof to be mailed to any bondholders who may have theretofore sorequested in-writibg. Notice of the time and place of receiving such tenders shall also be published at least once, not less than fifteen (15) 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 Diver County, Florida, and the other shall be a f inancial.journal published in the City of New York, New York. The entire available surplus for the retirement of bonds, the amount of vhich shall be determined as hereinabove set forth,,shall be used to purchase bonds offered by such tenders at the lowest prices; PROVIDED, however, that, if said Board be dis- satisfied with any or all tenders thus received, it shall have the option to reject any cr all of same, and, within thirty-one (3 1) days after such rejection, it shall readvertise for ad- ditional. sealed tenders in the same manner as hereinabove provided and shall purchase the bonds offered at the lowest prices upon such readvertisement, absorbing all surplus funds available; PROVIDED, further, that no such offers shall be accepted nor bonds purchased at a price in ex- cess of the price at which it is herein provided that said bonds shall be callable; and, PRO- VIDED, further, that following each respective tender date said Board may privately purchase additional bonds with subsequent surplus accumulations as long as private purchasesr-mmay be made upon such basis as will show a higher income yield than the highest yield calculated on bonds purchased responsive to offers received at the last preceding tender date; PROVIDED, further, that, at the option of said Board, purchases may be made to absorb surplus accumula- tions more often than required by the schedule set forth above. In the event that no offerings can be obtained at or below the callable price, the said Board shall proceed to call bonds 'by lot, as hereinabove provided, to absorb the available surplus funds, each such call to be efr fective at the date of the next semi-annual interest payment after effort has been made to purchase bonds''. Section 5. (a) The Refunding Bonds shall be exchanged on the basis of a par amount of Refunding Bonds for an equal amount of the principal and interest indebtedness authorized to be refunded hereunder according to the following schedule, the indicated Refunding'Bonds to be exchanged indiscriminately for any of the outstanding indebtedness listed on the cor- responding line or lines under the title O"Bonded Indebtedness to be Exchanged Therefor". REFUNDING BONDS BONDED INDEBTEDNESS TO BE EXCHANGED THEREFOR Lumbers (Inclusive) (WABASSO BRIDGE DISTRICT BONDS, dated July 1, (1926, numbered 5 to ?, 9 to 16, 18 to 50,55, 1 to 80 (57 to 75, all numbers inclusive, and interest (accrued and unpaid as of January 1, 1938, on (said bonds. (b) That in the event that any of the outstanding bonds hereinbefore described, or any interest thereon, have been merged into judgment, an amount of Refunding Bonds equal to the principal and interest of the bonds merged in such judgment, or any pa=rt thereof, may be exchanged for equal face amounts of satisfactions in discharge of any such judgment or judge ments, or any part thereof. 1g2' Section 6. That if any clause, section, paragraph, or provision of this resolution or of the Refunding Bondshereby authorizedbe d.ec lared unenforceable by any court of final jurisdiction, it shall not affect or invalidate any remainder thereof,_and, if any of the Re- funding Bonds hereby authorized be adjudged illegal or unenforceable, the holders thereof shall be subrogated to the rights,of theholdersof the indebtedness hereby provided to be refunded thereby and as such enforce their.claim for payment. Section 7. That Charles A. Kitchell, Attorney -at -Law, be andhe is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Ninth Judicial Circuit of Florida, in and for Indian River County, for the validation of said Refunding Bonds, and the Chairman and Clerk of this Board are hereby authorized to verify any pleadings in such proceedings, and to impress thereon the corporate seal of this Board. PASSED AND APPROVED Yee c emb er 7th, 1937, Attests -Douiz las Baker- R. E. budge Clerk The Board of Count Commis - , y Chairman, The Board of County Com sioners of the County of Indian River, missioners of the County of Indian State of Florida. River, State of Florida. (SEAL) Y The County Depository filed its monthly statement, showing receipts and disbursments of the various funds which having been audited were found to be correct. The several bills and accounts against the County, having been audited, were examin- ed 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 of the Circuit Court. The warrants issued from the respective funds being listed in the supplemental minute book as required by the rules and practice of the State Auditing Department, reference to said record and the list so recorded being made a part of these minutes. Where being no further business the Board on motion made, seconde "and carried, ad- journed. ATTESTS Clerk. Tuesday iYanuary 4th., 1938. The Board of County Commissioners in and for Indian River County met at the Court- house in Vero Beach, at 9s30 411clock A. No, Tuesday, January 4th., 1938, in r egular meeting with the following members of the Board present, E. P. Poole; S. E. Glover; Edwin A. Helseth, and Franke C. Vickers, absents R. E. Mudge. Also present were Charles A. Mitchell, Attorney for the Board, atm. Frick, Sheriff, and Douglas Baker, Clerk. In the absence of the Chairman R. E. Mudge, who was not present because of illness, Douglas Baker, Clerk called the meeting to order and on motion made by Edwin A. Helseth, s6- conded by S. E. Glover and unanimously carried E. P. Poole was elected Chairman until the further orders of the board. Mrs. Lawrence (Iduma) Smith submitted an application for Bothers Pension which was approved by the Board for the sum:of 10.00 per month. Diss Leila M. Bunkley County Nurse appeared before the Board and submitted the fol- lowing report for the month of December 1937, to -wits The total case load for the month of December was white- 78 colored -32. The total number of visits to homes were 56. The total number of visit& to.cases were 114. Where were 66 conferences with commissioners, doctors, ?purses, social workers and ' interest individuals. 1 1 0 1