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1943-02 Refunding BondsCouncilman Roo presented the following Resolution and moved its adoption, and upon being duly seconded wa2 put to a vote and adopted: 0 RESOLUTION PROVIDING FOR TH4 ISSUINCE,Or CITY OF OKEECHOBEE) FLORIDA, QFUNDING BONDS; ISSUE OF 1942) SERIES A AND B, DATED JAoUARY 11 i942, BY AUTHORITY OF THE GENERAL REFUNDING ACT OF 1931, BEING CHAPTLR 15772, LAW OF FLQaIDA 1931, FOR THE PURPOSE Of a&JIDING FIFTY FIVL PW WT Of THE TOTAL GUTSTANDING BONDED W JUDGIENT INDEBTEDNESS OF SAID CITY FOR THE PAYMT OF AHIQH THE OITY IS OBLIGATED TO LEVY SUFFI— CIZNT AD VALORM TAXES TU PROVIDE THEREFOR: AND PRESCRIBING THE kADNER if ISSUANCE QL PHUVISIjNS FUR PAMAT OF SAID RIMMAG WAS: AND D&LAMiG THIS HIDULUTION TO BE AN WARGLIOY &AASURL. 4" OiHLREAS) the Qity Council of the Qity of Okeechobee (hereinafter sometimes referred to as said "Oity"), in Ukoochoboo Jounty, Florida, as the govoraing authority of said jity) is uutuorized oy the General Refunding Act of 1931) same being Chapter 15772) Laos of ilorida, Acts of 1031, to issus Refunding Bonds for the purpose of refunding any and all outstanding bonds, coupons or int=cst On tiny Such bonds or uoupons, or any other funded debt of the Sity) x whether the indebtedness to be refunded has matured or is to become due J horoi-naftor; tuad ViHEREAS, said City now has outstanding u valid funded indebtedness hereinafter more particularly described, the major portion of which is in dofault (a largo amorait of suLh indebtedness being ropro2jntod by judgments recovered against the I "Jity in suits br3ught in the United States District Court for the Southorn District ,of Florida, and the financial condition of the jity and its inutility to moot its existing obligations make it nwco2,-,,!.Lry and to the boot interest of the jity ,Ind its taxj-;!1YQrS that suW o0otandin6 indebtedness be roadjuctod and refunded; and 0 � Z C, 00 x .17HEREAS, the holders of approximately 8-': of the wnount of the obligations �)70 ovidoncing th-- caid outctanding indcbtodnooc arc willing to rofund their claims Oio of such outct,=Lding indobt,UdnoSs �md ugxc- to a roduction in on a b.aZis Of '-5 intcr--t thereon, provided the Rcfu.ading Bonds i--u-d in the oxchango thcro-Cor have the ��,amic soctucit-y tuad -.rc c'-atitiod to the C'Lwiic romodics ,�nd ri'Ehto of on- forcomont as, oxiStod at, the time of ti'0 i.-IcurrinS, or uL�,,ci:aription of such i.rldobtold- nose, vaid now uj,)urtion tiiorato; tuad v1z1iL'A,&AS ill QrdUr 1-0 pceLrit of a re I'. -' rc,fiz'iding that wi-11 be -�'ustm,---nt an" u"j v � accoptablo tu its cxuaitoro- tho �jity du-�jms it aidvicable und n,--�co-,soury und now -u, acc, of -1i;Jfuiidin6 Bc)nds 'Luider o'uch torms [Ind col- pl')POSOG to aut iorizo tao iso -a ditiono as will roCl,orvc to tho, holdox-0 tlioxoof the riL.Jhtz, security and xomcclice now uv'ailuolo to ti -10 holders of thc Iii4v*'\,7'0 P.T0201-Itly Outstanding i-i-Ldobtodnoss; and 1;4HERIAS, urc-ont nood for t1ac fim-Lacial coliof to bo affordod by the ro- finairicing pro6r= ho,rolin provided for cr("""tos an CIMOT�-'O:L.Lcy making it 1,1000'sSary cj for tho prc.zorvatiOn Of PVC01ic 00'"'CO, Pr(--)P0.rty, riulaith an' ��.-foty of the jity of jk,---c�ftoboc and its citiz.-Ils th.,,,t provic-ion bo made without- dol'ay for tho, cc-nri-olotion oJ-.' maid -oroErw-n; and such rofundinE vill bo ,,- ,go-ut -,,.,ving to the t-,,.xp y r- d citizens ZILHMILAS a 0 W-1 of -zldd City, 1,10T, thor,---foro) BZ IT i13%.')LViLD BY THL CITY 'jQ'LJi�'JIL �)F THL JITY OF 0KL.1QHJBL.0;, FLURIDA, IN SZSSI�),i DULY A332L13LLD: ScIction 1. Thut thil-I Oouncil hu,s tuld door, horoby dc-)clarc that.. (A) T.qoro h,,,,.vo 1101r,-Itoforo duly uuthoj:izod U1,1d iosuod, unaor and pur- -uant to "llu Ulk' -t-'-'tutOO Of tho Stut,-, of ilorida in Such c:jsc iv,, c v v .d Pr'1-.)Vid0d, !106otit-z-010 coupoia bonds --."a tilllu Rrarr��-Its of said Jity, tho outstauading und unpaid portions of waich id bond Und timu wax-ru-1ats issues, aa ai ilatu%rust accruuls thoroon; and the 'Lmpuid b-�_J ancoc (principal tald acuruocl interest) of jud6airUnt-s founded on sccui:itius of somo of ouid iccuos, juro dusoribed ill the schodules horoinbolow Coot forth to -wit: (a) k;ITY OF OKiLEv''HOBa 6jo BQLDS� Dated A-pril 1, 1920 Numbers Maturity Inciur.,ivo)- D c n om i n,,,,.t i on (A-pril 1 Amount 1 to 8 44)000.00 194o 46)220.00 I" 9 11 10 4)000.00 1941 6)220.00 17 11 P4 4) 00,C). 00 1942 6;220.00 25 72 .7, 4c) ) 00 0. 00 194 6;220.00 3 4,000.00 1944 6)220.00 41 48 4;000.00 1945, 0)220.00 49 �6 2) 4 000.00 1946 11 0,220.00 57 64 4)000.00 1947 6)220.00 65 72 L" 00 0. 00 19L�8 5,500-00 73 60 01__�Ij. 00 1-49 6o. oo T ot ul Bc.;llclso of suid 11-laue ... ................. 44o.,oL x.00 AcQxu,-,,ci Intori-m"t to j,,.aiu-,,.ry, 1, 1942, anid Unpuid �;Oupjl - as Due on jjjt p I i or t C) 4- 11 Ilt t 0 ............... 420;620.00 �;ITY uf STR_'i�T PAVI.L�G 13�.)i�L)S, 1� Lu box s lic I Us i ve llcjif,.i nu i U.'I t ua i t y 14 1 -un b o x s Lut ur i t y Inclusivo) Lonomin at ion Amount 1 to 16 40", � 000. 00 1940 412144o.00 17 2 46 6; 000. 00 1�41 12 440.00 3 6,00,D.00 1942 12:44o. oo 9 64 6)000.00 194 12 � 440. 00 -65 60 6; 000. 00 iqu 12,44o.00 , 61 it 96 01000.00 194� 12 440.00 ii 97 112 6) 00 �. 00 1946 12:440.00 113 126 6, OU -0. oo i94- 12,44o.00 129 144 6) Ojo. 00 1946 13)520.00 145 160 6)000.00 1949 13, 7 15. W Tottd �.;utctivading Bon"As of sLid Issue .............................. 460)000.00 Accrud Intc,.rc,:,�t to J,,muL�ry 1, !�)42, ,M"id U.apuid Inter st coupons Du_- on and Prior to that L),,,to ..................... 46,7'.55. 00 CITY UF �X'��TCTHOB.ILIL, SL,;�k!�RAGE BONDS DATED APRIL 1, '20 N um, b c x s a t Ur i t y 2, i v 0 Donom i on (April 1 Aai o unt 4500-00 1940 4177. 50 2 5,30.00 _-.941 777-50 7. _t&D. 00 1942 7YY.�O F_.O� . 1 00 / J -194 - 7_Q-50 5, 500.00 1944 777-50 500.00 1945 7 .50 7 500-00 i,)46 6 �00.00 1947 177-50 9 500 - 00 ij- 4 (77-50 10 - W. 00 - 1949 - 777-50 T o t, 11 �jutctcxid-ins Bond.0, of 1-fdd 1,;cuo ......... ......... 45)000.00 r u- d Ii -it 4 2, sifl d �j np a �;Qu.')wio Luo oil arld i�xior to ta"-It ljzAO - ........................... 22715-00 ,.;ITY - - - - �jF - - - - - - - - - JUATLD iii)riIL 1, 1�21 1� LLri b (I lac U.- i vc noill i 1-1., "t i oli pril 1) Ln o Lint ev A I MINUTE BOOK DREW 642762 000 C) 0 00 0 0 0 0 C) 0 0 LiNLr 0 C) LA r�- [-- C\j 0 1-- UN110 0 0 C\j 0 0 1�0 �o 0 C\J C\Jl "o 0 r -i F—I 0 r -I CU ON 0 r -I I IC\N,-N CM Nl%il(N J\ON r -i r -I H G -N 4-D Q. [4 C) C-4 r -I co c., r �d C\7 rd �d CQ .ri -71- C) cr\ M 'd 0 000 rA 0 0 C) o C) 0 r -i 00 0 r-4 d 000 C�l H 1--4 0 (D 'd PA C) 0 0 P, 0 (D (), "'i - - ^ -r-I 0 0 �j co L(-\LCNN'\ 0 51 �409 �:, 0 PL4 0 4-) -P �d 0 oko 0 r -no �co -P -P -P -P 0 (C 4-D f:� 4, 7� FA 0= 0 Id co C) 0= Id 4-'3 Id ;A �j 4-:) �:) r 0 I C) 4-') C) 4-') H r -I r -i 0 0 P-1 fN 0 :j fi \,O r -W E- -4 :D -t _C\ E-4 �4 10 1 OITY OF jKL40liQBEL, Q`�� lulqijl-PAL SONDS, dated August 1924 liumburs (Inciusivo) Denomir"tion tAugust- Amouit 1 to 15 415,000-00 1944 42 375-00 4: 16 0 15jQ00.00 lc94 2 675-00 5 1�,)000.00 .R 194 22 ,335-00 6 6o 15)000.00 1947 25,125-00 61 75 jv� 000. 00 1946 2-)125-00 76 if 90 1�,;000.00 1949 25�125-00 91 105 1�)000.00 1950 25;275-00 lo6 1 lr- 1 POOO.00 117 120 14) 000. 00 1951 25,64o.00 .121 135 Jv,)000.00 l9v�2 27)675-00 136 150 15;000-00 1 9;��) 3 27,555.00 To4- UJ 0 -,- , -,id I.—x Lt �,t=ding Bonas�, of ............ .... ......... �14q,000.00 AcQ:ruod Lato:c,--st to Junufllxy 1, 1942, and Unpaid Lat,�,,.rJst Coupono ................................... .... io6,105-00 OITY �)F �;K,�,-,�JHUBEL, 6�� VilATLR WRKS EXTLNSIQli BONLS, d,,,.t�jd !�,,,rch 1 1�2F-' i� Um bu, r s ,�t I:Lr it y 1) on oiL inlat i on Aiiaowi4, v to 1-1 0-ji. 00 1945 419) 6 -JO. w 12 22 11 , 000 * 00 1946 19,56o.00 2- 11 1-1 y 0100. 00 -i 1947 19)T70-00 34 44 1 ; li J 0 --1946 19,600.00 4- ft �,, �e li,000.00 1949 19;600.00 5, 00 1 ;U00.00 1�50 le);160.00 b7 77 li;000.00 1951 16;160.00 76 66 1-1 00 19�2 0 17; "'40. 00 69 99 19) 0-.C)C). 00 100 lio 11,0jo.00 19,600.00 T o t a 1 jut,.-,�tanding of -"aid Lcouc ...................... �1101000.00 Accrued Interoot to J.,anuta.ry 1, 1942, and Unpaid 1114- 01, -t U - 6:1 lv"o i:,.p o n r . ... .................. ............. ....,.62,330-00 JUDG."LLE114TS F'�J'UNDED Oii PRINCIPAl ANE) INIT&RIE4,3T TINT nTPnmI?MTT.q54, nTP MT75' T (71 e-1 T T'�-,j -r" --T- -. - - FORE,,'x'OING SCHEDULES OF PAHA�ittLg-n To4-,.,.l Un— Unpaid Bal- paid Ball - P Rat a vncc princi- Unpaid in- ance(Prill. Court, and c-ause Amc)-mat of pal of Judg-,- torost Duo & lilt. ) of and dato of on-. Judgmr-nt mOnt now out-- Oil JudgmOlIt Judgmont as t.-cy of ji:,Ldzmont and co,,--,ts st�uiding Jun 1 19 2 of 1-1-42 Poltion. of Jud&- ment ont-crod April 1, 1936 in tho c-aso of i4;.T. V. �;ity of choboo iji't. boing caco voo Ft. ij. Uiv in th- U.S. L)i St. Qourt� Southc:,,rn D i t . I of f OriaL ..... 43V,500-92 4-39,500. 92 '6-72 .441,087. 64 ------------ (b) iluariburs iinQlusive) 1/7-9/21 P '�) / -4 P'%- -7 A / 4;) SU-111ARY OF INDEBTEDNESS DIS'CRIBED IN (A� ABOVE Out-stunCl'ing Bonds ........................... 0403,000-00 Unpaid Intoxost Accruals thereon ..................................... 2751!50-00 Tot.,,-' Bonds, and Aucruod IIT u u U'C oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 1,, " 7 !'-'-)0 - 00 Unpaid B!'llulce (Frinuip,-�! and Into -rust) of jud6faomts or portion thcru-of fjulidod on S'001:Lritios Of thol Idoritifiod Iz"-'u;-'s ........... TOTAL ................ OITY UF UK.��,,UWBIWE 6-� kU�NIOIPAL I�u!PRUV�-,�EAT dated Feb. 1. 1926 m"I'turity Denomination tFub. 1) 4201000.00 1946 pi-) ")C)C) - (,)(-) -1 C) LL -7 64,786.42 4762;936.42 -Am 0 unt 431; 610. 00 74 nn Total Un - Unpaid Ball - paid Bal- alico Princi- Unp-luid In- ance (Prin. 0ouLrt und cuusc Am,�)Lmt of pul of Judg- toro-st Dule & Int.) of alad dato Of on- J ud&llunt Mont now Out- on Judgmont Jud6ment us - try of judgmont and costs St undi ng jqui 1, _1942' of 1-1-42 Jud&nont waturod Nov,0mbor 17, 19.-0, in tho case of Yooman 1utual Lifu Incuruxice 'Jo.� V. City of Okou— choboo; Dft.) be-Anr- cuso *-1969 Li-'Uiv. ) in the U.S. uistrict Court, Southern D trict of Fla. 433,330-00 433,330-00 410 0 3'6.78 j�43 .78 )69e> (b) iluariburs iinQlusive) 1/7-9/21 P '�) / -4 P'%- -7 A / 4;) SU-111ARY OF INDEBTEDNESS DIS'CRIBED IN (A� ABOVE Out-stunCl'ing Bonds ........................... 0403,000-00 Unpaid Intoxost Accruals thereon ..................................... 2751!50-00 Tot.,,-' Bonds, and Aucruod IIT u u U'C oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 1,, " 7 !'-'-)0 - 00 Unpaid B!'llulce (Frinuip,-�! and Into -rust) of jud6faomts or portion thcru-of fjulidod on S'001:Lritios Of thol Idoritifiod Iz"-'u;-'s ........... TOTAL ................ OITY UF UK.��,,UWBIWE 6-� kU�NIOIPAL I�u!PRUV�-,�EAT dated Feb. 1. 1926 m"I'turity Denomination tFub. 1) 4201000.00 1946 pi-) ")C)C) - (,)(-) -1 C) LL -7 64,786.42 4762;936.42 -Am 0 unt 431; 610. 00 74 nn ME Z c 4 ch M 0 o V— -rc 4 7 - �.V) V VV a %JV 21 000.00 p ip UV 1: 35) 025-00 H 6 21) 000.00 1949 36,915-00 85/105 21 � 0010. 00 1950 X995-00 io6/126 21; 000. 00 1951 33,565-00 1; 127 /147 21)000.00 i 9 2 34, �65- 00 2,48/166 21)000.00 195 3 ; 1 2�-,. 00 1701169 20P000.00 1954 2,500-00 190/215 26)000.00 1955 45,64o.00 Total- C;Utrtm'lding Principc-1 of said ............................. . 4' 212, 000. 00 Accruod � -,:, U to jtj- jUL,:Cy 1) 1942, tzloid Unp-aid Ihit,Oreot Coupons ............................................... !40,96o.00 CITY - - OF �)K-L� - - - - - - - - - - DAT�;D Auguct 1, 1927 N izn b c r s 1�aturity Inclucivo) Donomination LAug. 1) Amoulat t .10 410; 00 1�45 417,150-00 1; .11 20 10)000.00 1946 17)lF-0-00 21 0 �O 10,030.00 1�47 17,150-00 �j 10)030.00 1948 iy,i-�0.00 41 �)O i0P000.00 1949 17,1�1'0.00 Totcl Principal of c i d 12 .... .......................... 60; 000 - 00 acc:cu,Od IrLtor,Oct to Junu.'ary 1, 1542, und Ulipuid........ ...................................... - - - - - - - - - - - - - - 35,7.0-10-00 1 ME Z c 4 ch M 0 o FJ I I UITY UF U"t;jHUB."ILl"' Op REFUNDING BONDS, datod A-Pril 1, 1930 Numbers 1�utuxity (Inciusivol Denomination A211 i 1. 1 30 to 45 0) 0,0 00 1937 4 Ouc). 00 46 5, 4) PM. 00 1949 .W 3, 4,500-00 19 0 0� 00 12500-00 1941 Tnl-.,,,l "j-11toy., 1 Principul of -,,irl im,oimit �4 4? 935-00 6�560-00 7,567-50 7,672-50 2,462.50 k�, - Q .1 ... ...................... Accrued Intorast to junuary 1, -1 �42, and Unpaid Intuxest �)oup3ns ............................................ ii) 737 - 50 PO.RTD�lj OF jUDGL�L!,IT FjUNDiLD Oi� PHL'Ok'a"IPAL AND INTTEIii;ST I!�DLBTLDI�,��'S`S OF TH,4; ISSUES IDENTIFIED IN TH& FOH.&j-jING S�;GEDULES OF PARAG'RAPH (B) H!�RIOF Court -:�xid c,.,-Iuoc and datc, of on - try of Judgmant Portion (buou-d oil Occu- ritio-c of the i-�,c,uc-, next !.-,'oovo ident.iftud) of j uc Loucnt ontcrc�d April 193') in tho cu2u, of L. T. I cy; Ptf. V. Oity of ukuo-choucc); I)ft. bcin6 cuso �-60 Ft. P. Qiv. in the U. S. List. kjouxt, suuthurn i)ist:cice of Fla. Pdrtion Pro -Rata 11 ain o unt o f J ua! gm ont d uo,ctC, U npc i d B,—,l - 11 "Llaco Princi- pal of Judg- ment now out -- t! -nd i n 415)000.00 ol5;000.00 Unpaid in- t Or c 0) t L u c on J-L:LdLrm--nt J,un 1, 1942 Total Bal- anco (impaid) (Prin. & Ilat.) of Judonont Of T.1111u�,_.ry 1, 1-342 Q4,930.4o 4%19,930-40 of this judgmont is de-cribcd in Paragraph (a) of this Soction. - - - - - - - - - - - - SUILiARY Of L'4LLBTLLAd;SS Ij�;SJRIBZD-IN �b) aboyc �)Utzt"-)-Iding Bonds ......................... 4279;500.00 unpuid Intu-'ro'st AL;U:cu,.-,.-Ls thorooll .................................. 166P447-510 Total Bonds Lu -id A(.;c.-cuud Into-c'--ct tflu-ruoll ........................ 467�947-50 Unpaid Balunce (Prinoipul -und Int -rust) Of loortion of f Ound-d on S,N),curitics of tho Idontific-d I21c:ucs ........................ 12,9�o.4o T�jTAL ...... 4467;877-90 J1 kb) Tao UDOVU ausuriuuu uUnas sau juUdou"UU; LUIU A.LIUVIWUU UVU uaiu Athereon as of January 1, 1942, in the aggregate total amount of 40 614 1250) .32 repre- roqt iadobtoaaoss incurxed by the City of okoochoboe. The boundaMoo of the City of R jkoochoboo.as they existed at the time of the croution of the indebtedness identified in Schcdu16 designated by the letter (a) as sot in Paragraph (A) of this Section) as 11.uvia6 boon incuxred by said Oity were those proscribed by Chapter 6316, Laws of Florid Acts of 1919. The boundaxies of the City of Slonwhoboo as it existed while it incurred the indebtedness above described in Schedule dcsignutod by the letter (b) as set forth in P.,:,_ru�.raph (A) of this Section as h,,.,vinE boon ineuxrod by said city were those pro— !i s6ribod by (�hqpter Wwo of Florida, Acts of ........ All of said Indebtedness ;j i� -of the City of ukoochoboo, Florida, heretofore and pxior to Novombox 6, 1934, lawfully -incurred for various municipal purposes, cad for the thereof all taxable pro- paxty within the pxozont territorial limits of said My is subject to the lovy of a npociul ad valorem tax in amounts sufficient to providc therefor except that, all that ropurty within the boundaries az the City of aloouh0bou under the provisions of P Oha� ptor 6316, Laws of Florida; Acts of 1919, is tax-ablo fox the bonded indubtodness identified in Schedule designated by the letter (a) as set forth in Puralraph (A) of Ii "this Scation. (0) The uOOvQ described indobtadnuss constitutes "Oondo or interest thereon" 11 within the meaning of Section 6, Article 1X, of the constitution of the State of florid1l, unondod in 1930, so tiat hofundiQ Wads may be legally issued for the paxpose and jV the aiannor harainafter provided. Section 2. That if any- mist"ke or error shall have occuxrod in the descOption of any of the outst,,,a-idin& indobtodnoss proposed to be rofundod horoundox..us.setiforth in 6oction 1 of the Resolution, ouch miotaku or orror shall be doomed to be immaterial provided the total amount of Refunding Bonds issued heroundor does not exceod the amount of outstanding indcbtodncso surrendered in exchange. Section I (A) That for tho purposo of rof anding as of January 1, 1942, the obligations evidencing the outstanding and unpaid indobtodncos of the City of Okcan- o4obac, Florida, horoinbofore identified, in the aggregate total amount of ONE MILLION TIO HUNDRED FIFTY THOUSAND EIGHT HUADRED FOUAMN AND 321100 (41 2502814.,e) Dollars, there shall be and there are horoby authorized and oxdored to be issued the pegotiablo coupon bonds of said City in the principal amount of 'Six Hundred Eighty Seved, Thousand Ninu Hu.adrod forty Suvon and 661100 (4667,947-66) Dollars, subdivided into two, (2) sorios no fcliows: 4419,615-03 S-,xics A and 4266,332.85 Scrios B; and it is hereby found and dculared that tho iscuunce of said awount of Refunding Bonds is nQcOnsary to replace of tho t4iiuunt Of bondod indebtedness of said WQ2 the.To bcin6 no funds avuiluolo for paymont of said indubtodness. (B) Said aofunding Bonds of the MsNctivO 00rice mentioned shall bo iscuod to reftu-id outstanding indebtodnose identified in the schedules dosignatod by the letters (a) and (b), respectivaly, as act forth in Scotian I (A) of this Resolution, The City hereby resurvus thu right to lavy OUUh taxes as might lawfully be imposed by it Won any and all property embraced within the torriturial limits of tho City at the a :K. Z M 4 0 11,0 J v time of incurring the indobtedneSS horoinbofore relerrecl to, E"MCL zo -a-Pp.LY wiu proceeds of such taxes to the pvymont of tile prosontly outatunding evidence of said indebtedness or rofunding bonds isouod in lieu taoroof. (0) ' All of said Rofuridinj�� Bonds shall be dated Junuary 1, 1942; and; subject to the right of prior rodomption, an here inaf tor provided, shol m- ture oil J., -wary 1 1972, and said bonds shall bo nuinbo-rod aiid be of the donominat ions as shall be hero- -ion of this Council. after pro,,cribod by oupplomont al ro-olut (D) SaUd Rofwading Bonds of the coricS refox-rod to sh,,-.,!! bo,,.,.r interest f-�oin date th o r, -,o f unt il Puid o r 'cin't i 1 cU,l led f 0 r x od,�Iiilpt i oil, wb, ich int Cro 2t ohall bo P,'�:Y,_blo li - - �e I Ci - , oumi-�;xinu.,_,_lly on th- first dUy- Of J,-'Iiu,'.'Xy mid july in ouch your, w -id s-�id interest J, of on, por coi t shall be onforcoablo and co I "It the rat; 0 '1 (41.) Por a.al-wur, from '7, dato of thQ boads to J,,�,_nuaxy 1 !949; ut tao xatj of iL 2jq pur !ii-arwn for the noxt diI16 thx�) you,rs; at the xal-0 of -'-Vvo per cu-',nt (2;w) por ,.�nnw for the noxt w 1� U e) u c c � C d i n G f i v,., yu� u, r s nt the xat�, of taxoo Pur Cont (30j�) por winum for the next Succooding five yo.ars; -at the ratul of IL'otzr p.U.r cont (4,i�) por ��anun for tile noxt fivo, YO -ars at tnQ Xatu Of five pj.r Lui-it pox ,ain-umi thoru"Iftor) and said interest -at ot_Ud rLtos shu,11 be ovicwacQd by couj.)ons attuchod to -each bond; PR%.'iVIDL1), howovor, that in thu ovont of -a f--iluro ox .0,--fulsal Of ti"o E�ovorning body of L w s_Ud U'ity to porfor'll any of the LsoLwnud th-rovLader to tho holders of cadid 3onds, vo oxpro20od izi th,-, 'uonds thom.-Iolvos ox in this 11Jsoli:,tion) or upon dof.,,wlt in the -waynnont of intor,021t oi-i CaUd Rofundin,;�- Bonds, or in tho event the governing body: of said Oity fails Or r0fuSos to Taise wid upoly to be the Interest slund Sinking Fund account of said Ref-Lu-iding Bond I -sue 'the sun of in oach of the yot=s 1942 to 1948, both yozzrs inclusive; the sum of' 420,0-J0.00 In each of the yoaxs 1949 to 19P�-lj both years incluojve, and, after the your 19F-1, to budget -r� r f ('N 'r 4- 'r-) 1-.� )n 4- r-, 1� suctl -'MUU1i-(J8 U6 wr�jy 60�.o ind-btedness, b-asod upon not more th,,.n fifty per cent (-Ocio) colloctibility, including, and deducting therefrom, for any of such yoalrs, ally X0v01'VL10S Other than from ad valorem taxes which may be av��ilablo, WId which arc so Uctual-ly u'pPlied, thua the ��Ovorning body shull be aucorded a period of six (6) months Uftor ite haapp,Jaing in which to coxxoct tao suid failure, :C',fusul or default (includiag tLay SuIbsCoquont default); aaid up o I'l t 'h- i n 6 i --' i t Y) f L' i 1 u -r 0. L) 3: T-fUCQ..l Of Saia )OVCrilin-' body -1-0 Uo so withia that Q, C-) pi o, T i o d, a�id upon tfto- dolclur;-,tions in writiaE; filud with the stUd Oity, through its -,c;to. by the holders of Ut 10L�zt forty cont, (40,i,�) in prin- 'jity Qiurk --nd Qoll -W r) cip,_1 =o'Lu-it of the H,11-,f-ca-iding Bonds of ,�,,u.id is-si:,.c outst-luading upon the hlpponing of suchi f ai lure rufusal or dufault) as, horoina,bovo rofuxrocl. to; oaid Rofundiag Bonds shall) at the option of the :r-C.-Toctivo holdors thorcof con6oltituting the bondholdoze filing -i, -ions, revert to wad thereafter bour the originva interest borne suid ori�fii al dociarat by the out.stmiding bond or bonds the principal of or accrued interest oil v"hich was rofunded by the i..ulllalce of suid Refundine Bonds, -:Lnd in the case Of Rofi:aiding Bonds issued to refund tho, ro-o-ooctive judEmontcsj fo-,,:,aidcd ua boadod indobtudnoes of the Oityt Rcfim-idin6 Bonds shall rov,Qrt to and thereafter bear the originall (but not to cxco,�-d 6,1,, per -Cli'Muri, iii ...,-ly event) which w,,'s borne by the out0tauiding vona or ouncis, or no-ues, Tne principai ox or inveresz ciaims on wnion were merged in the particular judgment or portion thereof evidencing the indebted- ness refunded by the issuance of said Refunding Bonds, but such reversion shall be effective only from the date to which interest has been paid on said Refund - 1! inj to the date of the filing of the declaration of intention to exerise such option, and the City agrees that if the right to such higher interest rate accrues, as herein provided the higher rate of interest will be evidenced in the manner then provided by law. (E) That each of said Refunding Bonds shall be signed by the Mayor of said City and the Corporate seal of the City shall be affixed thereto, attested by the City Clerk and Countersigned by the President of the City Council. The Interest coupons attached to each of said refunding bonds shall be executed with the facsimile signatures of the Mayor, City Clerk and President of the City Council, 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. (r) That the principal of and the interest on all of said Refunding Bonds shall be payable in lawful money of the United States of America at Irving Trust Company, New York City, New York. Section 4 (A) That the text of said Refunding Bonds, Series A, shall be in substantially the following form: UNITED STATES OF AMERICA STATE Or FLORIDA COUNTY OF OKEECHOBEZ CITY OF OKEECHOBEZ Qr1PTTVnrV('4- lbn'KT" T<�OTVT- r%1W Is LJ SERIES A KNOW ALL MEN BY THE PRESENTS: That the City of Okeechobee, a municipal corporation in the County of Okeechobee, State of Florida, hereby acknowledges itself to be indebted, and, for value received, hereby promises to pay to the bearer the principal sum of Mz M C DOLLARS on the first day of January, A. D. 1972, with the option of prior redemption '40 0 as hereinafter provided, and to pay interest on said sum semi-annually, on the 1i f Irst days of January and July in each year, from the date hereof at the rate it of one per cent per annum. (1%) from' the date of the bonds to January 1, 1949; at the rate of one and one-half (10) per cent per annum for the next succeed - Ing three years; at the rate of two per cent (2%) per annum for the next succeed-, ing f ive years; at the rate of three (3%) per cent per annum for the next suc- ceeding five years; at the rate of four (4%) per cent per annum for the next succeeding five years and at the rate of five (5%) per cent per annum, thereafter.' Both principal and interest hereof are payable In lawful money of the United States Of America at Irving Trust Company, New York, upon presentation of this bond and the interest coupons hereto attached as they severally mature. In the event of a failure or refusal-- of the governing body of said City to il perform any of the obligations assumed thereunder to the holders of the Refunding Bonds of the issue of which this bond is one, as expressed in the bonds or in the resolution authorizing their issuance,- or upon default in the payment of interest "on said Refunding Bonds, or in the event the governing body of said City fails or refuses to raise and apply to the Interest and Sinking rund account of said Re - Funding Issue the sum of $15,000.00 in each of the years 1942 to 1948, both years inclusive; the sum of $20,000-00 in each of the years 1949 to 1951, both years inclusive, and, after the year 1951, to budget such amounts as may be necessary for the pri ncipal and interest retirement of the bonded Indebtedness, based upon not ;�more than fifty per cent (50%) collectibility, Including and deducting therefrom, for any of such years, any revenues other than from ad valorem taxes which may be ,available, and which are so actually applied, then the said governing body shall ,,be accorded a period of six (6) months after its happening in which to correct the -said failure, refusal or default (including any subsequent default),. and the inability, failure or refusal of said governing body to do so within ,that period, and upon the declaration in writing filed with -the said City,, through .,the City Clerk, by the holders of at least forty per cent (40%) In principal amount 'of the Refunding Bonds of said issue outstanding upon the happening of such failure, refusal or default, as hereinabove referred to, each of the Re- funding Bonds of the Particular series of whic# this bond is one shall, at the option of the respective holders thereof constituting filing said original- de- .clarations, revert to and thereafter bear interest at ihe rate of six per cent per annum, but such reversion shall be effective only from the date" to which interest had been paid on said Refunding Bonds prior to the date of the f iling of A -4.- -A. J __ A. - tue deciarations or intention to exerise such option, and said City agrees that if !!the right to such higher interest rate accrues, as herein provided, the higher 'rate of interest will be evidenced in the manner then required by law. This bond is one of an issue of Refunding Bonds of like date and maturity, limited in aggregate amount to $687,947.88, subdivided into two (2) series as follows: $419,615.03 Series A Bonds and $268,332.85 Series B Bonds. The City of Okeechobee hereby reserves the right to call and redeem all or any part of the Refunding Bonds of the issue of which this bond is one on any interest payment date at par plus accrued interest at the rate then prevailing as enforceable and collectible, and agrees that It will apply surplus montys in the Interest and Sinking Fund established for said Refunding Bond issue, over and above requirements for interest payments, to the redemption of Refunding Bonds of said issue at par and accrued interest by lot when such surplus is not used for th purchase of bonds of said issue at or below the callable price of par and accrued Anterest and not reserved to so acquire such bonds under than published notice in the manner more particularly prescribed by the resolution authorizing the issuance of said Refunding Bonds. In the event this bond is so called for 0 Z thereof will -be given by f iling such notice at the place of payment named herein and Publishing such notice once in a newspaper having a general circu- lation in the City of Okeechobee, Florida, and once in a financial journal published in the City of New York, New York, as provided by the resolution of the City Council of siaid City of Okeechobee authorizing the issuance of the Refunding Bonds of the issue of which this bond is one. If this bond shall not be presented for payment on the date so fixed for redemption, it shall cease to bear interest from and after said date, provided that adequate funds for its redemption shall have been deposited and set aside at the designated paying agency by said City for such purpose. The Sinking fund provided for said Refunding Bonds may also be used in the purchase thereof in accordance with the provisions of the resolution authorizing their issuance. The City of Okeechobee covenants with the holders of this bond that it will levy a direct annual tax upon all property subject to taxation for the payment of the indebtedness refunded by the Refunding Bonds of the series of qhich this bond is one, except only that property which was exempted from municipal taxation by the Constitution and laws of Florida as they existed immediately prior to November 6, 1934 which tax shall be in amounts sufficient to provide for payment of the interest upon the bonds of the- series of which P this bond is one as the same shall become due, and to create a sinking fund 'I for payment of the principal thereof at maturity. The City further covenants that all taxes levied for the payment of the principal and interest of this bond, including taxes upon homesteads. will be collected in cash at the same time and in the same manner as operating and governmental as- valorem taxes 1 to -tr 4 in A 1-i -wr n � 4 A tv 4 + -MA + 1"'ft -4 _U 4-- - -A -3 At - - .0 A.%- - AUVIOU Dy saia ulty and the rights and remedies for the enforcement of the 1 indebtedness refunded hereby shall appertain -to this bond and the taxes se- curing the same independently of any restrictions or limitations thereon en- acted by the State Legislature of Florida or otherwise taking effect since the creation of the indebtedness hereby refunded. IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is one of a series issued under the authority of and in full compliance with the General Act of 1931, same,being Chapter 15772, Laws of Florida, 1931, and pursuant to resolutions and proceedings duly and legally adopted and taken by the City Council of the City of Okeechobee Florida, and said series of bonds, of which this bond is a part, is issued in exchange for and as a con- tinuation, extension, merger and renewal of 55% of the total amount of valid subsisting bonded indebtedness of the City of Okeechobee, incurred prior to November 6, 1934, and outstanding on the dates of the passigge of said reso- lutions, and for the purpose of refunding said indebtedness but, by specific provision of law, remains a charge only against the taxable property within said municipality as it existed with the territorial limits prescribed by V . K x Z C M M 0 0) 0 Unap,6er oa.Lo, ijavic vA -r---- ---- -- - - , things required to happen, exist, and be performed precedent to and In the. issuance of this bond have happened, exist and been performed in due time, form and manner according to law; that the total bonded indebtedness of said City, including this bond, does not exceed, and that the total indebtedness of said City, at the time of the incurring or assumption of the indebtedness refunded thereby, including sailL indebtedness, did not then exceed any Constitutional or statutory limitations thereon; and for the prompt payment of this bond, and the interest thereon, as the same become due, the full faith, credit and taxing power of said City are hereby irrevocably pledged to the same extent and with like force and effect as the same were pledged for payment of the indebtedness refunded hereby. IN WITNESS WHEREOF, the City of Okeechobee, in Okeechobee County, Florida, , has issued this bond and has caused the same to be signed by its Mayor and Its corporate seal to be affixed attested by the City Clerk and countersigned by the President of the City Council, and had caused the interest coupons hereto attached to be executed with the facsimile signatures of the Mayor, the City Clerk and ,President of the City Council, all as of the first day of January, A. D. 1942. CITY OF OKEECIROB11, FLORIDA BY MAYOR (SEAL) ATTEST: CITY CLERK COUNTERSIGNED: President,- City Council That the text of said Ref undi ng Bonds, Series B, shall be in substan- I r q i,tially the following terms: UNITED STATES Or AMERICA STATE or FLORIDA COUNTY OF OKEECHOBEE CITY OF OKEECHOBEE NO. REFUNDING BOIND, ISSUE OF 1942 KNOW ALL MEN BY THESE PRESENTS: That the City of Okeechobee, a municipal cor- poration in the County of Okeechobee, State of Florida, hereby acknowledges itself !!to be indebted and, for value received, hereby promises to pay to the bearer the ;�principal sum of DOLLARS on the first day of January, A. D. 1972, with the option of prior redemption as "hereinafter provided, and to pay interest on sa id sum semi-annually, on the first days of January and July in each year, from the date hereof at the rate of one per cent (1%) per annum f rom the date of the bonds to January 1, 1949; at the rate of ,,One and one-half per cent (10) per annum for the next succeeding three years; aV the rate of two per cent (2%) per annum for the next succeeding five years* at the ::rate of three per cent (3%) per annum for the next succeeding five years; at the rate of four per cent (4%) per annum for the next succeeding five years and at the rate of five per cent (5%) per annum thereafter. Both principal and interest hereof are payable in lawful money of the United States of America at Irvin Trust Company, New York, New York, upon presentation of this bond and the interest coupons hereto attached as they severally mature. In the event of a� failure or refusal of the governing body of said City to perform any of the obligations assumed thereunder to the holders of the Refunding Bonds of the issue of which this bond is one, as expressed in the bonds or in the resolution authorizing their issuance, or upon a default in the payment of interest on said Refunding Bonds, or in the event the govern- ing body of said City fails or refuses to raise and apply to the Interest and Sinking Fund account of said Refunding Bond issue the sum of $15,000.00 in each of the years 1942 to 1948, both years inclusive; the sum of $20,000.00 in each of the years 1949 to 1951, both years inclusive, and, after the -,year 1951 to budget such amounts as may be necessary for the principal and interest retirement of the bonded indebtedness, based upon not more than fifty per cent (50%) collectibility, including and deducting therefrom, for any such years, any revenues other than from ad valorem taxes which may be available, and which are so actually appliedt then the said governing body shall be accorded a Period of six (6) months after its happening in which to correct the said failure, refusal or default (including any subsequent default) and upon any inability, failure or refusal of said governing body to do so within that period, and upon the declarations in writing filed with the said City, through its City Clerk, by the holders of at least forty per cent (40%) in principa amount of the Refunding Bonds of said issue outatanding upon the happening of such failure, refusal, or default, as hereinabove referred to, each of the Re- funding bonds of the particular issue of which this bond is one sha119 at the !I option of the respective holders thereof constituting bondholders f iling said original declarations, revert to and thereafter bear interest at the rate of six per cent (6%) per annum, but such reversion shall be effective only from MC the date to which interest had been paid on said Refunding Bonds prior to the 0 o date of the filing of the declarations of intention to exerise such option, and said City agrees that if the right to such higher interest rate accrues, as herein provided, the higher rate of Interest will be evidenced in the manner then required by law. This bond is one of an issue of Refunding Bonds of like date and maturityl I!, limited in aggregate amount to $687,947.88, subdivided into two (2) series as follows: $419,615.03 Series A Bonds and $268,332.85 Series B Bonds. The City of Okeechobee Florida, hereby reserves the right to call and redeem all or any part of the Refunding Bonds of the issue of which this bond is one on any interest payment date at par plus accrued interest at the rate .then prevailing as enforceable and collectible, and agrees that it will apply surplus moneys in the Interest and Sinking Fund established for said Refunding 1,�BGnd Issue, over and above requiremenu ror interes-t payments, zo -trie recLempT,2.on or IlRefunding Bonds of said issue at par and accrued interest by lot when such surplus As not used for the purchase of bonds of said issue at or below the callable price nder then ,Of par and accrued interest and not reserved to so acquire such bonds u ,published notice in the manner more particularly prescribed by the resolution i:authorizing the issuance of said Refunding Bonds. In the event this bond is so :Icalled for redemption, not less than thirty (30) nor more than sixty (60) days ,notice thereof will be given by filing such notice at the place of payment named 'herein and publishing such notice once in a newspaper having a general circulation in the City of Okeechobee Florida, and once in a f inencial journal published in .!the City of New York, New York, as provided by the resolution of the City Council ;,of said City of Okeechobee authorizing the issuance of the Refunding Bonds of the Assue of which this bond is one. If this bond shall not be presented for payment ,;on the date so fixed for redemption it shall cease to bear interest from and after said date, provided that adequate funds for its redemption shall have been deposit - ,!ed and set aside at the designated paying agency by said City for such purpose. ,The sinking fund provided for said Refunding Bonds may also be used in the pur- ,,Chase thereof in accordance with the provisions of the resolution authorizing d ,'!their issuance. The City of Okeechobee covenants with the holder of this bond that it will Jevy a direct annual tax upon all property subject to taxation for the payment of "Ithe indebtedness refunded by the Refunding Bonds of the series of which this bond JAs one, except only that property which was exempted from municipal taxation by the ,Constitution and laws of Florida as they existed immediately prior to November 6, 11 '2934, which tax shall be in amounts sufficient to provide for payment of the inter- I I -P lest upon the bonds of the series of which this bond is one as the same shall be- :1:i,come due, and to create a sinking fund for payment of the principal thereof at ;,�,maturity. The right is hereby reserved to levy such taxes as might lawfully be 1 imposed forlhe payment of this bond upon any and all property heretofore em- braced within the territorial limits of the City at the time of the incurrung of il .the bonded indebtedness hereby refunded which is not now included within the ex- ,iisting territorial limits of the City. The City further covenants that, 6,11 .,taxes 1evied for the payment for the principal and interest of this bond, including taxes upon homesteads, will be collected in cash at the same time and in the .,same manner as operating and governmental ad valorem taxes are levied by said 'City, and the rights and remedies for the enforcement of the Indebtedness re- funded hereby shall. appertain to this bond and the taxes securing the same inde- pendently of any restrictions or limitations thereon enacted by the State Legis- lature of Florida or otherwise taking effect since the creation of the indebted- ness hereby refunded. IT IS HEREBY CERTIFIED AND RECITED that this negotiable bond is one of a i! series issued under the authority of and in full compliance with the General i! Refunding Act of 1931., same being Chapter 15772 Laws of Florida, 1931, and ii pursuant to resolutions and proceedings duly and legally adopted and taken by the City Coun*11 of the City of Okeechobee, Florida, and said series of bonds, 6f whieh"�.this bond is a part, is issued in exchange for and as a continuation, extension. merger and renewal of 55% of the total amount of valid subsisting bondid indebtedness of the said City created prior to November 6, 1934, and outstanding on the dates of the passage of said resolutions and for the purpose of refund- ing said outstanding indebtedness; that all acts, conditions and things required J to happen, exist and be performed precedent to and in the issuance of this bond have happened, exist and been performed in due time form and manner according to law; that the total bonded indebtedness of said City, including this bond, does not exceed, and that the total indebtedness of said City at the time of the incurring or assunption of the indebtedness refunded hereby, including said indebtedness, did not then exceed any Constitutional or statutory limitations thereon; and for the prompt paument of this bond, and the interest thereon as the' same bec6me due, the full faith, credit and taxing power of said City are hereby irrevocably pledged to the same extent and with like force and effect as the same were pledged for payment of the indebtedness refunded hereby. IN WITNESS WIKERZOr, the City of Okeechobee in Okeechobee County, Florida, has issued this bond and has caused the same to be signed by its Mayor and its corporate seal to be affixed, attested by the City Clerk, and countersigne*d by P the President of the City Council, and has caused the interest coupons hereto aL,6,Gacnea to De executed with the facsimile signatures of the Mayor City Clerk 4 11 and President of the City Council, all as of the first day of January, A. D. , 1942. (SEAL) ATTEST: CITY CLERK CITY OF OKEECMOBEX, FLORIDA BY MAYOR COUNTERSIGNED: President, City Council (0) That the interest coupons attached to said Refunding Bonds of each of the series hereinbefore mentioned, and the validation certificate to be en- dorsed thereon, shall be in substantially the following form; FORM OF COUPON FOR SIMI-ANNUAL INTEREST PAYMENTS) NO. On the first day of 19 the CITY OF OKEECHOBEL, FLORIDA, Will pay to the bearer at IRVING TRUST COMPANY, NEW YORK CITY, NEW YORK, the sum of DOLLARS, being the then enforceable and collectible interest On its SERIES A OR b REFUNDING BOND, ISSUE OF 1942, dated 0 9 Z C 0 o ii IIJanuary 1, 1942, No. unless said bond shall have been theretofore ,�,�called for redemption. ,ATTIST: CITY OF OKEECHOBEE, FLORIDA BT MATOR City Clerk COUNTERSIGNED: President, City Council (FORM FOR VALIDATION CERTIFICATE) Validated and confirmed by decree of the Circuit Court of the Ninth Judicial Circuit of Florida, in and for Okeechobee County, rendered on the day of 1943. Clerk of the Circuit Court Okeechobee County, Florida SECTION 5. !I (A) That for the prompt payment of the principal and interest on said Re - ,:funding Bonds according to the tenor thereof, which are issued pursuant to this resolution, the full faith, credit and taxing power of said City of Okeechobee, 1lorida, are hereby irrevocably pledged to the same extent and with like force �and effect as the same were and are pledged for payment of the outstanding indebt- �,edness refunded thereby, and the City Council hereby covenants and agrees with ,',the holders of any and all of said Refunding Bonds and interest coupons issued UUlb ne6O.Lu"Gion zna'� the said City will make prompt pay- ment of the same when due. (B) That for the purpose of adequately providing for the payment of the ,interest upon and for the creation of a sinking fund for the retirement of the 1principal for all of said Refunding Bonds hereby authorized to be issued, the '10ity Council, for and on behalf of said City, hereby covenants and agrees with :the bondholders of said Refunding Bonds that: (1) In the annual budget and ad valorem tax levy to be prepared and made in each of the years 1942 to 1948, both years inclusive, there shall be included a levy of a current ad valorem taxation on all property which is subject to taxation for payment of the indebtedness refunded by said Refunding Bonds of the respective series herein provided for, which tax shall be sufficient to produce the aggregate amount of not less than FIFTEEN TMOUSAND ($15,000.00) in each of said years, including and deducting therefrom, at the option of the City Council, any revenues other than from ad valorem taxes which may be available for such purpose and which is actually so applied; same extent that other property may be liable to taxation therefor. (0). The City further covenants that so long as any of the Refunding Bonds �!authorized hereby may be outstanding, it will not avail itself of any legislation 11impairing or modifying the obligations of the City on the indebtedness refunded by �,said Refunding Bonds or the covenants contained In said bonds and in this resolut- Ilion; that said Refunding Bonds shall constitute a continuation, extension, merger ,l,and renewal of indebtedness thereby refunded; that said Refunding Bonds shall have And are hereby declared to have the same security and source of payment as the :�indebtedness thereby refunded; and that all rights and remedies which were avail - Able for the support and enforcement of the indebtedness to be refunde& hereunder 'shall be available for the support and enforcement of the Refunding Bonds hereby authorized to be issued. D) That all covenants, representatives, agreements and undertakings herein Aet out, as well as those appearing on the fact of said Refunding Bonds shall con- stitute a contract with the holders of the Refunding Bonds, which contract shall ,be enforceable by suit, action or mandamus on behalf of any bondholder in any '�bourt of aompetent jurisdiction whether or not a monetary default shall then have au vaiorem tax levy to be prepaxed and made in each of the years 1949 to 1951, both years in- clusive, there shall be included a levy of a current ad valorem tax on all property which is subject to taxation for payment of the indebtedness refund6d by said Refunding Bonds of the respective series provided for, which tax shall be sufficieht to produce the aggregate amount of not less than Twenty Thousand Dollars ($20,000.00) in each of said years, including and deducting therefrom, at the option of the City Council, any revenue other than from ad valorem taxes which may be available for such purpose and which is actually so applied; (3) Beginning with the annual budget and ad valorem tax levy to be made in the year 1952, and continuing each year there- after.until all of said Refunding Bonds and interest thereon have been retired, and interest and sinking fund current ad valorem tax levy shall be in such amount as may be necessary for the principal and interest retirement of bonded indebtedness, based on not more than fifty (50%) per cent Collectibility, including and deducting therefrom, at the option of the City Council, any revenue other than from ad valorem taxes which may be available for such purpose and which Is actually so applied; (0) Said annual taxes shall be levied and computed in the proper pro- portionate amounts against the extended and finally equalized valuation of all property within the area subject to taxation for payment of the particular in- debtedness refunded by Series A and B Refunding Bonds, respectively (excepting 11 only that property which was exempted from municipal taxation by the Constitu- tion and laws.of Florida as they existed immediately prior to November 6, 1934, and such taxes shall be levied accordingly each year and from year to year until all of the indebtedness evidenced by said Refunding Bonds have been liquidated, provided, that in no event will levies be made below the prescribed amount. The taxes so levied shall be in addition to all other taxes levied by or on behalf of the City of Okeechobee, and the proceeds thereof and of all tax certi- ficates and tax deeds issued therefor are hereby appropriated and shall be used exclusively for the purpose of which the same are levied, and, and so long as any of said Refunding Bonds and interest thereon remain outstanding or unpaid, the respective annual tax levied shall be increased when necessary to provide sufficient funds for the actual interest and sinking fund requirements of said Refunding Bonds for the year next aucceeding that in which the budget is being made and prepared. Section 8. That all tax levies'required to be made hereunder for the a K Z C M 0 0 0 payment. of the interest upon and for the purchase, redemption or payment of the principal of the said Refunding Bonds hereby authorized to be issued, shall consti- ji tute special levies for the particular purpose for which they are imposed, such tax levies, which constituting special levies, as other taxes. which may be levied !1by the City and upon collection will be immediately segregated and credited to the (,proper funds as hereinbefore provided. The City covenants that it will promptly ,iset aside out of the proceeds of its tax collections, including the moneys de- Irived from the skle or transfer of tax certificates and tax deeds, the proper pro- portionate amount thereof applicable to the purchase, redemption or payment of the i;principal and interest on the said Refunding Bonds, and all moneys so ofedited to "such special funds will be forthwith deposited with a City Depository and held by it in trust for the purchase I redemption or payment'of the principal and interest ,Ion the said Refunding Bonds, in the manner prescribed by this resolution. A Section 7. (A) The'City hereby covenants that, notwithstanding the provisions of any :�,laws inconsistant with the terms of this resolution, It will not accept anything ,but lawful money of the United States of America in payment or satisfaction of ,�'the taxes- required to be levied or pledged hereunder for the payment of the inter- test upon and principal of the Refunding Bonds authorized hereby. W The City further covenants that, notwithstanding Section 7, Article X, ! �of the Constitution of the State of Florida, added thereby by amendmett ratified Nevember 6, 1934, and any legislation enacted pursuant thereto, it will levy taxes ,�;;for the payment of the Refunding Bonds authorized hereby upon all homesteads em- libraced within the territorial limits of said municipality so constituted at the "time of the creation of the Indebtedness refunded by said Refunding Bonds, to the occured in the paymentO of the interest upon or principal of said Refunding Bonds. Section 8. (A) That all said Refunding Bonds shall be callable upon any interest payment date prior to maturity at par plus accrued interest at the rate then prevailing as enforceable and collectible. (B) That the option to call any or all of said ReftLnding Bonds prior to maturity shall be exerised in the following manner: The Refunding Bonds of each or any of the respective series which are to be redeemed shall be drawn by lot by the governing body of said City from all the bonds then outstanding of the series to be affected by such call, and notice of such redemption, specifying the bonds to be redeemed, shall be filed at least thirty (30) days prior to such redemption date, and said notice of intention to redeem such bonds 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 having a general circulation in the City of Okee- E chobee, Florida, and the other shall be a finicial journal published in the City of New York, New York; and said bonds when so called for redemption shall cease to be interest on such redemption date, provided that adequate funds for their redemption and payment shall have deposited and set aside at the designated paying agency by said City for such purpose. Section 9. (A) If at any time there is $5,000.00 or more in the Refund- ing Bond Interest and Sinking Fund account over and above the amount of the next annual interest requirement, the said fund shall be used by the City, after giving reasonable public notice Of its intention, for the purpose of 9 %dviltpt�Wyleitocu lluxt�11L, wiiivu purCllabe shall be made' in the following manner: The City shall designate a date at which time it will receive sealed tenders of bonds of the refunding issue 1� herein authorized, and act upon such tenders in open session. The entire available surplus for the retirement of bonds shall be used to purchase bonds x Z C offered by such tenders at the lowest prices; provided, however, that if the qO M 0 said City be dissatisfied with any or all tenders thus received, it shall have the option to reject any or all of same, and within thirty—one (31) days after ��l such rejection, it shall readvertise for additional sealed tenders in the same 1i manner as hereinbefore provided, and shall purchase the bonds offered at the lowest prices upon such readvertisement, from surplus funds available in the Refunding Bond Interest and Sinking rund account. If, however, the prices of bonds tendered are not in line with the currently quoted market, the said City Council shall havethe right to reject any or all of such tenders, provided, further, that following eac4- respective tender date said City y privately ma purchase additional bonds with subsequent surplus accul"ulations or any other funds as long as private purchases may be made upon such basis as will show an equal or higher income yield calculated on bonds purchased responsive to tenders received at the last preceding date. In the event that no offerings can be ob- tained at or below the callable price, the said City may proceed to call bonds by lot. �� (B) That all of said Refunding Bonds purchased or redeemed by the City shall be cancelled immediately upon their surrender to the City. Section 10. That it is hereby declared and intended that the said Refunding :1 Bonds hereby authorized are to be issued as of January 1 1942, for the purpose of ,refinancing as of that date, 55% of the amount of outstanding indebtedness of said ,�City of Okeechobee, Florida, then existing as hereinbefore described. Section 11. That T. W. Conely, Jr., Attorney at Law, be and he is hereby ,;authorized and directed to institute appropriate proceedings in the Circuit Court I of the Ninth Judicial Circuit of Florida, in and for Okeechobee County, Florida, 'for the validation of said Refunding Bond Issue, and to verify on behalf of the City of Okeechobee any pleadings in such proceedings. Section 12. That upon completion of the validation of the bonds as provided :iin the next preceding section hereof and upon passage by this Council of a supp- 'lementa-1 resolution or resolutions designating the numbers and denominations of �Ithe said Refunding Bonds of the respective series herein provided for, said Re- Junding Bonds the specifications of which shall have been so prescribed shall be forthwith printed, executed and, with the interest coupons thereto attached, shall 1,ibe deposited in escrow with the Florida Bank and Trust �Company of the City of West Palm Beach, Florida, subject to instructions being then or subsequently fur- ,nished for the delivery thereof to the holders of indebetedness proposed to be re - A - A '�A 4 -1, +'W, R PWIL ^ -P + 1-% 4- + , 1 _--4- -0 9 to be refunded, all as may be hereafter specifically provided.for by supplemental '!resolutions of this Council. Section 13. That if any clause, section, paragrapli or provision of this liresolution or of the Refunding Bonds hereby authorized be declared unenforceable Nby any Court of final' jurisdiction, it shall not affect nor invalidate any remain- 11der thereof, and if any of the Refunding Bonds hereby authorized be adjudged �Iillegal 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 ,ithereby and as such enforce their claim for payment. Section 14. That all Resolutions and parts of resolutions in conflict here-�-.-- ;with are hereby rescinded. Section 15. That this Resolution shall be in full force and effect immedi- ,i:ately upon its passage. J/� I Ir PASSED and APPROVED in Regular Session of the City Council of the City of Okeechobee, Florida, this 3rd day of May, A. D., 1942. (SEAL) ATTEST: City Clerk President of the City Council APPROVED by me this 3rd day of May, A. D. 1942. MAYOR APPROVED AS TO FORM AND CORRECTNESS** City Attorney Upon motion the Council adjourned. Presiaedt,- CityAmuncil ATTEST: City Clerk June 7, 1943 Tbe Pity Council oP,,he City of Okeechobeq, Florida,,.met in rezUar session at 8:00 P,,,,M. on the above date. Present were:'' Mayor H. M. Rau�erson, Cduncil- men J. M. Rde,,, S. R. Raifenider �nd 0. L. Raulersou, Alma Gros@ City Clerk, C. 0 :McCain, Water Superintendent, R. C. Evans, Chief of Police and N. 0.