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1943-05-03 Regular
3, 1943 The City Co~u~cil met in r~g~ul~zr session ,~t the City Hall mt 8:00 P. M. on the above date. Prcsent were: Mayor H. H. R~ulerson, President W. R. P.~ge, Oo~mcilmen J. M. Roe, S. R. Raifsnider, O. L. ~ulerson, I. N. ~ic~ullon, Alma Gross, City Clerk, T. W. Conoly, Jr. Oity Attorney, N. O. Stew~t, Fire Chief m~d R. C. Eves, Chief Polico. ~inutos of tho meeting of April 5 were read ~d t~pprovod ~s re~d. The ~ollowing bills wore approved ~d ordered paid ~hon f~ds available: E C Ha~ringtoa - P~inting w~te~ bills .......... ~ ~.~ Flm Power & L~ght Co- Powe~ a Lights ~erson Dep~ Store - Supplies Zor C. H. Uniform Ch. Police - ~5.O2 The Okeoc~oboe ~ews - Printing & publishing 3~ H~ph=ies - Repair tiro & tube 1.OO Letters were :e~ Oy the City Olork relative to fire hose ~d price q~tmtions ~otion was m~e by Oo~cilm~ R~ifsnider, seconded by Oo~mcilm~ Roe ~d to p~ch~se 300 Zoot of 2~" hose, mt ~.Y5 per foot. Upon motion by Oo~mcilm~ ~ifenide=, seconded by Co~ci~ ~ulezson c~ried, the ~al~y o~ the Fire ChieZ w~s raised $10.O0 per month. Oo~cilm~n R~ presented the following RoSolutio~ ~d moved its ~doption, ~on bei~ d~y socond~ w~s put to ~ vote ~d ~opt~d: 5-~S 0 L O T I 0 N RESOLUTION PROVIDINQ FOR TH~ ISSU~0E.0F' 0ITY 0F OKEECHOBE~ FLORIDA, ~FUNDINQ BONDS~ ISSUE 0F 19~R, S~IE8 A AND B, DA~ED JAI~'U~Y 1, 19~, BY AuT~0RITY 0F TH~ QENE~L REFUNDINQ AC~ OF 19~1, BZINQ QH~T~ 1~, LAWS OF FLORIDA 19~1, FOR TH~ PU~0SE OF R~FUNDI~Q FIFTY FIV~ P~ O~NT 0F T~ TOTAA QUTST~DIN~ BONDED ~D JUDQ~NT INDEBTEDNESS 0F SAID OITY FOB TH~ PAY~T OF ~IQH TH~ OITY IS OBLIQATED T0 LE~ SUFFI- 0I~X ~ VALO~ Ta~S TO PROVID~ THE~FOR: AND PR~SCRIBINQ R~UX~DINQ B~NDS: AND D~QLAKIi~ THIS R~DOLUTION TO B~ AN m Asu . referred to ~s s~d "City" ), in Okoocnobeo Get. fy, Florida, ~s the governing ~uthority of s~id City, is aUtHorized Oy tho General Ref~lding Act of 1931, s~o being OhaPteX 15YYZ, Laws of Florida, Acts of 1931, to issue Reft%ding Bonds for the p~oso of roZ~ding any mhd ~ll outst~ding bonds, coupons interest on ~%y such Oonds or coupons, o= m%y other f~ded debt of the Oity, whether the inde~e~oss to bo rof~ded has matted or is to become due hereinafter; ~d ~EREAS, s~d City now h~s outstanding a v~lid f~mded indebtedness hereinafter more pmrtic~arly described, the major portion of which is in default (a l~rge ~o~%t of such i~dobtedness being represented by j~onts recovered against the City in suits brecht in the United states District Co~t for the 8outhe=n District of Florida, ~d ~he fin~ci~ condition of tho City ~d its inability to meet its existing obligations m~e it nocess~ry ~%d to the best interest of the City its tmxp~yors that ,~'~ outst~ding indebtedness be readjusted m%d refunded; .V~{EREAS, the holders of approximately 85~ of the a~nount of the obligations evidencing the said outstm~din~ indebtedness are willing to refund their claims on'a basis of 55~ of such outst~ding indebtedness ~d a~e~ to a reduction in interest thereon, p~ovidod tho Refunding Bonds issued in the exchange therofo~ h~vo the e~o sec~ity ~d ~e entitled to the s~e remedies ~d ri~ts of en- forcement as existed at the time of the incurring o~ ~ss~ption cZ such indebted- ness, ~d now apportion thereto; ~d ~Hg~, in o~dor to permit o~ m readjustment ~sd rof~di~g that will be accoptaOl$ to its creditors the Oity dooms it mdvisable ~ nocess~y ~ now proposes to authorize t~o iss~co of Refunding Bonds ~de= such te~ms ~d con- ditions ~ will reserve to tho holders thereof the rl~s,~ sec~ity and remedies now available to t~e holders of tho Oity's presently outst~ding indebto~ess; ~E~AS, ~gent need for the fin~cial relief to be ~fo~ded by t~ fin~cing progr~ herein provided fo~ cro~tes ~ emergency making it necess~y fo~ the immediate preservation of public pemCe~ property, health ~ s~foty of the City of Okoocho~ee ~%d its citizens that provision b~ m~e ~thout delay fo~ the completion of said progr~; and ~E~8, such ~ef~ding will bo a great s~ving to the t~xp~yers ~d citizens of said ~ty, now, therefore, BE ~ RESOLVED BY THE CITY oouNoIL OF THE CITY OF OK~OHOBEE, FLORIDA, IN SESSION ~LY ASS~BLED: 8oc~ion 1. That this ~o~oil h~s'~so~rt~ino~ ~d does h~by (A) There have been heretofore d~y authorized ~d issued, ~de= ~d p~- s~t to the Oonstitut~n ~ statutes of the State of Florida in such case m~e provided, negotiable co.on bonds ~d tim~ w~~s of said Oity, the outst~di~g ~nd ~p~id portions of ~ich said bond ~d time watt.ts issues, ~d interest aoo=~ls the=eo~, ~d the ~%p~id b~ces (principal ~d accrued interest) of j~entS fo~%ded on securities of some of s~id issues, ~e described in the schedules horeinbelow set forth, to-wit: (a)'CITY OF OKEEOHOB~=~% WATERWO~8 BONDS, Dated April. 1, 1~0 ... N~b~rs Mat~ity (InclusiVe) D~nomination (ADril ~ to s $~,ooo.oo ~9~o $~, ~o.oo ~ .~ ~,ooo. co ~9~ ~ ~o. co · 7 " ' ~, ooo. ~ ~9~a ' ~5 " ~ ~,~o.m ~9~> 6',~°'°° ~3 " 4,0o0. ~ 1~ ~ 220. O0 ~ . ~ 4,ooo.oo ~9~5 ,a~.OOaao.oo ~ "~ ~,ooo. oo ~ ~', a~o.oo ,.ooo.oo . ooo.oo oo. oo 73 " ~, 000. ~ 1949 560. OO Tot~ Ou~st~ding Bonds of said Issue .................... Accrued ~ntorest to J~=y l, 19~2, ~d Unpaid Interest Go.ohs Due on mhd Prior to that D~te .................. ~20,820. OO OITY OF OKzmOHOBEE ~ STREET PAVIi~G BONDS, DATgD ~RI~ l, ( Inc iusi We ) Donomi nat i on ~t ~ity 4 The City Co~cil met in reg~ular session at the City Hall at 8:00 P. ~. on the above date. Present were: Mayor H. H. Raulerson, President W. R. P~ge, Councilmen ~'~ J. M. Roe, $. R. Raifs~der, O. L. Raulerson, I. N. ~c~ulien, Alma Gross, City Clerk, T. W. Conely, Jr. City Attorney, N. O. Stew~rt, Fire Chief and R. O. Evans, Ohief of Police. Minutes of th~ meeting of April 5 were read aud approved as read. The following bills wore approved and ordered paid when f~u~ds .~.re available: E. C. Harrin~on - Printing w~ter bills ~ 18~.50 Fla Power & 4Aght Co- Power & Lights Raulerson Dep$ Store - Supplies for C. H. Uniform Ch. Police - 45.02 Gilbert OulbrSth -Gas & Oil O. K. The Okeochoboe News - Printing & publishing 3~..O0 Humphries - Repair tire & tube 1.CO Letters were read by the City Olork relative to fire hose and price quotations Lotion was m~e 'by Councilman Raifsnider, seconded by Councilman Roe mud 'carri, to purchase 300 feet of 2~" hose, at ~.75 per foot. Upon motion by Councilman Raif~nider, seconded by Councilman Raulerson a~ carried, the salary of the Fire Chief was raised ~lO.OO per month. Oouncilman Roe presented the following ReSolution and moved its ~adoption, and upon being duly socondo~ was put to a vote and adopted: ~ RESgLUTION PROVIDING FOR TH$ ISSUANCE.OF- OITY OF OKEEOHOBEE, FLORIDA, REFUNDING BONDS~ ISSUE OF 1942, SERIES A AND B, DATgD JANUARY 1, 1942, BY AUTHORITY OF THE GENERAL REFUNDING A0T OF 1931, BEING CHAPTER 15772, LAWS OF FLORIDA 1931, FOR THE PURPOSE OF REFUNDING FIFTY FIVE PER CENT OF THE TOTAL OUTSTANDING BONDED AND JUDGMENT INDEBTEDNESS OF SAID CITY FOR THE PAYMENT OF WHICH THE OITY IS OBLIGATED TO LEVY SUFFI- 0I~ AD VALOB~ TAXES TO PROVIDE THE~FOR: AND PRESCRIBING THE MANNER OF ISSUANCE A~D PROVISIONS FOR PAYN~NT OF SAID REFt'DING B~NDB: AND DEOLARING THIS R£DOLUTION T~ BE AN E~E~GENGY ~F.,ASURE. ~HEREAS, the ~ity Council of the City of ~koeohobee (hereinafter sometimes ~-~ refer=ed to as said "Oity"), in Okeocnobeo Go,sty, Florida, as the governing O authority of s~id ~ity, is ~utnorized oy tho Gene=al Refu~ding Act of 1931 same being Ohapter 157?2, Laws of Florida, Acts of 1~31, to issue Refu~ding Bonds fo= the pumposo o£ refunding any and all outstanding bonds, coupons or interest on ~y such 0ends or ~coupons, or ~y other i'unded debt of the City, whether the indebtedness to be refunded has matured or is t° become due hereinafter; and WHEREAS, said City now has outstanding a valid iimded indebtedness hereinafter more particularly described, the 'major portion of which is in default (a l~.rge amount of such indebtedness being represented by judgments recovered ~gainst the City in suits brought in the United states District Coumt for the Southern District of Florida, mud th~~ financial condition o£ the City ~d its inability to moot its existing obligatio~ m~e it necessary ~d to the best interest of the City and its taxp~yors that Said outstanding indebtedness be re.~djusted ~d refunded; and CITY OF ~KEmQ~{OBEE, 6~ ~UNIC. IPAL B~NDS, dar ed August 1, 1~24 (. ~nc~us i~e ) Denom i~t i on ~ ~om~t ~6 ,, ~ ~5,ooo. oo ~9~5 a~,~75, oo , ,ooo. oo oo " . ~5, ooo. oo ~9~y 25, ~25. ~ 6~ ,, 75 ~5,ooo.oo ~9~ 76 " 90 ~5,000. O0 ~9~9 25, ~25. CO 9~ " 1o5 ~,ooo.oo ~95o 25, 2?5.oo 106 " 115 1 OOO.00 ny ,, !~o ~',ooo. oo ~95~ ~5,~.~ ~2~" !35 ~5,ooo. oo ~5~ 2Y,~75.oo 136" ~50 15,000. OO 1953 27,555. ~ Tot~ Outst~ding Bonds of s~id Iss~ ......................... $149,000.~ Accrued ~nterest to J~ry l, 1942, ~d Unpaid Imterost Go, ohs ....................................... 106,105.OG~ OITY OF OKE£OHOBEE, 6~ WATER WORKS ~ EXTENSION BONDS, dated Mazch 1L 1925' ~bers ~ ~at~ity (InQlusi~e) qenominat ion (~rch 1~ ~o~t i .to ll ,ll, O00. O0 19~ ~19,8~. ~ 12 " 22 11,000. CO 19~ 19,560. CO 2~" ~ 1~,000. O0 19~7 1~,77o.~ " ~, ~o. co ~94~ ~9,8oo ~ " ll, 000. O0 1950 18,180 ~ " ~y 1~, ooo. co ~51 ~8, ~o~ co " 88 11, O00. CO 1952 1?, ~ ~ 89 " 99 il,COO.CO 1953 19,8OO.OO lOC " XlO ll,O00.OO 195~ 19. 800.00 Total Outstm%ding Principal of s~id Issue ...................... ~llO,OOO.O0 Accrued ~nterest to J~ry l, 1942, ~d Unpaid Iatorost Oo~ons .............. i ........................ 82,330.00 JUDGMENTS FOUNDED ON PRINCIPAL AND INTEREST INDEBTEDNESS OF THE ISSUES IDENTIFIED ,IN THE FOREGOING SOHEDULES OF PARAGRAPH (A) HEREOF~ Total Un- Unpaid Be.l- paid Bal- Pro-Rata ance Princi~ . Unpaid in- aace(P=in. Court. a~ cause Amount of p~l of Jud~.~:'~:~ torest Due & Int.) of ~d d~te~ of eh- J~nt;:~ ment now out- on Jud~nt J~gm~ as try of J~mon~ ~d cOsts st~ding J~ 1 1~2 ~f ~-1-~2 _ Portion Sf J~g- ment entered Ap=il l, 1~38 i~ the case cZ ~.T. v. Oity $~ Okee- ohobOe, Dft., being case ~60 ~t. P. Civ. in the U,$. Dist. Ocli, S$ut hewn Dist or,Florida. ..'.~ ~ ~~XQ,X~'Q2 $39,500.92 ,~, · " ~,5s~.?~ $4~,os7.6~ liumbers ~iat uzity · ( I ncl usive i Denominat i o_n ( A~ri~ 1} ~o~ i to 16 ,8, OOO.~ 19~O $12,4~O.OO , o, OOO. ~ l~l 12, ~40. ~ ~ ~ 0OO.~ 19'2 12,~O. ~ ~. " ~ ~' ooo. ~ i~ i~, ~o. ~ ,' :ooo.oo . .. " 96 ~,ooo.~ i9~5 i2,~o, oo 9Y " ils s ooo. oo i9~ ~,~o.~ i~5 " i~ ~, ooo i9~9 i3. ~i5. ~ Tot~ Outst~ding ~onds of s~d Iss~ .............................. $~,OOO.~ Acoru~d Interest tO dmlu~ry i, i9~, mt Unpgit ~ Inter~st co.oas ~e on and Prior to that D~te ..................... 46,~55.~ OIT~ OZ O~E~O~OSZ~, 6~ S~W~mG~ BO~DS DAT~ APRIL i, i92o Numbers Maturity. (Inclusive) Denominmt ion ( April 1 i $500. co i9~o SYYY. 5o a 500. co ig~i · Y77.5o ~ 5oo.oo ~9ff2 777.5o 5oo. oo ~9~3 777.5o ~ 5oo. ~ zg~ 777.5o 5oo. oo ~9~5 777.5o ~ 5oo.;oo ~9~6 777.5o 5oo. oo ~gff~ 777.5o 9 500. oo i9~ 777.5o io 5oo. oo 19~9 777. Tot~ wutstmlding ~onds of s~id Iss~ .......................... ~5,000.00 Accrued Intozost tO dmlua~y l, 1942, mid Unpaid 0oupona Due on mid Prior to t~at Dute ........................... 2,~5.00 OIT$ OF OKEEOHOBEE, ~/~ STREET PAVING TI~ WABIiANT$, OATgD APRIL 1, 1921 N~bers ~It ~i ty .(Inclusive) - Denomin~t ion [~oril 1)_ ~o~t 61 to 70 $5,000.00 1929 $8,$75.o0 ~i " so 5,ooo.~ i93o s,o75.oo " ~6 ~, ooo. oo ig}i Accrued Interest to J~muary 1, 1942, ~d Unpaid Interest Oo~ons ...... lO, 275. O0 CITY OF OKEEG~gBEE, 7~ WATER (Inclusive) Donomin~tio~ (April. ~ ~o~ , ,ooo.oo 55 '" 3,o00.00 193E 2.077.50 Tot~ Out st ~lding Fzinoipal of s~id Issue ....................... ~6, OOO. OO Accrued Interest to J~l~ry l, 19~2, Unpaid Interest Oo~ons ........................................... 6,O~O.OO time of tncumring the indebtedness hereinbefore referred to, and to apply the p~ooecds o~ such t'axes to the p~yment of t~e presently out at anding evidence of indebtedness $~ rof~di~ bOnda iss~d in lieu the=eof. (O) All of said Refunding Bonds shall be dated Janu~y l, 19~2, a~, subject to the right of ~rior redemption, as hereinm~te~ p~ovided, sh~l m~t~e on J~~ l, 19~2, ~d sai~ bonds shall be n~b~red smd be of the denominations ms shall be here- after prescribed by supplemental resolution of this Co,oil. (D) Said Reftmding Bonds of the series refezred to shall be~ interest fzom thereof ~t~l paid or ~mtil called fo~ ~edomption, ~ich interest sh~l be p~yable somi-~n~ly on tho first d~ys of J~nu~y and J~y in o~h ye~, ~d said interest sh~ll be enforceable ~md collect~ble ~t the rate of one per cent (1%3)per ann~ date of tho bends to J~y 1, 19~9% ~t the ~ato of 1~ per [~[~ fo~ tho next succeeding three years; at the r~to of two per cent (2~.)~ per ~n~ for the next succeeding i'~ve years; ~ at the r~te of i'o~ per cent (~h)po~ ~n~ for .the n~xt succeeding five yo~s ~nd mt tho rate of ~ive per cent (5~) per m~n~ thereafter, ~d m~id int~st at said rates ~l ~e oviaonced ~y coupons attached to each bond; PROVIDED, ho~vz=,~ that in t~o event of ~ f~il~e or rof~al of the governing body said 0ity to perform ~y of the o~lig~tions ass~ed theretmder to tho holders of said . Refunding Bor~s, ~s expressed in tho Oonds themselves or in this Resolution, or ~on default in t~ payment of interest on said Ref~ding Bonds, or in tho event the governing ~o~of s~id City fails or refuses to raise ~d ~pply to be the Interest ~d Si~ing ~d ~co~t of said Refunding Bond Iss~ the s~ of $15,000.00 in of tho yo~s t942 to 19~, both ye~s incisive; the s~ of ~20,000.00 in each of the yo~s 19~ to 1951, ~oth ye~rs inclusive, ~d, after the year. 1951,~ to budget such ~o~ts ~s may bo nec~ss'm=y fo= the principal ~d interest retirement of bonded indobtodness~ based ~on not more th~ fifty per cent (5~) collootibility, inol~ing and deducting therefrom, for mny of such yo~s, ~ny revenues other than from ~ v~orem taxes which may bo available, ~d which ~e so actually ~plied, then the governing body sh~l be accorded ~ period o~ six (6) months ~ftor its happ~nzng in which coax. oct the amid fail,e, ~efus~ or default (including ~y subsequent defa~t), upon the inu~ility, ~mil~e or reZusal of s~d governing body to do so within that period, ~d ~on tho docl~=mtions in w~iting filed with the said Oity, throu~ its Oity Olork ~d Oollecto=, by t~e holders of mt least forty pe~ oen~ (~) in.prin- cipal ~o~t of the Ref~ding Bonds of s~id issue outst~ding upon the happening of such 'Z~il~e, refusal or deZmul~, ~s heroinm~ove rc~ezred to, s~id HeZ~di~ Bonds sh~l, at the optiom of the respective holders thereof constituting the bon~olders filing said oriental declarations, revert to ~ the=carte= boar the ori~n~ into=est borne by the outst~ding bond or bonds~ the princip~ or accrual interest on ~ich was Of refunded by ~he issuance of~'.said Refunding Bonds, ~d in the case of Ref~u~d~ Bonda issued to ~o~d the respective j~ents fo~mded on ~onded indebtedness of the City, s~id Rof~di~g Bonds sh~l revert to ~nd thero~ter bear the origi~l interest (but ~ot to exceed 6~ per ann~, in m~y event)which was bo~ne by the outst~mding /10 (B) Tho ~bove d~mcribed bonds and judgments, ~l interest accrued and unpaid thereon as of January l, 19~2, in the aggregate total amount of $1,250,814.32 repre- sent indebtedness incur=ed by the ~ity of ~keochobee. The 'boundaries of the City of Okeochooee as they existed at the time of the creation of the indebtedness identified in Schedule designated by the 'letter (a) as se~ in Paragraph (A) of this Section, as hmving boon incurred Oy said City were those prescribed by Chapter ~318, Laws of Flori~ Acts of 191R. The bouadaries of the City. of Okeechobee as it existed while it incur=ed the indebtedness above described in Schedule designated by the letter (b) as set forth in Paragraph (A) of this Section as having been incurred bY said City were those pre- scribed by Chapter . , , Laws of Elorida, Acts of . All of said Indebtedness of the City of Okeechobee, Florida, heretofore mud prior to November 6, 1934, lawfully incurred for various m~uicipal ',purposes, and for the payment thereof ~ll taxable pro- perty within the presemt territorial limits of said City is subject to the levy of a special ad valorem ~ax in amotu~ts sufficient to provide therefor, ~xcept that, all thatproporty within th$ bo~u~daries as the City of O~oochobeo under the provisions of Chapter 8318, Laws of ~lorida, Acts of 1919, is taxable for the bonded indebtedness identified in Schedule designated by the letter (m) as set forth in 2~ar:~graph (A) of this Section. (O) Tho aOovo described indebtedness constitutes "bonds or interest thereon" within the meaning of ~ection 6, Article lJ~, of the ~onstitutiOn cZ the State o~ Florid as amended in 1930, so that Refunding Bonds may be legally issued for the purpose and in the mm~ner hereinafter provided. Section 2. That LT any-mistake or error shall have occurred in the description of any of the outstanding indebtedness proposed to be rof~ded'hereunder,'.as.set forth in SectiOn i of the Re~lution, such misteJce or error sh,all be deemed to be immaterial provided the total amount of Ref~n~ding Bonds issued hereunder does not exceed the amount of out st ?.nding indebtedness surrendered in exchange. Section 3. (A) T'n~t for tho purpose of rof~mding as of jan~ry l, 1942, the obligations evidencing the outstanding and unpaid indebtedness of the City of Okeo- .chobee, Florida, hereinbefore identified, in the aggregate total amount of ONE ~ILLION TWO HUNDRED FIFTY THOUSAND EIGHT HUi~DRED FOOaTEEN AND 32/100 ($1,250,814.3~) Dollars, there sh?~_ll bo and there are hereby authorized aoxi ordered to be issued the negotiable coupon bonds'of said City in the principal m~,~ount of 'Six Htu~dred Eighty Seven Thous~ud Nine Hundred F~rty Seven and 58/100 (~68~,94~.85) Dollars, subdivided into two (2) se=ie.~ as fo!lo~: ~19,615.O3 Sorie~ A and $268~332.~5 Series B; ~ud it is hereby found decl~%d that thc issu~'~uce of said .~mount of Ref~u~ding Bonds is neoess~y to replace 55% of the ~nount of outstanding ~.onded indebtedness of said City, there ~eing no funds ~v,~ilaole for payment of said indebtedness. (B) Bald ~eftu~din$ Bonds of the respective series mentioned shall be issued to refund outstanding inde~edness identified in the schedules designated by the letters (a) and (b), respectiw~ly, as set forth in Section i (A) of this Resolution. The City hereby reserves th~ right to levy such taxes as might lawfully be imposed by it ~om any ~nd ~.,_ll propert~ embraced within the territorial limits of the City at the la the event of a failure or refusal ef the governing body of said Olty te perform any e~ the obligations assumed thereinder to the holders of the Bonds of the ilsue 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 8aid City faill or refuses to raise and a~D~Y to the Interest &~ 5inking Y~and account of said Finding Issue the sum of $15,000.00 in each of the years 1943 to 1948, both years inclusive; the[ sum of $30,000,00 in e&oh of the yearl X949 te 19Sl, both. yeses inclusive, ~ ~ft.er the year 1951, to b~d~et sleh amolnt8 as n~y bo necessary for the 9rineloal and interest retirement of the bonded indebtedness, baaed upon not more than fift~ per sent (50~). eoXleetibility, including exit deducting therefrom, for any of suo]~ years, any revenues other ~ from ad valorem t~xos which m~y be available, andrWhiCh are so astually applied, then the said ~overning body shall be acoordod a period of six (6) month8 after its happening in which to correct the-said f&tlure, refusal or default_ .(including any subsequent defau~t).,~ .&nd upon the Iuabi~ity, failure or refuel of 8&id governing body to do so within that period, aM upon the deolar&tion in writing filed with .the 8&id City, throush the City Clerk.~ bY the holders of at loaot forty per oent (4C~).' in amewnt of the iefwndin~ ~onde of Bald issue outstanding upon the happe~tng of such f&ilurs, refusal_ or default, as herein~boyo referred to, eaoh of the Xe- fund~tng Bonds Of the Parttoular 8eries of WhieV this bond i8 one 8haLl., at tho option of the ~espeotiTe holders thereof constituting filin~ said orl~na~, de- clarations, revert to and. thereafter bear interest at the rate of six per cent (6~) per annum* but Bush .reversion ohall be effective o~ly from the date to Whioh interest had been p~id on said Refunding ~onde prior to the dath of the f~l~ng of the de c larat l o es of intention to exerise 8uoh option, and s&~ City o~rees that if the risht to 8Sob hisher interest rate aooruos, as herein provided, the hisser rate of interest will be evidenced iu the nannsr then requtred by law. ~his bond i8 one of an issue of Xefundir~ ~onde of l~e date and m~turity, limited in o~K~8~te amount to $687,947.88, subdivided into two (~) series ao follows: $419 ,615.03 80rio8 A Bond8 and ~368 ,333. 85 Series IS Sonde. The City Of Okeechobee hereby reserves the right to oall and redeem all or any part of the Refunding ~ond8 of the 188us of which this bond is one on any interest payne~ dam at par plus accrued interest at the rate then prevailing enforce&bls &~ ~ollect2ble, and a~ree8 that it will ap~ly surplus Un*ys in the Interest and S~nking l~nd established for said Refunding ~ond issue, over and requirements for interest payments, to the redemption of Refunding Sonde of id issue at ~ and acorued interest b7 lot when ouch surplus i8 not used for th of be~ of 8aid issue at or below the callable prioe of par and accrued .nterest and ncgt~, reserved to 80 acquire such bonds under than published notioe the manne~ n~re particularly prescribed by the resolution authorizing the of 8aM Refunding Bonds. In the event this bond is 80 sailed for redemption, n~t lees th~n thirty (30). n~r mgre than sixty (60) days thereof will be given by fil. in~ such ~t~oe at the Pla~ of ~nt ~d ho~otn &~ ~ishi~ 8~h not~oo once in a ~we~r havl~ a ~ner~ lateen In ~e O~ty of Okeeoho~e, Flo,ri~, a~ once ~n a fi~~ jo~r~ p~bl~ehed .~n ~e Oity of New York, New York, ~ provided by the reeotation the O~ty Oo~ng~ of s~d Oit~ of Okeeoho~e ~t~rizi~ the iss~e of the Refundi~ ~n~ of the ioe~ of which ~ig ~ Is o~. If ~ie ~ sh~l ~t ~ presen~d for ~nt on ~e ~te so f~xed ~or rede~tion, it ce&se to ~ ~nte~st f~m and ~ter said ~te, pro~ded t~t. adQq~$e f~ for it, ~de~ion sh~l have been de~eit~ and set as.ids at the ~yin~ a~ ~y s&id City for s~oh ~se. ~e Si~i~ fu~ prodded for e&id Refu~At~ ~nds ~y alee be ~d in ~he ~.o~e the~.of In ~e Oity bf Okeeo~e oo~e~nto with the holders of this ~ ~at will leTy a d~eot &nn~'t~ m~n ~ property subject to t~ation for the ~nt of th~ indebted~se refu~ed by ~,e Refu~i~ Bo~ of the Series of qhi~ this ~ is o~, except o~y ~at property which was exerted fr~ ~nioi~ ~ion by the Oo~titution a~ laws of Flori~ as they l~edl&tely P~O= to November 6, 1934 which t~ eh~l ~ in a~un~e sufficient to provide for ~yment of ~e interest u~n the ~ of ~e~,oeriee of whi~ this bo~ ie o~ ag ~e e~e oh~l ~oo~ d~. a.~ to create a si~i~ fu~ for pa~ent of the prl~l~ ~e=eof &t ~tarity. The City further oove~ntm that all t~es, levied for the p~nt of ~e p~l~i~ &~ interest of ~nd, inol~i~ t~ee u~n ho~ete~o, ~11 be collected in o~h at ~e t~ &nd in th~ s~e ~n~r as o~rati~ and ~ver~nt~ ~ valorem 1sTied bF eaid~Oity a~ the ri~te a~ remedies for the e~orcement of the i~ebted~ge r6fu~ed hereby shall ap~rtain ~ this ~ a~ the t~e oari~ the o~ i~e~ently of any reetrictlo~ or limitatio~ ~ereon e~ acted by the S~te Legislature of Florida or othe.~iae taking effect since the creation ef th~ indebted~ee hereby refu~ed. IT I5 ~Y C~RTIFIED ~ ~CITED that this ne~otiable bo~ ts o~' a aeries l~uel under the authority of and in full co~lia~e with the ~neral ~ct ef ~1931, s~ ~i~ ~apter 15~72, ~ws of Flori~, 1931, and pure.hr ~ re~lutio~ a~ proceedin~ duly a~ le~lly adopted a~ t~en by the Oity Coi~il of the City of Okeechobee ,~orl~, a~ aa~d series of tin~tion, exte~ion, ~rger a~ fenwal ef 5~ 9f the tot~ ~ount ef No~e~r 6, 19~, ~ outetand~n~ 9n the dates 9f the ~s~ 9f ~d rea~ lu~i9~, a~ f~ the ~r~ee of refundi~ said indebtedness but, by provision of 1~, re~i~ a c~r~. o~y a~l~t the t~able pro~rty within aa~d ~nici~~ as It existed with the territori~ lizits prescribed by ~ eea~ hereto attache~ ae they severally ~tare. Ohapter 8318 , ~ws of Florida, Special Acts of lglg; that all ac%s, conditions and thin~s requirel to 'happen, exist, and be perfOraed precedent to and In the. issuance of this bond h~ve happened, exist and been performed in due time, form &.nd manner according to l&w; that the total bonded indebtedness of said City, ino.ludin~ this bond, does not'exceed, and that the total indebtedness of said Oity, at the time of the incurrir~ or assumption of the indebtedness refunded thereby, includin~ indebtedness, did not then exceed any Oonstitutiona/ or statutory liaitations thereon; and fbr the prompt payment of this bond, and the interest thereon, the same beooj due, the full faith, credit and taxing power of said Oity are hereby irrevo~bly pledged .to the same extent and with like force and effect as the same were pledged for payment of the indebtedness refunded hereby. IN'WITNEg WHEREOF, the Oity of Okeeohobee, in Okeeohobee County, Florida, has issued thy bond a~l has caused the same to be si~ned by its Mayor and its corporate se~ to be affixed attested by the Oity Clerk and countersiwned by the President of ~he City Oouneil, and had caused the interest coupons hereto attached to be executed with the f&csiai~le si/[natures of the Mayor, the Oity .Olerk and President of ~he City Council, all as of the f~rst day of January, A. D. 1942. OITY OF OKEEOHO~EE, FLORIDA BY_. MAYOR ATTEST: CITT '" :President, Cl~t]r ~~1 .... (B) .~al the te=t of said l~ef-~ll]~ Bonds, ~ertes ~, at~a~.l be in ttally the lo'owing tea-ms: UNITED 8TATE8 OF STAT~ OF FLORIDA COUNTY OF CIT~ OF NO.. I~FUNDING BOND, ISSU~ OF 1942 $ KNOW ALL ~N BY THESE PRESENTS: That the City of Okeeohobee, a munisil~l cor- poration in t~ County cf Okeechobee, State of Florida, hereby acknowledges to be indebte~ and, for value received, hereby promises to I~Y tc the bearer the DOLLARS on the first ~a7 of January, A, D. 1972, w~th the option of prior redemption as hereinafter l~ovided, and tc Pay interest on said s~m 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 ann~um from the date cf the bonds to January 1, 1949; at the rate One and one-h~lf per cent (1~) per annum for the next succeedin~ three years; ate the rate of t~o per cent (2~) per annum for the next suoceedin~ five years; at the rate of three per cent (3~) per annum for the next suoceedin~ five yeaxs~, at the rate of four ~er cent (4~) per annum for the next succeedi, ng five years a.nd ;16 rate cf five l~r cent (5~) per anntm thereafter. Both principal and interest hereof axe Pay&bls in lawful ~Oney of the United States of America at Irvin Trust Company, New York, New York, upon present~tion of this bond and the interest ooupou 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 astu~ed thereunder to the holder's of the. Refunding Bonds of the issue of which this bond is one, a~ expressed in the bonds or in the resolution authorizing their issuance, or upon a default in the payment of interest on said Refunding Bond~, or in the event the govern- ing body of sa~d City fails or refuses to raise and apply to the Interest and Sinking Fund a~oount of said Refunding Bond issue the sum of $15,000.00 in each of the yes, rs 1~4~ to 1948, both years inclusive; the sum of $~0,000.00 in eao~ of the years 1949 to 19§1, both years inclusive, and, after ~yyear 1951 to budget ;such a~ounts aa may be necessary for the principal and interest retirement of ~he bonded indebtedness, ba~eddupon m~t more than fifty per cent (50~) ccllecti~ility, includin~ and deducting therefroa, for any such years, any reven~es o~her than from ad valorem taxes which ~ay be available,, and which axe so a~ually applied, then the said g~verning body shall be accorded a period of si~ (6) ~onths after its happening in which t9 correct the said failure, refus~ or default (including any subsequent default.) and upon any or ref~al of said governing body to do so within that inability, faire period, and upc~ the declaration~ in writing filed with the said City, through its City Clerk, by the holders of at least forty per cent (40%) in principal amount of the ~funding Bonds of said issue outstanding upon the happening of such failure, ~fusal, or default, as hereinabove referred to, each of the Re- funding bonds o~ the Partioulax issue of which this b~nd is one shall, at the option of the respective holders thereof constituting bondholders filing said original decla~tions, revert to and thereafter bear interest at the rate of six per cent (~) per annu~, b~t 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 filing of the declarations of intention to exerAse such option, and said City a~rees that if the right to such higher interest rate accrues, as herein provided' the higher rate of interest will be evidenced in the manner ~hen required bl~ law. ?hl bond is one of an issue of Refunding Bonds of like date a*~i maturity, limited in aggr~ate amount to $697,947.58, subdivided into two (~) series aa fellows: $419,415.03 Series A Bonds and $~68,33~.85 Series B Bonds. The City o~ Okeechobee Florida, hereby reserves the right to call and redee~ all or a~Y part of the Refunding Bonds of the issue of which this bond is one on any i~terest payment date at par plus accrued interest at the rate then prevailing ~as enforceable and collectible, and agrees that it will apply s~rplua ~oneys ~n the Interest and Sinking Fund established for said Refunding Bond issue, over and above requirement8 for interest pay~onto, to the redemption of Refunding Bond~ of said issue at par and accrued interest by lot when 8uoh surplus i8 not uoed fol the purohaoe of bor~J of 8aid iooue .at or below the oallable prioo of par and acclued interest and not reserved to 80 aoquire Bush hondo under then published notice' tn the manner more partioularly prescribed by the resolution lauthoriztr~ th& issuance of said Refunding Bonds. In the event this bond is 80 called for redq~aption, not less than thirty (30) nor more than sixty (60) day8 notioe thereof :will be given by filing such notioe at the place of payment named herein and pub~ishing 8uch notioe once in a newspaper having a ~eneral oiroulation in the Oity of :Okeeohobee Florida, and onoe in & finoncial journal published in the City of HeW York, New York, &8 provided by the reoolution of the City Council of said City of Okeechobee authorizing the issuance of the RefundinK Bond8 of the issue of which this bond is one. If this bond 8hall not be presented for payment on the date 8o fixed for redemption it shall cease to bear interest from and after 8aid date, provided that adequate funds for it8 redemption shall have been deposit- ed and set aai~e at the desi.gflat.ed paying agency by 8aid City for suoh purpose. Tho 81rd~ln~ fu~ provided for said Refunding Bonds may also be used in the pur- chase thereof ~ accord&nos with the provisions of the resolution authorizing their issuance, The City ~ Okeechobee oovenants with the holder of thio bond that it will lev7 a direct annual, tax upon all property 8ubJe©t to taxation for the payment of the indebtedness refunded by the Refunding Bonds of the series of which this bond i8 one, except .~only that property which wa8 exempted from municipal taxation by the Constitution a~d law8 of Florida as they existed immechtately prior to November 6, 1934, which ts1 8hall be in amounts sufficient to provide for payment of the inter- est upon the b~nds of the Series of which this bond is one a8 the same 8hall some 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 mi_~ht lawfully be imposed for ~he payment of this bond upon any and all property heretofore em- braced within qhe territorial l_imlts of the City at the time of the incurrung of the bonded inde~otedneos hereby refunded which i8 not now included within the ex- Lstin~ territo~ial limits of the City. The City further covenants Levied for the Payment for the princi~ and interest of this bond, including taxeo upon homesteads, w~ll be oolleoted in cash at the acme time and in .the sane manner as operattn~ and ~overnnental ad valorem taxes a~e levied by said 31ty, and the ~ighto &nd remedies for the enforcement of the indebtedness funded hereby ~J~all. appertain to this bond and the taxes securing the 8a~e inde- ~endently of a~ restrictions or limitations thereon enacted by the State .Legis- Lature of Flotilla or otherwise takin~ effect since the creation of the indebted- 2sos hereby rounded. IT IS BL~ CERTIFIED A~D RECITED that thi8 ne~oti&ble bond i8 one of 8erieo iseued u~er the authority of and in full oomp~ance with the ~nor~ Refundi~ Aot or 1931, 8~ be in~ ~ter 15773 ~w8 of Florida, 1~1, a~ p~ro~nt to reo~lutio~ a~ proeoedi~ d~y a~ le~ly ~p~ed and ~en by the City ~Xi of the City of Okeecho~e, Ylorl~, a~ said series of ~8, ~ ~ehtthi8 ~ i8 a part, i8 isoued in exchan~ for ~ ~ a oontin~t.ion, exte~ion, merger a~ renew~ of 55% of the to~l a~unt of valid 8ubsieti~ t~ebtedneo8 of the 8aid City oreated prior to November 6, 1934, and outstan~ . on the ~te8 or,the ~88~ of said resolutio~ and for ~e ~r~se of refu~- l~ 8i~d outota~in~ i~ebtedneso; that all a09o~ oo~ttto~ and thin~ re~ired to happen, ex~s~ and be performed precedent to and in the 18sure of ~ie have happened, ~ist a~ been performed in due time fo~ a~ ~n~r accordi~ to law; that the tot~ bonded indebtedness of 88~.d C~ty, includin~ ~8 ~, does ~t exoeed~ a~ t~t the tot~ indebtedness of ~id City at the tim of the lnourr~ o~ assumption of the i~ebtednes8 refu~ed hereby, includ~ 8'aid in~bted~88, dM ~t then exceed any O0~t~tutio~ or statutory lim~tat~o~ thereon; a~ for ~e prompt pa~ent of ~io bo~, a~ the interest thereon a8 8~e beoome d~, the f~l faith, credit a~ taxin~ ~wer of 8aid City ~e hereby irrevooably plead to ~e 8~ extent a~ with like foroe and effect ~ the s~e were pled~ for ~ent off the indebted~S8 reffunded hereby. .. IN WIT,S8 ~OF, the OXty of Okeechobee in Okeeohobee County, Flo~, ha8 issued this ~ a~ has caused the 8a~ to be sided by its ~yor and its oor~rate 8e~ ~ be affixed, attested by the City Clerk, and o~ntersZ~ed by the P~esident off, the C~ty Council, and has caused the interest ooupo~ hereto attached to ~ etecuted w~th the facsimile mixtures off the ~or City Clerk and President of the Oity Oounoil, ~l as of the f~r8t day of Jan~ry, A. D., President, City Council (C) That the interest coupons attached to said Refundin~ Bonds of each of the 8eries here~qJ~efore mentioned, &nd the validation certificate to be dorsed thereon, 8t~Lll be in substantially the following formI ( OF COUPON FOR SEMX-A.qNUAL INTEREST PAYMENTS) No. On the first day of . , 19.. . , the CITY OF OKEEOHOBEE, FLORIDA, will p~y to the bearer at IRVING TRUST COKPANT, NEW YORK O~T?, YOBX, the 8urn of ? . DOLLARS, bein~ the then enf~oeablo and ~_ collectible lnte~st on its SERi,8 i OR B REFUnDInG BO~D, ISSUE OF 1942, dated, "~ ', January l, 194~, No.. .... , unless said bond shall have been theretofore called for red~aption. 0I?? OF O~EEOHOBEE, FLORIDA 'aArOa ATTEST: COU~TERSI~gD= President, Oity Council (FORM FOR VALIDATION OERTIFIOATE) Validated and oonfir~ed by decree of the Oirouit O~ur% of the Ninth Judicial Oirouit of Florida, in and for O~eeohobee County, rendered on the ..... day of .. , 1943. ~01erk'~f '%he Oircuit Oourt Okeeoh°bee County, Florida SEOTION 5. (A) That ~or the prompt payment of the prinoil~l and interest on said Bonds a~oording to the tenor thereof, which ~re issued p~s~ to resolution, the f~l faith, credit a~ t~in~ ~wer of said City of Okeeohobee, , are hereby irrevocably pled~d to the e~ extent a~ with like force effect ~ t~ s~ were a~ are pled~d for ~ent of the outsta~i~ indeb~ edges refu~ed thereby, a~ the City Council herebF oove~nts a~ ~.ees with the holders of any t~ ~1 of sa~d Refu~i~ Bonds a~ interest ooupo~ u~er the provielo~ of th~s Resolution that the sa~d Oity will ~e pro~% ~- ~nt ef ~e sa~ when due. (B) ~t ~or the p~r~ee ~f adeq~tely providi~ for the ~ent 9f ~e ~ntereet ~n a~ for the creation of a si~l~ fu~ for the retire~nt 9f the prinoip~ for ~1 of said Refundi~ Bo~s hereby authorized to ~ iss~d, the Olty Oounoil, fer a~ on ~half of said City, hereby cove~n~s a~ ~ees with the bon~olders of sa~d Refundi~ ~e (1) ~n the ann~ bud~t a~ ad v~orem t~ lew to be pre~ed a~ ~e in each of the years I~S to 1~8, both years ~ere s~l be l.nc~ed aleW of a current ad valores ~n ~1 property which Is subject to t~ation for p~n% 9f the ~ebtednese refunded by said Refund~ Bo~s of the respective ~ries herein provided for, which t~ sh~l. be sufficient to ~oduoe ~e ag~e~te ~ount of not less than FX~EEN ~OU~A~ ($15,0~.~) in each of said ye~s, lncludl~ a~ deduotl~ ~erefroa, at the option of the City Oeunoil, any reve~s ~e~ ~an fr~ ad v~orea t~ee which ~ be available for e~ ~ which is aot~ly so applled; In the annual budget and ad valorem tax levy to be prepared and made in each of the years l~41 to 1951, both years elusive, there shall be i~luded a levy cf a current ad on all property which is subject to taxation valorem tax for payment of the indebtedness refund&d by said Refunding Bonds of the respective series provided for, which' tax shall be sufftoleht to produce the aggregate amount of not less than Twenty Thousand Dollars ($20,000.00) in each of said ~eare, including and deducting therefrom, at the option cf the City Council, any revenue other than from ad valorem taxes which may be available for such purpose and which i8 actually so applied; (3) ~: Be'ginning with the annual budget and ad valorem tax levy to be made in the year 1S52, and continuing each year. there- ~ter.unttl all .of said Refunding Bond~ and interest thereon have been retired, and interest and sinking fund current ad · alorem 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 Oounoil, any revenue other than from ad valorem taxes Which · ay be' available for such purpose and which is actually so applied; (C) Said annual taxes shall be levied a~l computed in the proper pro- portionate amouits against the extended and finally equalized valuation of all property within the area subject to taxation for payment of the particular_ debtedness refuaded by Series & and B Refunding Bonds, respectively (excepting cr~y that property which was exempted from municipal taxation by the Constitu- tion and laws .o~ Florida as they existed immediately prior to Xevember 6, 1934, and 8uoh taxes ,hall be levied accordingly each year and from year to year until all of the indel~tedneee evidenced by said. 1/efunding 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 C~ty 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 sa~e are levied, and, and so long a~ any of said l~ef~ing Bonds and interest thereon remain outstanding or unpaid, the respective ~nual.tax levied shall be increased when necessary to provide sufficient fund~ for the actual interest and sinking fund requiremonts of said ~efunding Bonds ~or the year next succeeding that in which the budget ia being made and prepare. Section 6. That all tax levies required to be made hereunder for the , III I/ , of the interest upon .and for the purchaoe, redemption or payment of the prinoipal of the said Refunding Bonds hereby authorized to be issued, shall consti- tute special levies for the partloular purpose for whioh they are imposed, 8uoh constituting special levies, as other taxes which may be levied tax levies, wh~h by the City and upon collection will be t~nmodiately 8egregated and credited to the proper funds aO hereinbefore provided. The City covenants that' it will promptly 8et aoide out ~ the prooeeds of it8 tax oollection8, inoluding the money8 de- rived from the ~o Or tranofer of tax certificate8 and tax deeds, the proper portionato amo~t thereof applicable to the purchase, redemption or payment of the principal and interest on the 8aid Refunding Bonds, and all money8 80 o~edited to ouoh special f~8 will be forthwith deposited with a City Depository and held by it in ~rust for tho purohe~e, redemption or payment' of the principal and interest on the 8aid Re ..~ing Bondo, in the manner prescribed by this resolution. 8eotion 7. (A). The '~ty hereby oovenanto that, notwithstanding the provisionm of any law8 inoonelotmlat with the termo of thio re801ution, it will not acoept anything but lawful, mone~r of the United States of Amerioa in payment or satisfaction of the taxes-requLred to be levied or pledged hereunder for the payment of the inter- est upon and p~notpal of the Refundin~ Bonds authorized hereby. (B) The C~tty further oovenant8 that, notwithotandin~ Seotion 7, Artiole X, of the. Oonstit~ion of the State of Florida, added thereb~ by altondme/tt ratified ievember 6, 1934, and any legislation enacted pursuant thereto, it will levy taxes for the payment of the Refunding Bond8 authorized hereby upon all homeste&d8 em- braoed within the territorial limits of said munioipali, ty 8o constituted &t the time of the creation of the indebtedneos refunded by said Refundin8 Bondo, to the same extent that other property may be liable to taxation therefor. (C). The C~ty further covenants that 80 long a8 any of the Refunding Bonds authorizod hereby may be outstanding, it will not avail itself of any legi8latlon impairing or moOlfyin~ the obligations of the City on the lndebtednes8 refunded by said Refunding Bonds or the oovenant8 contained in said bends and in this resolut- ion; that said lefunding Bonds 8hall constitute a continuation, extension, merger and renewal of indebtedne88 thereby refunded; that said Refunding Bonds shall halo and are hereby declared to have the same security and source of payment a8 the indebtedness thereby refunded; and that all rishts and remedies which were avail- for the support and enforcement of the indebtedness to be refunded hereunder 8hall be available for the support and enforcement of the Refunding Bonds hereby authorized to bo issued. (D) That etll covenants, representatives, agreement8 and undertakin~8 herein out, as well as those appearing on the fact of said Refunding Bonds shall con- itute a contract with the holdero of the Refunding Bondo, _Which contract 8hall enforceable by suit, action or mandamus on behalf of any bondholder in any of aompetent jurlsdiOtion whether or not a monetary default 8hall then have oocured in the payment~ of the interest upon or principal of said Refunding Bonds. Section 8. (A) That all said Refunding Bonds shall be callable upon any interest l~ym~nt date prior to ~aturity at par plus accrued interest at the rate then pre~iling as enforceable and collectible. (B) That the option to calx any or all of said Reftnding Bonds prior to maturity shall be exerised in the following ~anner: The Refunding Bonds of each or any oS the respective series which are to be redeemed shall be drawn by lot by the governing body of said City from all the bond~ 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) day~~ prior to such redemption date, and said notice of intention to redeem such bond~ shall be published once, not ~ore than sixty (60) nor less than thirty (30) days prim to such redemption date, in at least two publlcat'ion~, one of which shall be a newspaper having a general circulation in the City of 0kee- chobee, Flori~, and the other shall be a finicial journal published in the City of New Tc~rk, 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 ~- (A) If at any ti~e there is $5,000.00 or more in the Refund- lng Bond Inter~st and Sinking Fund account over and above the amount of the next annual i~terest requirement, the said fund shall be used by the City, after giving r~asonable public notice of its intention, for the purpose of purchasing reftanding bonds of the issue contemplated herein, which purchase shall be made ~n the following manner: The City shall designate a date at. which ti~e it ~ill receive sealed tenders of bonds of the refunding issue herein authorited, and act upon such tenders in open session. The entire available surplus for the retirement of bonds shall be used to purch~e bond~ offered by such tenders at the lowest prices; provided, however, that ,~f the said City be d~ssatisfied with any or all tenders thus received, it shall have the option to ~eje,ct any or all of same, and within thirty-one (31) days after such rejection, it shall readvertiee for additional sealed tenders in the same manner as hereinbefore provided, and shall purchase the bonds offered at the lowest prices ~pon such readvertise~ent, from surplus funds available in the Refunding Bond Interest and Sinking ~umA account. If, however, the prices of bonds tendered with the currently quoted ~arket, the said City are not in line Council shall ~vethe ~ight to re,eot any or all of such tenders, provided, further, that ~ollowing eao~ respective tender date said City may privately purchase additional bonds with subsequent surplus accumulations or any other funds as long ~ private purchases may be ~de upon such basis as will show an equal or h~er 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 i~aediatsly upon their surrender to the City. Section 10. That it is hereby declared and intended that the said ~tefunding Bonds hereby authorized are to be issued aa of January 1 194~, for the purpose of refinancing aa of that date, 55~ of the amount of outstanding indebtedness of said City of OkeechC~ee, Florida, then existing as hereinbefore described. Section 1L. That. T. W. Conely, Jr., Attorney' at Law, be and he is hereby authorized and directed to institute appropriate proceedings in the Circuit Court cf the Ninth Jt~diolal Circuit of Florida, in and for Okeechobee County, Florida, for the valida~on of said Refunding Bond Issue, and to verify on behalf of the City of Okeech~ee any pleadin~ in such proceedings. Section 1~. That upon completion of the validation cf the bonds as provided in the next pr~eding section hereof and upon passage by this Council of a supp- lemental resolution or resolutions designating the numbers and denominations of the said Refunding Bonds of the respective series herein provided for, said funding Bo~ls the specifications of Which shall have been so prescribed shall be forthwith printed, executed and, with the interest coupons thereto attached, shall be 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 ~elivery thereof to the holders of indebetedness proposed to be re- funded abd in e~change therefor on the basis of 55% of the total amount of debt to be refunded, all as may be hereafter specifically provided.for by supplemental resolutions of ~his Council. Section 13' That if any clause, section, p~ragra~ or provision of this resolution or o~ the Refunding Bonds hereby aUthorized be declared unenforceable by any Court or,final Jurisdiction, it shall not affect nor invalidate any remain- der thereof, and if any of the ~efunding Bonds hereby authorized be adjudged illegal or unenforceable, the holders thereof sha~l be entitled to be subrogated to the rights o~ the holders of the indebtedness hereby provided to be refunded thereby and as Such enforce their claim for paymeflt. Section 14, That all Resolutions and parts ef resolutions in conflict her~i are hereby rescinded. Section 157 That this Resolution shall be in full force and effect imaedi- upon its l~aSsage. P&S~gD a~td API~qOV~D in Regular Session of the City Council cf the Oily ef Okeec~bee, Flori~, this 3rd ~y of ~y, i. D., 1~. {8~) ~res~dent Of ~e O~'ty Oounc~ - ATTEST:. ' City. Clerk ~~D by ~ this 3rd ~y of Oily Upon ~oti~ the ~unoil adjourned. ~e City ~uncil of he City of Okeeohobee, Flor~, ~t in re~ at 8~ P. M. ca the a~ ~te. Present we~: ~yor N. N. ~aulerson, Council- ~n J. ~. ~oe, ~. ~. ~aifsntder a~ O. L. ~erson, ~1~ Gross, City Clerk, O. 6 ~oCain. W~ter Su~rintendent, ~. 6. Eva~, Chief of Police and N. O. 5tew~t, F~re C~ief. ~lnutes of the aeeti~ of ~ 3 were re~ a~ approved as read. ~e following bills were approved a~ ordered ~id when fun~ ~e I. 0. ~rrSngton Printing water bills ..... , Fla Power ~ L~ght Co - P~eer ~ Li~ts ................. ~15.67 ~e Okeec~ ~ee ~ewe - Print~ ~ ~bl~sh~ ....... 43.~ Dixte ~tt~ ~men' s Ass ~ n 2 ro~ls of w~re---------. ~.~ Inter 0o Tel & Tel Co - Telepho~ bills, May & June ....... ~nnie Jon~ - Repair on trucks, Fire Water & Sanitation Dept. 5. Gilbert O~breth - Gas A Oil, Fire, Water & 'Sanitation ~pt 46.77 ~vis ~te~ 0o. - Re,ir 15 meters .................... ~.00 Okeecho~e Hdwe 0o. - Supplies, Police & Water Dept. - .... OOUnCil~n Roe presented the followi~ resolution a~ moved its ~option, a~ upon ~i~ ~y seconded w~ put to a vo~e a~ adopted3 R E S 0 L U T I 0 N ~~, W. R. P~, President of the Council, is absent for an u~termined period ~oause of ill he~th and i.t is neoemm- ~y that a President pro rem be ap~nted durin~ the absence of Mr. her of this Counc~ be a~ he ~s hereby appointed President pro to ~t as ~es~dent of ~s Council d~i.~ the absence of ~. R.