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purpose of financin~ the cost of the capital outlay pro~ects for the
institutions of higher learnin~, ~unior culle~es, and area vocational-
technical centers, all of which such pro~jects are more particularly
described in the Ac~s, said 1968 Supplemental Resolution attached to
the Complaint herein and marked Exhibit "A". Such 1968 Supplemental
Resolution provides that the Series C Bonds shall be dated May l, ~968,
shall be in the denomination of $5,000 each, shall bear interest at not
exceeding four and one-half per centum t~ 1/2;b) per annum, payable semi-
annually on Ma.y 1 and November 1 of each year, shall mature in annual
installments on May 1 of each of the years i969 to ~998, both inclusive,
~
in the amou~ts pNovided in such 1968 Supplemental Resolution, and shall
have s•ach grovis~ons for redemption prior to maturity and otY~er details
as a~^e more sper.if'i•~a~1S? des :~^~.aed and set for~h in such 1968 Supple-
mental Resc~k~;on heretofore filed h~rein. Sa3.d 1968 Supplemental
Resolz.t~ or. ~omp3ies fk~?
y wi~h the req~i ^emer_ts of said Higher Education
_ _
Amen3me.lt a:_a s~i~~ Acts. ~
8. ~':z~ average a~~ual amo;z~~t cf t'~e revenues derived fr~m
_ the ~r~ss r~~~ ~ipts taxes c~i~ring tne ~rr,me.~'.i~- ,~ly ~re~e iing two fiscal -
years, as se~ f~-rth i:~ tha c~rtificate of ~'-~e C~mFtreller of Florida
filec? r_F~^ei: , is t!?e sum of $ 13 , 393, 664. 26 a.r~d su~h sum is l~ss tY,an
i
~ the arr_o~•.:.t cf t:ne rev~~~~~s dzrived from the gress receipts taxes during
the imme3lat~iy preceding 1966-~967 fisca? year. -
~~_e ~mot,~.~t of S2?"~ ~a C~~nds ~:~orized to 5e issued pirs~~ant
~o sai~ 1953 Sc.~p~ems~tal Resol~atior~ does not exceed seventy-five per
cent~rr~ (7~~) o~' ~t:~e amG•:r:t of B~r.ds which car. be servi~ed as to both
princi~~~ aHd inte~^es~ from the gross re~eipts taxes accrair_g thereafter
to tt-~e :~ta;e Ec.ar3 ~:.~d2r t::e p~•~vi~io~s of the Higher Edu~ati~n Amer_3ment
based -~~~n ~~c ~ ave: a~ ~ a~~r_aGl amo~ant of the reven•~ :.s cie rived fror:i the
~
gross receiot~ taxes ~uring the immediately preced3.ng tw~ fiscal years
~ and tra anti~ipated am~un~s of sucf~ gross re~eipts taxes which t,he Stat~
~
Board es~imaces will be received during the remainder of the 1967-69
~
~ biennium. .
~T~at the an~icipated amount of revenues to be received from
~
~ said gross ~eceipts taxes in the fiscal ycars ending on June 30, 1968
; "
- ~ -u- ~~Ki72 P~2~23
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