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RFSOLIITT ON ~s~iJ
~ XTRAC'I`Eil ~'I?UM THE MJNUTES OF
GARI-EN CITY CH[JRCH OF t:HRIST
F~RT PTE~;E, F:.OFIDA
~ WHEREAS, the GAE~DEN CITY CHURCH 0~' CHRIST, at Fort Pierce, Florida an
organi~ed religious society fonned for religious purposes and for the general
welfare of its members hereinafter called the Church in a called conference duly
assembled on the 23rd day of November, 1969, did approve and adopt a Building
Bond Program for financing its building project and did direct, empoWer and
authorize the Officers of the Church to do and perfo~ for and on behalf of the
Church any and all acts necessary to give effect to such progra m including the
adoption of a resolution authorizing a building bond issue of this Church. in the
total amount of ~?irty Three Thousand Dollars ($33,000.00) and securing the repay-
ment of the same by an appropriation and irrevocable assignmeot and pledge of a
i
~ portion of the revenue of the Church.
NOW, therefore, BE IT RESOLV~ :
SECTION I: That GARDEN CITY CHURCH OF CHRIST, Fort Pierce, Florida, herein acting
' y~a t~irough its duly authorized Officers, does by these presents authoriae and ;
create a bonded indebtedness in the amount of Thirty Three Thousand Dollars ($33,000•00)
and authorise the issuaace of a series of building bonds of this Church aggregating
such amouat. The bonds issued hereunder shall be designated Series of January 15,
1970 and shall be dated the 15th day of January, 1970.
SECTION II: That the several boads issued he~eunder shall mature serially in
acco ance With the schedule attached hereto, marked Exhibit A, which is referred
to and made a part hereof for all purposes. Each of the several bonds shall yield
compound interest at the rate of seven percent (7~) per annum until maturity, which
interest shall be compounded semi-annually on the 15th Day of July of each year
and the 15th Day of January of each year and the amount o~ such interest and
principal thereof shall be payable on the maturity date printed on the several
bonds, or some of the several bonds shall pay interest upon the presentstion and
surrender of the respective coupQns as they severally mature.
SECTION III: That each of the bonds issued hereunder shall be signed by the _
~rtistees
and attested by the Church Clerk of the Church.
SECTlON IV: That there is hereby appropriated out of the first revenue of the
hurch, each month, the sums hereinafter set forth, Frhich sums are hereby ir-
revocably pledged and assigr~ed for the purpose of paying and securing the pay-
_ ment of the bonds issued hereunder and the interest thereon as the same shall
mature. Such sums are as follrn,rs:
January 15, 1970 through January lli, 1971 -$198.00 per month
January 15, 1971 through January lli, 1972 -$238•00 per month
January 15, 1972 through ~anuary 1l~, 1973 -$298.00 per month
January 15, 1973 through January 14, 198l~ -$351.68 per month
1t~e Treasurer or a duly authorized Assistant Treasurer of the Church is hereby
instructed, authorized and directed to deposit such pledged and assigned swas
monthly in a Sinking Fund Account in and ~+ith the hereinafter nsmed Paying Agent
for this bond issue. If the total revenue of the Church during any one month
is less than the sum herein above pledged and assigr,ed, then an amount equsl to
such 9eficiency shall be taken from~he revenues received by the Church during
~i,u~
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