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HomeMy WebLinkAbout0651 , ~ cost of acquirinq and constructing a ~ew hiqh school plant, including buildings, land, equipment and related costs in St. Lucie County, Florida (hereinafter called "proiect"), and to pledqe the race track funds and jai alai fronton funds accruing~ annually to St. Lucie County, under the provisions of Chapters 550 and 551, Florida Statutes, as allocated to the Board pursuant to law, and other moneys of the Board legally available for such purpose to pay the principal of and interest on the certificates. 3. The acquisition and construction of said project is necessary and proper. 4. Pursuant to and in accordance with the provisions of the Constitution and Laws of the State~of Florida ~d particularly said Chapter 67-1996 and said Chapter 76-480, The School Board of St. Lucie County, Florida, by Resolution adopted on August 10, 1976, authorized and provided for the issuance of interest bearing Certificates of Indebtedness, Series 1976, dated September 1, 1976, in the aqqreqate amount of not exceeding $1,600,000, nwnbered consecutively from one upward, maturing as therein provided and bearing interest payable semi-annually at such rate or rates not exceeding the maximum rate fixed by law, such rate or rates of interest to be determined upon the ; sale thereof, for the purpose of paying the cost of such project, 'r ~ all of which appears and is more fully set forth in the certified ~ copy of said Resolution heretofore filed herein. _ ~ - 5. The certificates are payable as to both principal and interest solely from and are secured by a lien upon and a pledge of the race track funds and jai al~i fronton funds accruing - annually to St. Lucie County under the provi~ions of Chapters 550 and 551, Florida Statutes, as allocated to the Board pursuant to law, and from other moneys of the Board legally available ~ ~ for such purpose. The lien of the holders of the certificates• ~ ~ on such race track funds and jai alai fronton funds is junior and subordinate to the lien thereon of the holders of the out- standing certificates of an issue of $1,500,000 Certificates of -2- ' aoo~'K~5`~ racf ~i49 • F ' _ . j ~'i li I .T,.