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k RE90LUTION
~ EXTRACTED FROM THE MINUTES OF
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NEW TESTAMENT BAPTIST CHURCH OF FORT PTERCE.INC..
~ FORT PIERCE, FUORIDA
~ WHEREAS. New Testament Baptiat Church of Fort Pierce, Inc., ot Fprt
s Pierce, r lorida, a corporatton not for prodit formed or religious purpoaee
; or~anized and pursuant to the laws of the State oi Florida. hereinafter
~ ~ called the Iseuer. deaires to borroar money far construction of a Mulfi-
, ~ Purpose Building and-retirement of an existing Land Mortgage and knowing
that thase who lend money stau2d have all the security that the borro~rer
; possesaes. it i~~ the deefre of the members of the Iasuer, that they
mortgage the real property of the Iasuer to secure the money twrrowed. _
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WHEREAS, it ie-the desire of the Isauer to have its corporate ofiicers
place a Deed of Trust on the Property owned by the Issuer on which the
improvements are to be placed and to properly issue Firat Mortgage Serial
Sinking Fund Bonds in yarious denominations and i~ numerous issues under
. ; the Deed of Truet beginning with 'Series A& B af August 15, 1977, in the
' amount of ~135, 000. 00 being compound interest bonds at the rate of 8. 596
' compounded semi-annually and 8. 596, 996 and 9. 5°~o coupon interest rate,
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~ WHEREAS, said Deed of Trust arill set forth the terms and conditions of the
~ mortgage and prescribe the pnocedures for issuing the various series of
; bonds and pr~vide for the amount of the Sinkir~g Fund to amortize each _
individual series of bonds, and
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~ WHEREAS, it is the desire of the issuer to assign, set aside and appropriate
. ~ out of the revenues of the Issuer amount8 sufficient to pay the principal and
interest on this series of bonds issued hereunder, and
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WHEREAS, it is the desi~e of the Issuer bo instY~uct the corporate offieers
i for and on behalf and in the name of the Issuer to take the necessary action
i to issue the,aforementioned bonds.
~ # NOW, THEREFORE, BE IT RE90LVED, that the Corporate Officers, of
~ . ~ New Testa?ment Baptist Church of Fort ~'ierce, Inc. , of Fort Fierce, Florida,
~ be and the are hereb authorized to place a Deed of Trust on the real
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estate heretofore purchased by the "said Issuer. The Issuer is hereby
author~zed to issne First Mortgage Serial Sinking Funds Bonds in such de-
notninations as is deemed to the best Interest of the Issuer, but not to ex-
ceed the authorizatlon and subject to the conditions and limitations set forth
in the Deed of Trust. and at a rate of interest cat to exceed the legal interest
in the State of Florida. -
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,i BE IT FURTHER RE90LVED, that the Issuer issue one series of First
Mortgage Serial Slnking Fund Bonds to be known as Series A of August 15.
1977, in the amount of ~85.000.00 ~ 8. 5°~o Compounded Semi-Annually and
~ Series B of August 15, 19?7, in the amount of ~50, 000. 00 being coupon bonds
at the interest rate of 8. 596, 9q6, 9. 5q6 and the schedule of said series of
bonds, showing the seriel numbers, maturity dates, denominations to be
set forth in Deed of Trust.
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iy BE IT FURTHER RESOLVED, that the Issuer assign. set aside and appro-
pr~ate out of the revenues of the said Issuer, amounts sufficient to pay the -
prtncipal and interest on the series of bonds known as Series of August 15,
~ I877, as well as each series of bonds to be issued hereunder
BE IT FURTHER RE90L-VED, that the Pastor, President and Secretary of
~ the Issuer be and they hereby are authorized and directed, to sign and attest
; any and all agreements, mortgaged, bonds or papers of any character and
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