20-3157 Bond Resolution - Not to Exceed $24,000,000 Florida General Obligation Bonds

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new Bond of like date and tenor as the Bond so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Bond upon surrender and cancellation of such mutilated Bond or in lieu of and substitution for the Bond destroyed, stolen or lost, and upon the Holder furnishing the Issuer and the Bond Registrar and Paying Agent proof of ownership thereof and satisfactory indemnity, and complying with such other reasonable regulations and conditions as the Issuer and the Bond Registrar and Paying Agent may prescribe, and paying such expenses as the Issuer and the Bond Registrar and Paying Agent may incur. All Bonds so surrendered shall be canceled by the Issuer. If any of the Bonds shall have matured or be about to mature, instead of issuing a substitute Bond, the Issuer may pay the same, upon being indemnified as aforesaid, and if such Bond is lost, stolen or destroyed, without surrender thereof. SECTION 11. FORM OF BONDS. The Bonds shall be in substantially the form set forth in Exhibit B, with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted in this Bond Resolution or in any supplemental resolution of the City Commission of the Issuer adopted prior to the issuance thereof. SECTION 12. SALE OF BONDS. The Bonds shall be issued and sold after such procedure, in such manner, and at public or private sale and at such price or prices consistent with the applicable statutes, all at one time or in installments from time to time, as shall be determined by supplemental resolution of the City Commission of the Issuer. SECTION 13. APPLICATION OF BOND PROCEEDS. The proceeds, including premium, if any, received from the sale of any or all of the Bonds, sha'l'l be applied by the Issuer simultaneously with the delivery of the Bonds to the purchaser thereof, as follows: (A) To the extent not reimbursed therefor by the original purchaser of the Bonds, the Issuer shall pay all costs and expenses in connection with the preparation, issuance and sale of the Bonds; and (B) Any remaining moneys from the Bonds shall be deposited into the Project Fund to be used to pay and/or reimburse the cost of the Project. SECTION 14. BONDHOLDERS NOT RESPONSIBLE FOR APPLICATION OF BOND PROCEEDS. The Bondholders of the Bonds issued hereunder shall have no responsibility for the use of the proceeds of said Bonds, and the use of such Bond proceeds by the Issuer shall in no way affect the rights of such Bondholders. The Issuer shall be irrevocably obligated to continue to levy and collect the Ad Valorem Taxes as provided herein to pay the principal of and interest on said Bonds annually as they become due and to make all other payments provided for herein from said Ad Valorem Taxes levied in the City of Casselberry, notwithstanding any failure of the Issuer to use and apply such Bond proceeds in the manner provided herein. SECTION 15. SECURITY FOR THE BONDS. The principal of and interest on the Bonds shall be secured by a pledge of the ad valorem taxing power of the Issuer on all of the real 7