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07-17-1951 MinutesVIRGINIA: At an adjourned meeting of the Board Supervisors of Chesterfield County, held at the Courthouse on July 17,1951, at S:O0 p.m. Present: J. G. Hening, Chairmm H. T. Goyne J. C. NcKesson Irvin G. Hornet Robert O. Gill James W. Gordon, Jr. This day there was presented to the Board, in duplicate, a paper writing, purporting to vacate the B-foot alley running along the western line of Lot 2, Block D, in the subdivision of "Hollandale", with plat attached to each duplicate. Upon consideration whereof ~nd on motion of J. C. McKesson, seconded by James W. Gordon, Jr., it is resolved that this Board approve the vacation of said easement. And be it further resolved that the Clerk of this Board be and he hereby is direcl to attach a certified copy of this resolution to each duplicate, filing one duplicat in the papers of this office and returning the other to Joseph H. Chase for recorda- tion purposes in the Clerk's office of Chesterfield County. This day ~r. F. J. Saunders, Jr., frcm the Scottdale Subdivision, came before this Board requesting the iniatiation of a garbage collection service in his area. Upon considerion whereof and on motion of J. C. McKesson, seconded by H. T. Goyne, it is resolved that a Committee composed of ~r. l~cKesson, Mr. Homer and R~r. Gordon and the Executive Secretary be requested to investigate the feasibility of this project and report at the next meeting. On motion of H. T. Goyne, seconded by James W. Gordon, Jr., it is resolved that this Board request the State Department of Highways to put calcium chloride on the Milhorn Road Extended, same being chargeable to the 3¢ road fund. This day Mr. O. L. Hopkins appeared before the Board complaining ~bout the manner in which his request for the inclusion of the Crestview Roads into the Secondary System has been delayed. The policies of the Board were reviewed and called to his 'attention and it was agreed that Er. C. F. Kel].am, Resident Engineer, and the Execu- itive Secretary ~uld meet with Er. Hopkins on or about July 24th, to again review !said roads. On motion of James W. Gordon, Jr., seconded by J.C. McKesson, it is resolved that this Board request the Virginia Department of Highyays to improve Logan Street be- tween C and D Streets, said expense not to exceed 8300.00, to be charged to the 3¢ road fund. On motion of James W. Gordon, Jr., seconded by J. C. McKesson, it is resolved that this Board request the Virginia Department of Highways to improve First Street betweem Buford and Mc~ae Street, aid expense to be paid from the 35 Road Fund, in an amount not to exceed $230.O0. On motion of Jam~,s W. Gordon, Jr., seconded by J. G. Hening, it is resolved that Board request the Virginia Department of H~ighways to improve Cottage Road a .15 of a mile, said expense not to eXceed $150.00 to be charged to the 3¢ Road Fund. On motion of James W. Gordon, Jr., seconded by J. G. Hening, it is resolved that thi~ Board request the VirgiNia Department of Highways to install a culvert at the inter- section of C Street and Buford Street, at an expense not to exceed $70.00 chargeable to the ~¢ Road Fund. !This day the Executive Secretary brought before the Board a drawing of Hening Height.~ Subdivision showing that the Virginia Electric & Power Company's poles were almost the middle of the 50-foot right of way, and stated that the citizens had presented a petition requesting the County to improve this Road. It was pointed out that a 30- foot right of way could not be obtained unless these poles were shifted more to the side of the 50-foot right of way. Upon consideration whereof, and on motion of J. G. Hening, secm~ded by H. T. Goyne, this Board respectfully requests the Virginia Electric & Power Company to remove these pokes from a public road and instal them on the apportioned side of the right of way. On motion of J. G. Hening, seconded by H. T. Goyne, it is resolved that this Board request the Virginia Department of Highways to i~prove Boyd Street in the Hening Heights Subdivision, in an ~nount not to exceed $300.00 said expense being chargeabl to the 3¢ Road Fund. On motion of J. C. McKesson, seconded by James W. Gordon, Jr., it is resolved that this Board request the Virginia Department of Highwa¥~ to improve the 100 foot of road more or less, connecting Westover Park Subdivision to the German School Road, at an expense not to exceed $150.00, which is chargeable to the 3¢ Road Fund. This day the County Road Engineer in accordance with directions from this Board made report in writing upon his examination of Jackson Street in Matoaca Magisterial District, which report shows that in the opinion of the County Road Engineer, it is expedient that said road be established as a public road. Upon consideration whereof, and on motion of Dr. Robert u. Gill, it is resolved that Jackson Street in Matoaca l~agisterial District be and the same is hereby established as a public road. And be it further resolved that the Virginia Depar~nent of Highways be and it hereb is requested to take into the ~Secondary System of Chesterfield County, Jackson Street in ~atoaca Magisterial District, beginning ~t the intersection of Rt. 115 and Rt. 119, northwardly and thence easterly on Rt. 119 .13 of a mile to a dead end. This road serves 2 houses. And be it further resolved that the Board of Supervisors of Chesterfield County guarantees a right of way of not less than 50 feet to the Virginia Department of Highways for this road. The undersigned County Road Engineer, having been directed at a previous meeting of the Board of Supervisors of Chesterfield County to examine C hesco Road, Welford Ave Nanorcrest Road, Cox Avenue, Gregory Avenue ~nd Folsom Road, in the subdivision of Chesterfield Court, and report to t~is Board the expediency of establishing said roads as public roads, reported as follows: That he went upon said roads and examined the same and is of the opinion that there is a necessity for the establishment of same as public roads, and further: (1} The said roads will be of great public convenience. (4) (5) (6) That they will not be of mere private c~nvenience. No yard, garden or orchard will be taken. No land owner requires compensation. The said roads are in a subdivision of land dedicated to the Commonwealth of Virginia and therefore land owners along this road will not receive compen sati on. There will be no compensation. This day the County Road Engineer in accordance wit. h directions from this Board mad. report in writing upon his examination of Chesco Road, Welford Ave., Manorcrest Road Cox Avenue, Gregory Avenue and Folsom Road, in the subdivision of "Chesterfield Court" in I~Ianchester Magisterial District, which report shows that in the opinion of the County Road Engineer, it is expedient that said roads be established as public roads. Upon consideration whereof, and on motion of J. C. McKesson it is resolved that Chesco Road, Welford Avenue, I~anorcrest Road, Cox Avenue, Gregory Avenue ~md Folsom Road, in,he subdivision of Chesterfield Court in Manchest. Magisterial District, be and the same are hereby established as public roads. And be it further resolved that the Virginia Department of Highways be and it hereby is requested tot ake into the Secondary Road System of Chesterfield County, the following roads in the subdivision of Chesterfield Court in ~nchester Magisterial District: Chesco Road - from a point on Rt. 647, .ll of a mile east from the inter- section of Rt. 1650 .23 of a mile north to Welford Avenue; Welford Avenue - from the intersection of Chesco Road, .07 miles east to I~L~norcrest Road; Iv~maorcrest Road - from the intersection of Welford Avenue, .16 of a mile south to Folsom Road; Cox Avenue - from the intersection of Rt. 1650 and Rt. 1669, .O8 miles east to Chesco Road; Gregory Avenue - from the intersection of Rt. 1650 and Rt. 1672, .08 miles ea~ to Chesco Road; and Folsom Road - from the intersection of l~anorcrest Road, .07 mile west to Chesco Road. These roads serve 30 houses. And be it further resolved that the Board of Supervisors of Chesterfield County guarantees a right of way of not less than fifty feet to the Virginia Department of Highways for these roads. un motion of James W. Gordon, Jr., seconded by J. C. McKesson, it is resolved that the following Bond Resolution be and the same is hereby adopted. A RESoLUTIoN AUTHORIZING THE IMPROVF~ENT 7uqD EXTENSION oF THE WATER SUPPLY SYSTF~ oF THE COUNTY oF CHESTERFIELD AND AUTHoRIZING THE ISSUANCE OF $1,000,000 PRINCIPAL AMOUNT OF WATER REVENUE B~DS OF SAID COUNTY TO FINANCE THE CoST oF SUCH I}~RoVE- MENT AND EXTeNSIoN AND PROVIDING FoR THE RIGHTS oF THE HOLDERS oF o~JCH BUNDS. BE IT RESOLVED by the Board of Supervisors of the County of Chester- field as follows: ARTICLE I DEFINITION OF TEP~IS. Section 101. Whenever the following terms, or any of them, are used i~~ this Resolution, the same, unless the context shall indicate another or different meaning or intent, shall be construed and used and are intended to have meanings as follows: (1} "County" means the County of Chesterfield, a political subdivision of the State of Virginia. ~ (2) "Board" means the board of supervisors of the County. {3) "Act" means Chapter 175 of the Acts of 1946 of Virginia, as amended by Chapter 56 of the Acts of 1948 of Virginia. (4) "Resolution" means this resolution. (5) "Water System" means the water supply system maintained and operated by the County in order to obtain a supply of water for the County and its inhabitants, and to conserve, treat and dispose of such water, as such system may be now constituted or as it may be hereafter enlarged, extended, reconstructed or otherwise improved. (6) "Project" means the improvements and extensions of the Water Syste~ described in Section 202 of the Resolution. (?) "Bonds" means the bonds issued under the Resolution and secured thereby. {8) "Additional Bonds" means the bonds issued in compliance with Section 312 of the Resolution. (9) "Issuance Date" means the first date on which any of the b~ds are issued. (10) "Revenue" me~s all moneys received by the County in payment of any rates or other chargers for water supplied from or by, or services rendered by, the Water System. (ll) "Net Revenue" means the amount by whi'ch the aggregate of the Revenue received by the County in any fiscal year shall exceed the Expenses of operation and Maintenance payable or accruing during such year. (12) "Expenses of Operation and ~.~aintenance" means the reasonable and proper expenses of operation and maintenance of the Water System, including, without limitating the generality of the foregoing, expenses of repairs, re- placements, salaries, wages, materials, supplies, water purchased, insurance, taxes, legal expenses, engineering expenses, accounting expenses, expenses of of the Fiscal Agent hereunder, and all other reasonable and proper expenses incurred in operating and maintaining the Water System and keeping it in good repair and operating condition. (13) "Fiscal Year" means a yearly period begin,~ing on July 1. (14) "Construction Fund" means the fund established by Section 501. (15) "Revenue Fund", "Chesterfield County Water Debt Service Fund" and "Debt Service Fund" mean the funds described in Sections 602,604,and 605, respectively, of the Resolution. (16) "Paying Agent" means the paying agent named in Section 308 of the Resolution and its successor or successors, if any. [17) "Fiscal Agent" means the fiscal agent designated by Section 905 o~ the Resolution. (18) "Prior Lien Bonds" means the outstanding bonds described in Section 201 of the Resolution, and (19) "Prior Lien Bond Resolution" means the resolution adopted by the County on October 12, 1948 for the purpose of authorizing the Prior Lien Bonds Section 102. Where used in the Resolution, unless a more limited meaning appears from the context, ~ords importing the singular number include the plural and vice versa and words importing perions include firms, associations and corporat ions. ARTICLE II. PURPOSE oF FINanCING. Section 201. The Board has ascertained and hereby determines and declares t hat: (1) The County has, by authority of Chapter 175 of the Acts of 1946 of Virginia, as amended by Chapter 56 of the Acts of 1948 of Virgini~ acquired and constructed a water supply system in order to provide the County and its in- habitants with a supply of water, and has continuously maintained and operated such water supply system for several years. (2) By reason of the extraordinary increase in the population of the County, the existing water supply system is now inadequate and it is necessary that the improvements thereto described in Section 202 of this Resolution shall be under- taken and completed as soon as possible. (3) At a special election held in said County on January 16, 1951, the following question was submitted to the qualified voters of s aid County: "Shall the qualified voters of the County of Chesterfield approve the con- tracting of a loan and the issuance of bonds of the County of Chesterfield of the aggregate principal amount of $1,OOO,OO0 to finance the cost of constructing a new water supply system or new water supply systems and the reconstruction, extension and/or improvement of existing water supply systems now maintained by the County, in order to provide an adequate supply of water to the County and its inhabitants, upon the condition that the net revenue from the sale of water from such water supply system or systems shall be obligated and appropriated to the payment of such bonds and that the~ credit of the County shall not be obligated thereto." and a majority of such qualified voters voting on said question at said special election voted in favor of the bond issue referred to inszid question, a~d the Circuit Court of said County, by an order entered on January 18, 1951, has ordered the Board to issue and sell said bonds. (4) The County has issued its Water Revenue Bonds of the aggregate principal amount of $500,000 dated October l, 1948, and payable in annual installments on October i in each of the years 1949 to 1968, inclusive, in order to finance the cost of constructing and acquiring a water supply system, pursuant to and in accordance with a resolution duly adopted by the Board on October 12, 1948, and such bonds of the aggregate principal amount of $460,000 are now outstanding and constitute special obligations of the County payable solely from the Net Revenue and are secured by a pledge of such Net Revenue. (5) The County has not, as yet, issued any bonds pursuant to the proposition adopted at said special election he~d ca January 16, 1951, and the County desires to issue the bonds authorized at s aid special election pursuant to and in accord- ance with the Resolution. Section 202. In order to improve and enlarge the existing water suppl system of the County, the County shall, as soon as may be practicable (1) construct a concrete dam on Falling Creek capable of impounding approximately 127,O00,000 gallons of water over an approximate area of 80 acres, and (2) construct a water filtration plant of approximately 1,O00,OO0 gallons capacity suitable to treat the water impounded by such dam~ .and (3) construct additional water distribution .mains at suitable locations, and (4) acquire the lands or rights in land necessary ~o permit the making of said improvements and a~quire and install the pumps and other apparatus necessary or suitable for the operation of said water supply system. ARTICLE III. THE BuNDS AND THE MANNER OF THEIR ISSUANCE. Section 301. The County shall issue, in the name of the County, in accordance with and pursuant to the Act and the Resolution, its bonds (herein referred to as "Bonds") of the aggregate principal amount of $1,O00,OOO, for the purpose of raising funds to pay the cost of the Project. Section 302. The Bonds shall be special obli,gations of the County payable solely from the Net Revenue derived by the County from the operation of th~ Water System. Section 303. The Bonds shall be designated "Water Revenue Bonds" and shall consist of one thousand bonds of the denomination of $1,000 each, numbered from I to 1,OOO, inclusive, in the order of their maturity, and shall be dated July l, 1951. Each Bond shall bear interest from its date until the County's obligation with respect to the payment of the principal thereof shall have been discharged. So much of said interest as shall be payable on or before the date of maturity of the Bond expressed t~mrein shall be payable semi-annually on January 1 and July i of each year. Section 304. The Bonds shall mature on July i of the following year in the respective principal amounts set opposite such years: Year Amount Year Amount 1956 30,000 1965 70,000 1957 40,000 1966 70,000 1958 ,o00 1967 7o,o0o 1959 ur, 000 1968 70,000 1960 70,000 1969 70,000 1961 70,000 1970 70,000 1962 70,000 1971 70,000 1963 70,000 The Bonds maturing after July 1, 1958 shall be redeemable prior to their respective maturities as provided in Article IV of the Resolution. Section 305. The Bonds shall bear interest at the rate of three and one-quarter per centum (3 1/4%) per annum. Section 306. Every Bond shall be issued in the form of a bond payable to bearer with coupons payable to bearer attached f or the several in- stallments of interest thereon due at or prior to its maturity, and shall be registerable as to principal 'only. Section 307. The Bonds shall be signed in the name and on behalf of the County by the Chairman of the Board ad by the Clerk of the Board and the seal of the Board ahall be affixed to each of the Bonds. In case any officer of the County who s hall have signed any of the Bonds shall cease to be such officer of the County before the Bonds so signed shall have been delivered, such Bonds, may, nevertheless, be delivered as though such person who signed such Bonds had not ceased to be such officer. Any Bond may be signed on behalf of the County by any person who at the actual date of such signing shall hold the proper office, although at the date of the Bond such person may not have held such office. The coupons to be attached to any Bond shall be authenticated by the fac-similes of the signatures of said Chairman and Clerk. Section 308. Both principal of and interest on the Bonds shall be payable at the principal office of The First and Merchants National Bank of Richmond, in Richmond, Virginia, or of its successor as Paying Agent, in any coin or currency of the United States of America which, on the respective dates of payment, shall be legal tender for the payment of public and private debts. Section 309. The Bonds, the interest coupons representing the interest payable on the Bonds mud the registration provisions, shall be, respectively, in substantially the following form, with such appropriate omissi~ insertions and substitutions and variances as are permitted by the Resolution: (Form of Bond) No, No. UNITED STATES oF A~',fERICA STATE uF VIRGINIA COUNTY tF CHESTERFIELD WATER REVENUE Bu~qD $1,000 $1,000 The County of Chesterfield (hereinafter called the County), a political subdivision of the State of Virginia, for value received, hereby promises to pay, solely from therevenues hereinafter referred to, to the bearer or, if this Bond be registered as hereinafter provided, to the registered holder of this Bond, on July l, 19~, the principal sam of ONE THOUSAND DuLLA~S ($1,0001 and to pay, mlely from said revenues, interest on said principal sum from the date of this Bond, at the rate of three and one-quarter per c entum (9 1/4 %) pm annum, semi-annually on January i and July l' of each year, until the~ounty's obligation with respect to the payment of said principal sum shall be dis- charged. So much of said interest as shall be payable at or before the date c~ maturity of this Bond expressed herein will be paid only upon presentation and surrender of the annexed interest coupons as they severally mature; and ~o muck of said interest as shall be payable after said date of maturity will be paid to the bearer of this Bond, or, if this Bond be registered, to the registered holde~ of this Bond. Paymeat of the principal of and interest on this Bonc~ will be made at the principal office of The First and Merchants National Bank of Richmond (the paying agent of the County), in the City of Richmond, Virginia, or of its successor as such paying agant, in such coin or currency of the United States o~ America as at the t~me of payment ~hall be legal tender for the payment of publ~ and private debts. S, This Bond is one of a duly authorized issue of coupon buds of the County, known as its Water Revenue Bonds (hereinafter called the Bonds), limited to the aggregate principal anount of $1,000,000, dated July l, 1951, maturing serially on July I in various years, and numbered from i to 1,OOO, in the order of their maturity. The Bonds are issued or to be issued for the improvement and extension ~ a public water supply system maintained by the County, and a portion of the net revenue derived by the County from said water supply system is pledged for their payment, and the credit of the County is not pledged. The Bonds are issued or to bE issued from time to time under and pursuant to and equally and ratably secured by a resolution entitled "A Resolution authorizing the improvement and extension of the water supply system of the County of Chesterfield and authorizing the issuance of $1,O00,000 principal amount of Water Revenue Bonds of said County to finance the co.~ of such improvement and extension and providing for the rights of the holders of such bonds", adopted by the Board of Supervisors of Chesterfield County on July 10, 1951, to which resolution reference is hereby made for a more specific description of the revenues charged with and pledged to the payment of the principal of and interest on the Bonds, and for a statement of the nature, extent and mamner of en- forcement of such security, of the rights of the bearers and registered holders of the Bonds and of the annexed interest coupons with respect to such security, and of the agreements of the County with respect thereto. In case a default as defi~led in said Resolution shall happen, the principal of all the Bonds then outstanding may become or be declared due and payable in the manner and with the effect provided in said Resolution. The County may issue, pursuant to the Resolution, additional bond.~ on a parity with the Bonds, for the purposes, in the amounts and on the conditions prescribed in the Resolution. The Bonds maturing after July l, 1958 are redeemable prior to their respective maturities, at the option of the County, in the manner and upon the terms and conditions stated in the Resolution, on July l, 1958 or on any subsequent interE payment date, as a whole or in part, at a redemption price of par and accrued interE to the date of redemption plus a premium of one-eighth of one per centum of the par value thereof for each six months from the date of redemption to the r espective stated d~tes of maturity of the Bonds called for redemption, not, however, in any case exceeding 4% of such principal amount. If the Bonds are not redeemed as a whole, the Bonds to be redeemed must be the outstanding Bonds bearing the highest identifying numbers. Notice of any such redemption, s.pecify~ing t. he_?ednemu~P~ie~n fda~[ o and, if less than all of the outstanding Bonds are to De receemea, %ne n Bonds to be redeemed, and further stating that on such redemption date there shall become due and payable upon each Bond so to be redeemed at the place of payment specified in such Bond the principal thereof and the redemption premium, together with interest accrued to the redemption date, and that from and after such date interest thereon shall cease to accrue, shall be given by the County by p~ once in a newspaper published in the English language and having a general E in the City of Richmond, Virginia, and in a financial newspaper published in the Borough of Manhattan, City and State of New Yor~, each such publication in such newspapers to be not less than thirty nor more than sixty days prior to the redempt~ of redemtion shall have been published as aforesaid, and if, on t} date. If notice ~P ...... ~+~ .... f all the Bonds to be redeemed, to.get, hex redemption date, moneys Ior ~n~ ~-~~ ~ with interest to the redemption date, shall be held by the paying agent hereinbefore described so as to be available therefor on said date, then, from and after the redemption date, the Bonds so called for redemption shall cease to bear interest and the coupons representing the interest payable thereon maturing .subsequent to the redenption date s~all be void. This Bond may be registered in the name of the holder thereof in con- formity with the provisions endorsed hereon and subject to the terms and conditions set forth in the Resolution, and unless so registe~red this Bond shall be trans- ferable by delivery. This Bond is issued pursuant to Chapter 175 of the Acts of 1946 of ? Virginia, as amended by Chapter 56 of the Acts of 194~ of Virginia, and pursuant to the affirmative vote of a majority of the qualified voters of the County voting upo~ the question of their ~ ssuance, at a special election held on January 16, 1951, and pursuant to the above mentioned Resolution. All conditions, acts and things re- quired by the Constritution or statutes of the State of Virginia to exist, be per- formed or happen precedent to or in the issuance of this Bond, exist, have been performed and have happened; and the amount of this Bond, together with all other indebtedness of the County, does not exceed any limit presecribed by the Ccnsitiuti~ or statutes of said State. IN ~fITNESS WHEREOF, the County has caused this Bond to be signed by the Chairman of its Board of SUpervisors and by the Clerk of said Board, and has caused the seal of said Board to be hereunto affixed or impressed hereon, and coupons for said interest bearing the fac-simile signatures of said officers to be attached hereto, all as of July 1, 1951. --C'~airma'n of the Board of Supervisors - Cler'~ of' the Board of Supervisors (Form of interest coupon payable on or before July 1, 1958) No. ~ $16.2~ January, On the first day of July, 19~_, the County of Chesterfield, a political subdivision of the State of Virginia, will pay to bearer, solely from those certain revenues referred to in the Bond hereinafter mentioned, at the principal office of The First and Merchants National Bank of Richmond, in the City of. Richmond,. Virginia, the sum of . .~.~Sixteen. and 2~/100. Dollars ($16.2~ ), mn such coin or currency of the United States of America as at the time of payment thereof shall be legal t~nder for the payment of public and private debts, being six months' interest then due on its Water Revenue Bond, dated July l, 1951, and numbered . Ch~i'r~u of the Board of Supervisors ~'Yerk of'""bRe Board of Supervisors {Form of interest coupon payable after July l, 1958) No. , $16.25 Janua fy, In the first day of July, 19m, unless the Bond hereinafter mentioned shall have been c al]ed for previous redemption and payment thereof made or duly provided for, the County of Chesterfield, a political subdivision of the State of Virginal a, will pay to bearer, solely from those certain revenues referred to in said Bond, at the principal office of The First and ~erchants Nationa~l Bank of Ric~nond, in the City of Richmond, Virginia, the sum of Sixteen and 2~/,100 Dollars {$16,2~ ), in smch coin or currency of the United states of AmeriCa as at the time 6£ payment thereof shall be legal tender for the payment of public and private debts, being six months' interest the~ due on its Water Revenue Bond, dated July l, 1951, and numbered ~. Chariman of the Board of Supervisors Clerk" of the Board of Supervisors (Form of registration certificate) This Bond may be registered in the name of the holder as to principal only on books of the County of Chesterfield kept by the County Treasurer under the within mentioned Resolution, as Registrar, upon presentation hereof to said Registrar who shall make notation of such registration in the registration blamk below, after which no transfer shall be valid unless made on said books by the registered owner or his attorney duly authorized in writing and similarly noted in the registration blank below, but it may be discharged from registration by being in like manner transferred to bearer, after which it shall be transferable by delivery and it may be again registered as before. Da~' of : In Whose Name : Signature of' RegisSr.at ion : Registered : County Treasurer Section 310. The County will keep at the office of its Treasurer a register for the registration and transfer of the Bonds; and, upon presentation for such purpose, the County will, under such reasonable regulations as it may register any Bond as to the principal thereof. The holder of any Bond may have the fact of his holding thereof registered on said register at said office. Every such registration shall be noted on such Bond, and after such registration no transfer of such Bond shall be valid unless made at said office by the registered holder in person, or by attorney thereunto duly ~uthorized, and similarly noted on such Bond. Upon presentation for the purpose at such office of any Bond so registered as to principal, accompanied by delivery of a written instrument of transfer in form approved by the County executed by the registered holder in person, or by attorney thereunto duly authorized, such Bond shall be transferred upon such register and such transfer shall be noted on such Bond. The registered holder of any Bond registered as to principal shall also have the right to cause the same to be registered as payable to bearer, in which case transferability by delivery shall be restored, and thereafter the principal of such Bond ~Then due shall be payable to the person presenting the same for payment. Any Bond registered as payable to bearer may be registered again in the name of the holder with the same effect as a first registration thereof. Successive registrations and transfers as aforesaid ma be made from time to time as desired, and each such registration or transfer shall be noted on the Bond. The registration of any Bond, however, shall not affect the negotiability by delivery merely of coupons appertaining to such Bond, and every such coupon shall continue to pass by delivery and shall remain payable to bearer, and payment thereof to bearer shall fully discharge the County in respect Of robe interest therein mentioned, whether or not such Bond be registered. Provided, how- ever, the b~ud holder requesting registration shall bear all expense of shipping, mailing and insuring any such Bonds. Section 311. The Chairman and the Clerk of the Board are hereby authorized and directed to cause the Bonds to be prepared and to execute the Bonds in accordance with their terms. The County Treasurer is hereby authorized and directed to deliver the Bonds, when they have been properly executed, to the purchaser to whom they are sold by the Board, upon receipt of the purchase price to be paid by the purchaser. Section 312. After the execution and delivery of the Bonds, the County may, if and to the extent from time to time permitted by law, issue bonds (herein referred to as "Additional Bonds"), from time to time as may be determined by the Board, which shall be payable f rom the same funds as the Bands and shall be secured, equally and ratably with the Bonds by a pledge of the Net Revenue of the Water System. Such Additional Bonds may, however, be issued only upon the following conditions: (1) The Additional Bonds shall be issued for one or more of the following purposes: the construction, acquisition, reconstruction, improvement or extension of the Water System. (2) The principal of Additional Bonds shall be ~made payable on July i of the years in which such principal is payable and the interest on AdditiOna~ Bonds shall be made payable semi-annually on January 1 and July 1. (3) At the ti~e Additional Bonds are issued, .the County shall not be in default with respect to any covenant or agreement contained in either the Resolution or the Bonds. (4) The amount of the average ~let Revenue of the System, computed by dividing by two the ~et Revenue for the two fiscal years im~ediately preceding the time of the issuance of the Additional Bonds, shall be not less than 125% of the maximum aggregate amount of principal and interest payable in any future fiscal year with respect to Prior Lien Bonds, the Bonds and Additional Bc~ds then outstanding and the Additional Bonds about to be issued. ARTICLE IV REDFJ'~°TIuN oF B~NDS BEFORE ~L~TURITY Section 401. The Bonds maturing after July l, 1958, outstanding at any time, may be redeemed prior to their respective maturities, at the option of the County on July l, 1958, or on any subsequent interest payment date, as a whole or in part, at a redemption price of par and accrued interest to the date of redem tion plus a premium of 1/8 of 1% of the principal amount thereof for each sim m~uth: from the date of redemption to the respective stated d~tes of maturity of the Bonds called for redemption, not, however, in any case exceeding 4% of such principal amount. If the Bonds are not to be redeemed as a whole, the Bonds to be redeemed must be the outstanding Bonds bearing the highest identifying numbers. Section 40~. Wheu the County shall elect to redeem the Bonds as a whole, or any specified portion of the Bonds, the County shall give notice of ~he redemption date and, if less than all of the Bonds are to be redeemed, the numbers of the Bonds to be redeemed. The notice shall further state that on such date there shall become due and payable upon each Bond so to be redeemed at the place of payment specified in such Bond the principal thereof and the redemption premium, together with interest accrued to the redemption date, and that from and after such date interest thereon shall cease to accrue. Such notice shall be given by publication once in a newspaper published in the English language and having a general circulation in the City of Richmond, Virginia, and in a financial newspaper published in the Borough of Manhattan, City and State of New York. Each such publication in each newspaper shall be not less than thirty days nor more than sixty days prior to the redemption date. In addition to giving notice of by publication as aforesaid, a copy of such notice shall also be mailed by the County, postage prepaid, not less than twenty-five days before the redemption date, to the registered owners of any Bonds which are to be redeemed, at their last addresses, if any, appearing upon the register kept in the office of the County Treasurer, but such mailing shall not be a condition precedent to such redemption and failure so to mail any such notice shall not affect the validity of the for the redemption of the Bonds. Section 403. Notice having been given by publication in the manner provided in Section 40~, the Bonds so called for redemption shall become due and payable on the redemption date so designated at the redemption price, plus interest accrued to the redempticn date, and upon presentation and surrender thereof at the place of payment specified the'rein, together with, in the case of Bonds re otherwise th~n to bearer, a written instrument of transfer satisfactory to the County duly executed by the registered owner or his duly authorized attorney, and, all appurtenant coupons maturiug subsequent to the redemption date, such Bonds shall be paid at the redemption price plus interest accrued to the redemption date. ALl int. erest installments represented by coupons which shall have matured on or prior the redemption d ate shall continue to be payable to the bearers of such coupons. If, on the redemption date, moneys for the redemption of all the Bonds to be redeeme together with interest to the redemption date, shall be held by the Paying Agent so as to be available therefor on said date and if notice of redemption shall have been published as aforesaid, then, from and after the redemption date the Bonds or portion thereof so called for redemption shall cease to bear interest and the coupon representing the interest payable thereon maturing subsequent to the redemption date shall be void, and said Bonds and coupons shall no longer be considered as out- standing hereunder. If said moneys shall not be so available on the redemption date the Bonds shall continue to bear interest until paid at the same rate as they would have borne had they not be~ called for redemption. All moneys held by the Paying Agent for the redemption of particular Bonds shall be held in trust for the account of the holders of t he Bonds so to be redeemed. Section 404. The option of the County to redeem any Bonds shall be exercised by resolution duly adopted by the Board. ARTICLE V APPLICATIuN oF PROCEEDS OF BuilDS Section 501. All mcneys received by the County in payment for the Bonds, exclusive of accrued interest, shall be credited to a special Fund which is hereby created and which shall be known as the "Chesterfield County 1951 Water Supply System Construction Fund" (hereinafter referred to a s the ConstructiOn Fund). All moneys credited to the Construction Fund shall be deposited with the County's depositary or depositaries, and are hereby pledged, pending application thereof in accordance with Section 502, for the security of the payment of the principal of and interest on the Bonds and shall at all times be subject to the lien of such pledge. Section 502. The moneys credited to the Construction Fund shall be applied by the County to the payment of the cost of the Project. Section 503. The amount received by the County from the purchasers of the Bonds as accrued interest, if any, shall be paid by ~he County into the Current Account of the Debt Service Fund created by Section 604 of this Resolution. ARTICLE REVENUES AND REVEUE FUNDS Section 601. The County covenants and agrees that, except as in this section otherwise provided, it shall collect rates or charges for water or services furnished by the Water System in accordance with the rules and regulations of the County in force on the Issuance Date. Such rates or charges may be altered as the Board may, in its discretion, deem to be advisable provided the rates or charges as as altered shall be sufficient to produce or yield Revenue in the following amounts (someti les referred to in the Resolution as "Required Revenue") in each fiscal year for so long as any Bonds or Additional Bonds shall be outstanding: (a) in each fiscal year an amount adequate to pay the Expenses of Operation and Maintenance accruing during such fiscal year,125and%(b) in addition to the amount referred to in clause (a), an amount equal to of the agMregate amount required to pay principal of and interest on Prior Lien Bonds, Bonds and Additional Bonds, if any, payable during such fiscal year. The County also covenants and agrees that it sha]f from time to time, increase or revise such rates or charges so that they shall, at all times, be such as will produce, in each fiscal year, the Required Revenue for such fiscal year. Section 602. All Revenue derived by the County from the operation of the Water System shall be collected by and shall be paid to the County Treasurer of the County a~d shall be deposited by him, as promptly as practicable after the receipt of such Revenue, in a bank or banks authorized to a ct as depositary or depositaries of the County, and shall be held by such bank or banks in a special fund or account to be known as the "Chesterfield County Water Revenue Fund" (herein. after referred to as "Revenue Fund"), which fund has been heretofore established in accordance with the Prior Lien Bond Resolution. Section 603. The County shall pay from the Revenue Fund the Expenses of Operation and Maintenance as such expenses become due and payable. Section 604. As required by the Prior Lien Bond Resolution, until the County's obligations with respect to the Bonds and Additional Bonds, if any, have been fully discharged, the County shall transfer f rom the Revenue Fund and pay into the Chesterfield County Water Debt Service Fund established by the Prior Lien Bond Resolution, at the times and in the manner specified in such Resolution, the amount~ required by Section 4.03 of such Resolution to be transferred to such fund and paid into the Current Account and the Reserve Account of such fund. The amounts so paid into the Chesterfield County Water Debt Service Fund shall be applied to the payment of the principal of and interest on the Prior Lien Bonds as uch principal and inter~ become due and payable in accordance with the provisions of Section 4.03 and Sectio: 4.04 of the Prior Lien Bond Resolution. Section 605. There is hereby created a special fund, to be kno~ as the "Water Revenue Bonds (1951) Debt Service Fund" (hereinafter referred to as the "Debt Service Fund"), which shall be divided into a "Current Account", a "Reserve Account? and a "Redemption Account", and shall be held by the Fiscal Agent herein- after referred At some time during the first twenty days of each calendar month commencing after the Issuance Date, the County shall, out of moneys remaining in the Revenue Fund previously collected and remaining after the County has complied with the requirements of Section 603 and Section 604 of the Resolution, pay (a) Into the Current Account of the Debt Service Fund: (1) An ameunt equal to one-sixth of the interest payable on the interest payment date next ensuing with respect to Beads and Additional Bonds, if any, outstanding at the end of the preceding month; and (2) An amount equal to one-twelfth of the principal that will~ mature on July I next ensuing with respect to Bonds and Additional Bonds, if any, outstanding at the end of the preceding m~th; and (3) If any of the Bonds or Additional Bonds outstanding at the end of the precedi]g month were issued during such month, an amount to be ascertained by subtracting from (a) the aggregate of the principal and interest payable with respect to such Bonds or Additional Bonds, if any, on or before July i next ensuing (b) the aggregate of the amounts payable with respect to such principal and interest prior to such July l, under the terms of the foregoing provisions of this Section, and of any moneys received from the purchaser of such Bonds or Additional ~bnds within the six months preceding the next ensuing interest payment date and paid into the Debt Service Fund under the provisions of Section 503 of the ~esolution. (b) Into the Reserve Account of the Debt Service Fund: An ~nount equal to twenty per cent (20%) of said payments into the Cur~'ent Account; provided, however, that whenever end for so long as the amount in the Reserve Account shall be as much as the aggregate amount of principal and interest that will become due and payable in the twelve months' period beginning on the July 2 neat ensuing on the Bonds then outstanding, no payment need be made into the Reserve Account; and provided, further, that no greater payment need be made into the Reserve Account then shall be necessary to make the amount in the Reserve Account equal to said aggregate amount of principal and interest. If for any reason the moneys in the Debt Service Fund and actually available for the purpose of paying the principal of or interest on the Bonds and Additional Bonds, if any, shall at any time be less than the total amount required by the foregoing provisions of this Section to be paid to the Fiscal Agent up to such time~ after deducting moneys previously applied to, or set aside and held by the Fiscal Agent for, the payment of matured Bonds and Additional Bonds, if any, and matured coupons appurtenant to Bonds and Additional Bonds, if any, the amount of the deficiency shall be added to the amount otherwise required to be paid to the Fiscal Agent from the Revenues in each month thereafter until all such deficiencies shall have be~ made up. At some ti:ne during the first twenty days of each calendar month commencing after the Issuance Date, the County shall~ afte~r (al payment o£ Expenses of Operation and Maintenance as required by Section 603, {b} payment of the sums recuired to be paid into the Chesterfield County dater Debt Service Fund referred t¢ in ~Section 604, (c) payment into the Current Account and the Reserve Account of the Debt Service Fund of the ~nounts req~ ired by the foregoi~g provisions of this Secti¢ 605 to be paid into said accounts, and (d) payment of the a~ount required by Section 607 to be set aside in the Operation and Maintenance Reserve Account referred to in Section 607, the County s hall pay into the Redemption Account of the Debt Service Fund the entire balance of the mc~eys remaining in the Revenue Fund, except so much of said moneyB, if a~y, as the County shall be authorized by law to use and shall have determiaed to use for the purpose of paying other obligations payable f rom said moneys or for the purpose of enlarging or extending the Water System. Whenever and for so long as the moneys in the Debt Service Fund areat least equal to the aggregate p~incipal amount of the Bonds and Additional Bonds issued and unpaid, plus the an ount of interest then due and thereafter to becom~ due on the Bonds and Additional Bonds issued and unpaid, no further payment need be made into the Debt, Service Fund. The moneys deposited in said fund shall be held by the Paying Agent in trust to pay, and shall be applied by the Paying Agent from time to time to the payment of, the Bonds and Additional Bonds, if any, and the interest thereon, as the same become due and payable. Section 606. Ncneys in the Current Account of the Debt Service Fund shall be used by the Fiscal Agent for the purpose of paying or making provision for paying the principal of and inberest on the Bonds or Additional Bonds, if any. as such principal and interest fall due. M~neys in the Reserve Account of the Debt Service Fund shall also be used by the Fiscal A gent for said purpose whenever and to the extent that the moneys in the Current Account shall be insufficient for said purpose. If at any time the aggregate amount in the Current Account and the Rewerve Account shall be insufficient for said purpose, the Fiscal Agent shall transfer from the Redemption Account an amount sufficient to make up the deficiency, if there shal be at that time in the Redemption Account moneys not needed for the purpose of payin the principal of Bonds previously called for redemption; but any moneys so trans- ferred from the Redemption Account sha~ be restored from the firstavailable moneys in the Revenue Fund, after payment of current Expenses of Operation and Maintenance. }4oneys in the Redemption Account not needed for the purpose of making up such a deficiency shall be applied to the purchase or redemption of Bonds pursuant to the provisions of Article IV. All moneys in the Debt Service Fund shall be held by the Fiscal Agent in trust, and they ar~~ hereby pledged to and charged with the payments mentioned in this Section. Provided, however, thab the County reserves the right to lend out and/.or invest, as provided by Chapter 175 of the Acts of Assembly of Virginia of 1946, such moneys as may from time to time be in the Redemption Account of the Debt Service Fund and which moneys will not be needed for the purpose of such Debt Service Fund until at least two (2) years subsequent to the date of such pro- posed loan and/or investment. Section 607. The County shall maintain in the Revenue Fund the Operation and Maintenance Reserve Account which i~ established by Section 4.05 of th Prior Lien Bond Resolution. At the times and in the manner specified in said Sectio 4.05 the County shall set aside and pay into said account, from moneys in the Revenu Fund, the sums re.~uired to maintain said account in accordance with s aid Section 4.05. The moneys held in such reserve account shall be expended pursuant to and in accordance with the provisions of said Section 4.05. ARTICLE VII. PARTICULAR CuVEN~1TS OF THE COUNTY. Section 701. The County covenants and agrees that it will duly and punctually pay, or cause to be paid, the principal of all Bunds issued under the Resolution and the interest thereon, on the dates, at the place and in the manner set forth in such Bonds and in the coupons thereto appertaining, and that it will faithfully do and perform and at all times fully observe any and all covenants, undertakings, stipulations and provisions contained herein or in the Bonds at any time outstanding hereunder. Except as in this Resolution otherwise provided, such principal and interest are payable solely from the Revenue derived from the Water System, which revenue is hereby pledged to the paymen~ thereof in the manner and to the ex'ent hereinabove particularly specified, and nothing in the Bonds or coupons o~ in this Resolution shall ~e construed as pledging the credit of the County or as obligating the County directly or indirectly or contingently to levy a tax therefor. Section 702. The County covenants and agrees that it will at all time~ maintain the .~ateI' System in good working order and condition, and will continuousl operate the same, and will, from time to time, make all proper repairs, renewals and replacements. Section 703. The County covenants and agrees that it will at all time carry insurance in a responsible insurance company or companies authorized and qualified under the laws of Virginia to assume the risk thereof, covering such properties belonging to the Wate~~ System as are customarily insured, and against or damage from such causes as are customarily insured against, by companies engaged in the operation of water systems. The proceeds of any and all such insurance shall to the extent necessary, be applied to the repair and replacement of the damaged property. If such proceeds are more than sufficient for such purpose, the balance remaining shall bepaid into the Redemption Account of the Chesterfield County Water Debt Service Fund established by the Prior Lien Bond Resolution, if all bonds under said Resolution have not been paid, otherwise in the Redemption Account of the Debt Service Fund established by Section 605 of the Resolution. Section 70~. The County covenants and agrees that so long as the Bond~ or any of them shall be outstanding and except as in this Resolution otherwise per- mitted it will not sell, lease or otherwise dispose of or encumber the Water System o~ any part thereof and will not create or permit to be created any charge or lie~ on the revenues of the Water System ranking equally with or prior to the charge or lien on such revenues of the Bonds issued under and secured by this Resolution. The County may, however, from to ti~e, sell any machinery, fixtures, apparatus, tools, instruments, or other moveble property acquired by it in connection with the Water System, or any materials used in connection therwith, if the County shall by resolution of the Board determine that such articles are no longer needed or are no longer useful in connection with t~e ca~ struction or operation and maintmrance of the Water System, and the proceeds thereof shall be applied to the replacement of the properties so sold or disposed of or shall be deposited for the credit of the Revenue Fund. The County may from time to time sell or lease such other property forming part of the Water System as it may determine is not needed or serves no useful purpose in connection with the maintenance and opera, ion of the Water System; the proceeds of any such sale shall be desposited to the credit of the Redemption Account of the Chesterfield County Water Debt Service Fund established by the Prior Lien Bond Resolution, if all bonds issued under said Resolution have not been paid, otherwise in the Redemption Account of the Debt Service Fund established by Section 605 of the ~esolution, and the rentals from any such lease shall be deposited to tZn~ credit of the Revenue Fund. Section 705. The County covenants that it will keep proper books of account (separate from all other records and accounts) in which complete and correc' entries shall be made of all transactions relating to the Water System. Such books shall be open to the inspection of all interested persons. The County further covenants that during the months of May and November in each year while any of the Bonds are outstanding it will cause to be filed with the Fiscal Agent a report, certified by a competent and independent certified public accountant, showing, wi~ respect to the six months' period ending at the beginning of such month, the and expenses of the ~ater ~System, the number and classification of cons~tmers su by the Wa%er System, the payments to and withdrawals from each of the separate fund.~ or accounts c~eated by this Resolution, the amounts on deposit in each of said separate funds or accounts at the end of such six months' period, and such other information as may be necessary to enable the holders of the Bonds to be fully in- formed as to all matters pertaining to the financial operation of the %{ater System during such six months' period and the financial condition of the Water System at the end of such period. Ai{TICLE VIII DEFAULTS ~uN D ~E~.~DIES Section 801. If a coupon appertaining to any of the Bonds shall in any way before, at or after maturity be transferred or pledged separate and apart from the Bond to which it appertains, such coupon shall not, unless accompanied by such Bond, be entitled, in case of default hereunder, to any benefit of or from this Resolution, except after prior payment in full of the principal of all Bonds and of all coupons not so transferred or pledged. If the time for the payment of any coupon appertaining to any of the Bonds shall be directly or indirectly ex- tended, or the extension thereof shall be assented to by the County, or the County shall be a party to or approve of any arrangement for such extension by purchasing such coupons or in any other manner, then, anything in this Resolution contained to the contrary notwithstanding, such coupon so extended shall not be entitled, in case of defaUlt hereunder, to any benefi~ of or from this Resolution, except after prior payment in full of all Bonds outstanding hereunder and of all such coupons as shall not have been so extended. Section 802. If one or more of the following events (herein called "events of default") shall occur, that is to say, in case (a) Default shall be made in the p~yment of the principal amount of any Bond when the same shall become due and payable, whether at maturity, by call for re- demption, by declaration or otherwise; ~r (b) (c) (d) Default shall be made in the payment of any installment of interest on an Bond when the same shall become due and payable, and such default shall continue for 30 days; or Default shall be made in the performance of any other covenant or agree- ment contained herein or in any Bond, and such default shall continue for 30 days after written notice of such default, specifying such default and requesting that it be remedied, shall have been given to the County by the holders of at least 20% of the then outstanding Bonds; or The County shall for any reason, be rendered incapable of fulfilliqg its obligations under this Resolution, the holders of not less than 55% of the aggregate princi-pal amount of the Bonds then outstanding may, be a notice in writing to the County, declare the principal of all the Bonds then outstanding (if not then due and payable) to be due and payable immediately, and upon such declaration the same shall become and be immediately due and payable, anything in the Bonds or in this Resolution contained to the contrary notwithstanding; provided, however, that if at any time after the principal of the Bonds shall have been so declared to be due and payable, all arrears of interest, if any, upon all the Bonds then outstanding, and all other indebtedness secured hereby, except the principal of any Bonds not then due by their terms, and the interest accrued on such Bonds since the last interest payment date, shall have been paid, or shall have been provided for by deposit with the Fiscal Agent of a sum sufficient to pay the same, and every other default in the observance or performance of any covenant, condition, or agreement in the Bond, or in this Resolution, contained, shall be made good, or provisions therefor satisfactory to such Bond holders shall have been made, then and in every such case the holders of not less than 55% in principal amount of the Bonds then outstanding may, by written notice to the County, rescind and annul such declaration and its consequences, but no such rescission or annulment shall extend to, or affect, any subsequent default or impair right arising the refrom. Section 803. Upon the occurrence and continuance of any event of de- fault, as s~ecified in Section 802, the holder of any Bond :nay proceed to protect an enforce the rights of the bond holders under this Resolution by mandamus or other appropriate action, suit or proceeding at law or in equity in any court of competent jurisdiction, for the specific performance of any covenant or agreement contained herein or in aid or execution of any power herein granted, or for the enforcenent of any proper legal or equitable remedy, as such bond holder shall deem most effectual to protect and enforce the rights aforesaid, insofar as such may be authorized by law. Section 804. No remedy herein afforded to holders of Bonds is intended to be exclusive of any other remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Section 805. No delay or omission of the holder of the Bonds to exercise any right or power accruing upon any event of default occurring and con- tinuing as aforesaid, shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein; and every such right and power may be exercised from time to time and as-~often as may be deemed expedient ARTICLE IX. MISCELL~IEuUS PEuVISIoNS. Section 901. This Resolution is adopted pursuant to the provisions of Chapter 175 of the Acts of 1946 of Virginia, as ~nended by Chapter 56 of the Acts of 1948 of Virginia. Section 902. In consideration of ~.he purchase and acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time time, this Resolution shall be deemed to be and shall constitute a contract between the County and the holders from time to time of such Bonds; and the covenants and agreements herein set forth to be performed on behalf of the County shall be for the equal benefit, protection and security of the holders of any and all such Bonds and coupons, all of which, regardless of the time or times of their issue or maturity, shall be of equal rank without preference, priority or distinction of any of the Bonds or coupons over any other thereof except as expressly provided herein. Section 903. Except as herein otherwise expressly provided nothing in this Resolution is intended or shall be construed to confer upon any person, firm or corporation other than the holders of the Bonds, any right, remedy or claim, legal or equitable, under or by reason of this Resolution, or any covenant, condition or stipulation herein, this ~esolution and all its covenants, conditions and stipulatio~ s being intended to be for the sole and exclusive benefit of the holders from time to time of the Bonds. Section 904. In the event that any one or more of the provisions of this Resolution ahall for any reason be held to be illegal or invalid, such illegality or invalidity shall not a£fect any other provision of this Resolution, and this Resolution, and the Bonds issued pursuant thereto, shall be construed enforced as if such illegal or invalid provision or provisions had not been contain in this Resolution. Section 905. The First and ~ierchants National Bank of Richmond, in t~ City of Richmond, Virginia, is hereby appointed as Fiscal Agent under the provision~ of this Resolution. The County reserves the right tO at any time chan~e its Fiscal Agent, and covenants and agrees that any new Fiscal Agent shall be a bank or trust company in the City of Richmond, Virginia. Section 906. If the County shall pay or cause to be paid to the holders of the Bonds and the coupons ap~urtenant thereto the principal and interest to become due thereon at the times and in the manner stipulated therein and in ~his Resolution, the Fiscal Agent shall assign and deliver tot~he County any moneys ~r property held by it subject to this Resolution which may be then in the possession of the Fiscal Agent other than moneys held by it for the payment of principal of or interest on Bonds not yet surrendered for payment or redemption. Bonds and coupons for the payment or redemption of which moneys shall have been deposited with the Fiscal A~ent, whether at or prior to the maturity or the redemption date of such Bor shall be deemed to have been p~d within the meaning of this Section and shall not be deemed to be outstanding; provided, however, that if such Bonds are to be redeem~ prior to the maturity thereof, notice of such redemption shall have been duly Miven. a d option. Section 907. This Resolution shall take effect immediately upon its On motion, it is ordered that the meeting be now adjourned until lO:O0 a.m. on August 14, 1951. · Executive Secretary