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BROADK,AS PLAN OF CHURCH FINANCE
<br />CERTIFIED 1. S. Brac ell hH us6on, Texas
<br />BOND RESOLUTION'
<br />THE STATE OF NEBRASKA
<br />COUNTY OF HALL
<br />WHEREAS, the CHURCH OF CHRIST, GRAND ISLAND, NEBRASKA
<br />(Name of Church)
<br />desires to provide for the payment of the indebtedness incurred, if any, and to be incurred in the construction of a house of worship
<br />by and through the issuance of a series of bonds of the church in the sum of
<br />Fifteen Thousand ($ 15, 000- 00 ) Dollars, therefore;
<br />BE IT RESOLVED BY THE SAID M -TURCH OF 0.1-11 '1T_ GRAND MLAND, NEBRASKA
<br />(Name of Church)
<br />SECTION I: That the church has and does by these presents authorize the issuance of said bonds in said sum of
<br />Fifteen Thousand ($ 15, 000. 00 )
<br />Dollars, to be dated August 1 , 19-5-4—, bearing interest at the rate of Five (5 %) Per Cent per annum,
<br />payable semi - annually at the OVERLAND NATIONAL BANK, *RAND ISLAND, NEBRASKA
<br />(Name of Bank)
<br />and maturing serially over a period of thirteen and one -half years; that said bonds shall be issued in accordance with the "Broad-
<br />way Plan" of church finance, bearing the symbol thereof and shall be executed by the minister, president and secretary of the
<br />Board of Trustees of the church+ that the names of saki president and secretary are hereby authorized to be printed on the interest
<br />coupons attached to said bonds; that the bonds shall also bear an approving certificate by an attorney, which may likewise be
<br />printed thereon, and the certificate of the church treasurer, acknowledging receipt for the payment of each bond.
<br />SECTION II: That in order to pay the interest and the bonds as the same shall mature, there is hereby assigned,
<br />set aside and appropriated out of the weekly revenues of said church the sum of Fifteen
<br />( $ 1 5_ 1M 00 ) Dollars each week, beginning the first week in A Rau gt 19__5i_, and continuing weekly
<br />through the month of Tgnuary , 19a'5, and the sum of Thirty
<br />($
<br />30.00 ) Dollars per week, or so much thereof as may be necessary, beginning the first week in Feb r uary 19-5-5-, and continuing while,.said bonds, or any of them are outstanding; that should the revenues of said church not be sufficient for said
<br />deposit in any one week then the deficiency shall be made up from the revenues for the succeeding week or weeks; that said sum shall
<br />be deposited weekly out of the first revenues of said church in a special interest and sinking fund account in the above named
<br />bank, and said bank is hereby authorized and directed to pay said bonds and coupons upon presentation as and when the same
<br />shall become due and without any further authorization; that unless otherwise specified herein said special interest and sinking fund
<br />account shall be expended for no purpose other than payment of the bonds and interest coupons as they mature; that said
<br />church will promptly pay from its general fund all charges by said bank for handling said account, including any exchange
<br />charges it may make for remitting the bond and interest payments to other banks; that said bank may, at its option, on thirty (30 )
<br />days advance notice to said church withdraw from its duties hereunder and refuse to handle said special account, whereupon the
<br />bank's only liabili ty will be to hand over the funds in its possession at that time to such other bank as the church in writing shall
<br />designate, and said church shall notify all known bondholders as to where said account is maintained and the church shall deliver
<br />any proper and necessary releases hereunder upon demand to the depositing bank designated in this resolution.
<br />SECTION III: That as said bonds are sold, the Treasurer shall deposit all the.-proceeds of same in a separate fund in the
<br />depository bank, to be known as the "building fund" of the CHURCH OF CHRIST,
<br />(Name of Church)
<br />GRAND ISLAND- NEBRASKA ; that unless otherwise provided in the last section hereof, the
<br />(City and State)
<br />same shall be used exclusively for the payment of obligations created for the purpose of erecting and equipping a house of worship
<br />on the property hereinafter described and for such other improvements and equipment on said property as it may be deemed
<br />advisable to make and acquire with said funds; that said Treasurer shall make a performance guaranty signed by a representative
<br />number of the members of the church as sureties, guaranteeing that he shall perform his duties as Treasurer of said church, in
<br />accordance with this resolution, and specifically guaranteeing that he will maintain said interest and sinking fund account as
<br />required herein, and expend the building fund for the purposes authorized.
<br />- SECTION IV: That said bonds are issued for the payment of labor and material toward the construction and equipping of a
<br />house of worship, purchasing additional property, if any, and to pay off existing indebtedness incurred for said purpose, if any, as
<br />above set forth, the same to be located'on property owned by said church described as:
<br />Lots One (1) and Three (3) , in Block Twenty-nine (29)
<br />in Highland Park Addition to the City of Grand Island;
<br />Hall County, Nebraska;
<br />that the same, unless otherwise specified in the last section hereof, is now free and clear of all encumbrances; and the church
<br />binds and obligates itself, its successors and assigns, that the same will not be in any manner encumbered, and no further liens or
<br />claims of any character shall be suffered or permitted to attach to said property while said bonds or any of them are outstanding;
<br />neither shall said property be sold during said time unless the purchaser thereof shall assume and' agree to pay all of said bonds
<br />which are outstanding and unpaid.
<br />SECTION V: That the church binds and obligates itself to keep said property insured against loss by fire in some reliable
<br />fire insurance company to the full amount of all of the bonds outstanding against the said church, and in the event of loss, the
<br />proceeds from such policy shall constitute a trust fund with which said improvements may be replaced or said bonds paid as the
<br />church may elect. Said policy of insurance shall be exhibited to any bondholder on demand during reasonable hours. ,
<br />SECTION VI: It is further provided that said church, in developing its church program, may issue other and further bonds
<br />under this instrument on an equality with those herein authorized, and without priority of payment, by filing for record an
<br />appropriate resolution containing a schedule of said bonds and provision for the payment thereof; provided always, that no bonds
<br />shall ever be issued other than for the purposes herein authorized while any of the bonds of this series are outstanding.
<br />SECTION VII: That upon the payment of all of said bonds and coupons; should there be any funds remaining in the special
<br />account herein created, the said bank is authorized and directed to pay the same to the Treasurer of said church, the same to be
<br />used as a part of the general revenues thereof. Should there be outstanding and unredeemed any of said bonds or interest coupons
<br />at the eacpiration of Two (2) years after the last of said bonds and interest coupons have matured, either by the terms thereof or
<br />by a call for earlier redemption as provided herein, the bank is authorized to pay to the Treasurer of said church all of the funds
<br />remaining in the special interest and sinking fund account for the redemption of such outstanding bonds and ifitefest coupons,
<br />without liability to the bank or to the churJh; however, the church shall remain liable for the payment of the same ill accordance
<br />with the statutes of limitation in this State. Said bank is further authorized to make, execute, acknowledge and deliver any appropriate
<br />releases and declarations of payment, and all recitations of fact therein contained shall be prima facie presumed to be true..
<br />SECTION VIII: Should there be a default in the payment of said bonds or the coupons as and when the same shall,become due,
<br />or should any official of said church fail or refuse to perform any of the duties imposed upon such official by this instrument, the
<br />holders of Twenty -five (25%) Per Cent in amount of all the bonds outstanding may declare all bonds immediately due, and payable
<br />and file suit on behalf of all the bondholders to enforce payment in any manner authorized by law; provided, however, that
<br />any bondholder may file suit immediately, upon default in the payment of any bond held by him.
<br />SECTION IX: The church reserves the right to call in for payment any of said bonds at any interest paying period as provided
<br />herein and in such event will give to the. bondholder written notice of an intention to call for payment said bond at least thirty (30 )
<br />days before said interest paying date, and deliver to said bank, or any depository bank, a copy of said notice containing the series
<br />number and seri al. number of such bond. Said church at the time of such notice shall deposit in the special interest and sinking
<br />fund account in said bank a sufficient sum to pay the principal of said bond or bonds over and above the amount necessary to pay
<br />all bonds and interest maturing on said date. Said bond or bonds so called for payment shall cease to bear interest from and after
<br />such interest paying date.
<br />In the event all of said bonds are called for payment and the addresses of any of the bondholders shall be unknown, notice of
<br />the proposed redemption of such bonds shall be published two consecutive weeks before such redemption date in some newspaper
<br />of general circulation in the above named county, and copy of such publication together with an affidavit as to the date on which
<br />the same was published shall be delivered to said bank.
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