UF00083631_00102.pdf

UF00083631_00102.txt

UF00083631_00102_pdf.txt

HAWKINS, DELAFIEID I WOOD

67 Wm Smu-
Nut You 5. N. Y.

December 19m

Dths. Rama: Co. lsc.
Own. Foams a: Ca.
thrrtt. Wm: & Co.
Wnrtmn 8: Co.
Tater & 0).. law.
Lemur. thzute 8: ALL-mu. lxc.
Ctttunus A89 Convince
ltucz. (Auntsox. \\"t't.ttr.u.~t. lice.
and the other Underwriters of $155M!!!) Turnpike
Revenue llutttls, Series of IXJI. of Florida State Turnpike Authority

Gemmux:

We have exntttinetl It record of proceedings relating to the inmattee of 3155000000 Turnpike Reve-
ttne 80min. Series at Will (herein called the WM limb! of Flurivla State Tnnqtiln- Authority (herein
called the ".\ttthurity" l. a hody corpnmle and tmlitle created anal existing tttttlet' lltrl liy virtue ul Chapter
ZKIZB. Laws of Florida. Acts of WSJ. tin amended (herein called the Turttltilte Art" t.

The 1th llnmls are issued under and tntmtattt tn the Turnpike .\ct and under and pttmwtt tn :1
Truitt lmletttttre (herein mllul the "Imlenturt"'t dated me uf (ktnhcr i. I'm! hy mul hemth the .\tt-
that'in and The Atlantic Kati-til lltuth nl .iltthltlwmt'. a! 'l'rmttte. :ttttl Vim Natimtnl llanlt- in St.
Ietmlmrg and Miami lleneh Fir-t National lktnh. tut L'oTrttatee. ln manure with the lmcti~§tnt~
ul the ltulmtttre. certain terttts of the WM Bumb- hm'e hem tletemtinetl hy a re-solutiuu (herein extlh-tl

the Redmiou of the Authority duly adopted on lXil.
The l'Nil numb are latetl tht'ttther 1. WM. hear interett at the rate nl {3 per autumn

payahle semi-annually mt May l and Sovemlter l in each year. and maxim m Natt'tttltt't l. 30!".
Amortization Installment for tlte l'lul llnnd are tleetttnl In he lll't' ml the date, and in the nmmmt.
set lnrth in the lmletttttre. The l'lhl 0min are stihjn't ta mlmqiim prior to maturity. in the matter
and mum the terms and awlitiona set lurth in the Ittdetttttre and III: Rewhttitm. (it h}- ut-rutum ul the
llamtl Retirement Ftttxl esttthlislted utuler the httletttttre at any time an nr tiller .t'utetttluer l. l'h'o. and
(iii otherwix'. an it whale only. at any time on ur nlter Xavmther I, 1073. The I'm "llth are in
emu-m form in the tlettutttittatim 0! sum. or in registered {unit without emit-um in tlettmnimttlnm
of Sill!) or titty multiple of $1111). ('mtm and registered WM "and: are httereltangeuhlt- m prawnth
in the lutlentttre. The WM and: it! mutton [mm are tttttttheretl [unit I inward...

The .-\ttthnrity re-en'es the right tn inue athlitimtal Bond-t mt the terms and eumlitimu. and I'm the
pttrpom. stated in the lmlentttre. Under the provisions of the lmletttttre all adtlitimtnl illlnlia t'mtwl
thereunder will rank equally a: tu mtrity and [myllttltl with the 19m ltmtls.

The lKnl lltmtht were valitlzttul hy decree of the Cimxit (hurt at Lemt County. Florida. utt Septem-
ber l4. will. This tleeree was afrmed II, the Sultan": than M Florida on Nut-miller 2. PM t'Nu
Cum- 0! Florida. e! at. v. Florida Muir Turnlr .lutkun'tyt. atul the decision at the Supreme Court of

S

Florith brunt: nal on November 1961. Certain intervenors in the proceeding who alleged a \iultt-
tion oi the Nth Amendment of the Federal Constitution are entitled at any time uitbin 1) dayn alter the
entry of nal juvktnent to le an owlieation for a Writ of eertiorori in the United State Supreme Court.
in our opinion. such allegations are without merit and if such nmtlicotion for a writ of ecrtiorari were tiled

it would be denied.

We are ol the further opinion that:

l. The Authority its duly created and validly existing under the provisions of the Turnpike Act
and he: grind right and lowlul authority to mntmet. nutintuitt. repair and opt-mt- Turntnlte Project
No. l and Turnpike Project h'o. 2 (as tit-(med in the indenture). and to list and chug!- tolls and
other domes in rupeet therenl and collect revenue: therefrom and to perform all its ltltllglllmlai
under the lndeoture in those respects.

2. The Authority has the right and power under the Turnpike .-\et to enter into the lndrnture
and to adopt the Resolution. The indenture has been duly authorized and executed and the Resolu-
tion hare been duly adopted by the Authority. The ludmture and the leiulitltt are in iull
force and effect and are valid and binding upon the Authority and enforceable in ummlnnee with
their terms. and no other outlmrixrttion therefor is required. The lndenture rretttes the valid pledge
which it purports to create of the Revenues (as dened in the lndeutttrel. subject only to the applica-
tion thereof to the inmates and on the ermditiotut permitted by the iodrnture. All pit-dun of and
liens upon the revenues from the Authoritys Turnpike Prujtet No. l given to mire obligations
other than the Honda have been tliscltarm'd and mtiscd. nnd the Revenue: (a: dened in the
lndenturet are not euhjeet to any lien prior to or of equal rank with the lien created by the lndeutnre.
The mend trum created by the lndenturr are valid trusts. and all Revenues constituting the trust
property thereoi. as and when received in neeouhutee with the ltttlentnre. will he validly subjected
to the pledge and lien created by the indenture.

J. The Authority in eonuwrretl and entitled to inn: the WM Dumb and the some have been
duly and validly authorized and istrtl by thv Authority in attordttntr with the L'mutitution end
statutes of the State of Florida. including the Turnpike Act. and the ludeuture and Rewhuion.
and eomtitutc valid. binding nod direct obligations of the Authority. enforceable in accordance with
their terms and the terms of the lndenture and are uttitled to the benets of the Turnpike Act
lot! of the ludentttre.

4. lntemt on the l9l [lands is exempt under the lletillg statute and court decision: from

Federal income taxes. Under the Turnpike Act, the 19le Bands. their transfer and the income

therelrom (including my profit nude on the sole thereolt are exempt from taxation within the
State oi Florida.

5. The 1961 Bonds are legal int-estuteuts. under the torrent provisions oi Florida law. for
limb. savings banks. trnrt miniature. swing: and loan minnow. investment mtunnies. insur-

ance economies. insurance aasoeitttiom. administrators. executors. guardians. trustees and other
duciarie: in such Sure.

We have examined executed 1961 Bond in coupon lonn numbered 1. and in our opinion the form of
aid Bond and its executitm are regular and proper.

We are deliVering a copy ol tlth opinion to the Authority for use in connection with deliveries oi
the 1901 Booth.

Yours very truly.




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