Resolution 1298 mem
RESOLUTION NO. 1298
a RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA,
CANVASSING THE RETURNS OP AN ELECTION
HELD JULY 31st, 1925 , AND AUTHORIZING
THE ISSUANCE OF $1,355,000 OF PUBLIC
IMPROVEMENT BONDS OF SAID CITY AND
REPEALING RESOLUTION NO. 1093, PASSED
AND ADOPTED AUGUST 1, 1925.
WHEREAS, the City Council of the City of Miami Beach, Florida,
on June 24, A. D. 1925 , passed a resolution authorizing the issuance
of bonds in the sums and for the purposes hereinafter set forth,
subject to the authorization by the duly registered and qualified
voters of said City, who are freeholders therein and who are the
owners of and pay taxes on real or personal property within said
City at a special election which said resolution directed to be
held on July 31st, 1925.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Miami Beach, Florida:
SECTION ONE: That said City Council has on August 1, 1925,
publicly canvassed the returns of the aforesaid election which can-
vass was made solely, exclusively and entirely from the returns of
certificates of the Inspectors and Clerk who held and conducted said
election and this City Council acting as canvassing board has found:
That upon the question: "Shall the City of• Miami Beach, Florida,
issue negotiable coupon bonds in the sum of 4188, 000. for the purpose
of constructing a building, the laying of a discharge drain, the in-
stallation of a pump and equipment all for the operation of a plant
for neutralizing and disposing of sewage?" 26 voters voted ''Yes" and
No voters voted "No".
That upon the question: "6hall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of 0134,000 for the purpose
of paying the City' s share of the cost of constructing sanitary sewers?"
26 voters voted "Yes" and ' o voters voted "No".
• • That upon the question: "Shall the City of Miami Beach, Florida,
lc it
issue negotiable coupon bonds in the sum of 466 ,000 for the purpose of
paying the City' s share of the cost of constructing storm sewers?"
26 voters voted "Yes" and No voters voted "No".
That upon the question: "Shall the City of Miami Beach,
rlorida, issue negotiable coupon bonds in the sum of 4150,000, for
1 the purpose of extending and developing its water works system?"
26 voters voted "Yes" and No voters voted "No ."
That upon the question: "Shall the City of Miami .each,
Florida, issue negotiable coupon bonds in the sum of 476,000, for
the purpose of constructing three bridges across Collins Canal?"
26 voters voted "Yes " and No voters voted "NO".
That upon the question: "Shall the City of Miami Beach,
Florida, issue negotiable coupon bonds in the sum of 416,000 for the
purpose of paving its streets?" 26 voters voted "Yes" and No voters
voted "No".
That upon the question: "Shall the City of Miami Beach, Florid9.,
issue negotiable coupon bonds in the sum of 420,000 for the purpose
of developin and improving its public Parks?" 26 voters voted "Yes"
and No voters voted "No".
ghat upon the question: "Shall the City of Miami Beach, -Florida,
issue negotiable coupon bonds in the sum of 415,000 for the purpose
of constructing a wharf or dock for its sanitary department; " 26 voters
voted "Yes" and No voters voted "No".
. ..Idiot upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the snm of 4300,000 for the purpose
of constructing jetties for the protection of the water front on the
Atlantic Ocean in said City against actions of the sea?" 26 voters
voted "Yes" and No voters voted "No".
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of 4390,000 for the purpose
of constructing a City Hall and machine shop and warehouse for the
water and sewer departments?" 26 voters voted "Yes" and No voters voted
"No"
And that a majority of the votes cast upon each of the aforesaid
questions was for the issuance of said bonds and said City Council does
hereby declare the result of said election upon each of said questions
to be for the issuance of said bonds in the aggregate sum of $1,355,000.
SECTION TWO : That pursuant to said authorization at the said
election there be issued 41,355,000 of negotiable coupon bonds of the
City of Miami beach, Florida, bearing date March 1st , 1926 , and bear-
ing interest at a rate to be hereafter determined, not exceeding 66
per annum, which interest shall be payable semi-annually on the first
days of iviarch and aeptember in each year and be evidenced by coupons
• attached to the principal bonds and both the principal and. interest
4hall be payable in gold coin of the United states of the present
standard of weight and fineness at the United States Mortgage and
Trust Company in New York City, which bonds shall be registerable as
to principal in accordance with the endorsements which this resolu-
tion directs to be printed on said bonds and that the Uity clerk of
said City is hereby designated registrar for that purpose.
SECTION THREE: That the said bonds shall comprise ten distinct
classes , each class distinct from the remaining classes by the numbers
assigned thereto as hereinafter in this resolution provided, and that
the amount , purpose of issuance and maturities of each class shall be
as follows: the day and month of all maturities to be the first day
in Larch in the respective years stated:
. or constructing and equining a plant for neutralizing and dis-
posing of sewage , 0188,000, maturing 49,000. A. D. 1927 to 1933, in-
clusive ; 414,000, 1934; 410,000, 1935 and 1936 ; 421,000, 1937 and
410,000 1938 to 111 inclusive.
eor paying the City' s share of the cost of constructing sanitary
sewers, 4134,000 maturing i06,000 A. D. 1927 to 1944, inclusive and
413, 000 A. D. 1945 and 1946.
&or paying the City' s share for the cost of constructing storm
sewers 466,000 maturing 06 ,000 A. D. 1927 and 1928, 43,000 1929 to
1946, inclusive.
. or extending and developing its water works system 0150,000
maturing 47,000 A. D. 1927 to 1944 inclusive and 412,000 A. D. 1945
and 1946.
.'or constructing bridges 476 ,000 maturing 44,000 A. D. 1927 to
1942 inclusive and 43,000 A. D. 1943 to 1946 inclusive.
For paving its streets 416,000 maturing 41,000 A. D. 1927 to
1942 inclusive.
For developing and improving its public parks 420,000 maturing
01,000 A. D. 1927 to 1946 inclusive.
For constructing a wharf or dock for its sanitary department
415,000 000 maturing 41,000 A. D. 1927 to 1941, inclusive .
For constructing jetties for protecting the waterfront on the
Atlantic Ocean in said Uity against actions of the sea 4300,000 matur-
ing 415 ,000 A. D. 1927 to 1946, inclusive .
For constructing a Uity Hall and machine shop and warehouse for
the water and sewer department 4390,000 maturing 419,000 A. D. 1927
to 1941 inclusive and 421,000 a. D. 1942 to 1946, inclusive.
SECTION FOUR: That all of the bonds herein authorized shall be
in thqaenominations of 41,000 and shall be designated "Public Improve-
ment bonds" and shall be alike in form, except as to date of maturities
and numbers, and that the form of said bonds , coupons and registration
endorsement, as well as the manner of execution of said bonds and
coupons and certificate of validation shall be substantially as follows:
No. : 1,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIA= BEACH
PUBLIC IMPROVEMENT BONDS
NOW ALL NEN BY THESE PRESENTS, That the Uity of Miami Beach,
.Florida, in the Uounty of Dade and State of r'lorida, is justly indebt-
ed and for value received, hereby promises to pay to the bearer, or
if registered, to the registered owner thereof, on the first day of
March, 19 , the principal sum of One Thousand collars with interest
thereon at the rate of per cent per annum, payable semi-annually,
on the first days of March and September in each year, upon the pre-
sentation and surrender of the annexed interest coupons as they sever-
ally become due. .troth the principal and interest of this bond are
payable in gold coin of the United States of the present standard
of weight and fineness at the office of the United States Mortgage
& Trust Company in the City of New York. eor the prompt payment
hereof, both principal and interest, as the same shall become due ,
the full faith, credit and resources of said city of Miami Beach,
. lorida, are hereby irrevocably pledged.
This bond is one of a series issued by said City of Miami
Beach, . lorida, for the purpose of paying the costs of certain per-
manent municipal improvements and municipal equipment as set forth
on the reverse of this bond, under the authority of and in full com-
pliance with the City charter and has been authorized by the vote of
the majority of the duly registered and qualified electors of said
City who are freeholders therein and who are owners of and pay taxes
on real or personal property within said City, voting at an election
legally called and held for that purpose.
It is hereby certified and recited that all acts, conditions
and things required to exist or to be done precedent to and in the
issuance of this bond by said charter and the laws and constitution
of Florida, have happened, exist and have been performed; that pro-
vision has been made for the levy and collection of a direct annual
tax upon all taxable p.operty within said City sufficient to pay the
interest and principal of this bond as the sane shall become due and
that the total indebtedness of said City including this bond does not
exceed any constitutional or statutory limitation thereon.
This bond may be registered as to principal in accordance with
the provisions endorsed hereon.
iN WITNESS WHEREOF the said City of Miami . each, .r'lor ida, has
caused this bond to be signed by its Mayor and City Clerk, under its
seal and the interest coupons attached hereto , to be signed with the
facsimile signature of said Clerk, all as of the first day of March,
A. D. 1926.
Mayor
City Clerk
bk3°:upre Tv r'oJ(j' co -i.r 01, i'jr0 n.4-4'-eq g.g 4GC J4, c JC ,)s.sae zr it4 "
ENDORSEMENT CONCERTING VALIDATION
validated and confirmed by decree of the Circuit Court for
the .d;leventh Judicial Circuit of the State of Florida, in and for
Dade County on 1926.
Clerk of Circuit Court, .1eventh
Judicial Circuit, Dade County,
Elor ida.
ENDORSEIINT CONCERNING REGISTRATION
This bond may be registered as to principal in the bond regis-
ter of said City, notation of such registration to be mage hereon
by the City Clerk or such other officer or agent 'as may be designated
Registrar by a resolution of the governing body of said City and may
thereafter be transferred on such register by the registered owner in
person or by attorney, upon presentation to the bond registrar, ac-
companied by delivery of a written instrument of transfer in a form
approved by the bond registrar and executed by the registered owner.
Such transfer may be to bearer, after which this bond shall be subject
to successive registration and transfers as before. Notwithstanding
the registration of this bond the coupons shall remain payable to
bearer and will be transferable by delivery.
Late of registration Rame of Registered Registrar
Owner.
SECTION 'ISTE: That after the preparation of said bonds with
proper maturities as provided by this resolution the said bonds and
coupons annexed thereto shall be stamped with the numbers 1 to 1,355
inclusive in the order of maturities, the sixty-nine bonds maturing
in 1927 to bear the numbers 1 to 69, inclusive and the 69 bonds matur-
ing in 1928 to bear the next successive numbers 70 to 138, inclusive ,
and so on, and that thereupon there shall be assigned to the bonds
for the constructing and equiping a plant for neutralizing and dis-
posing of sewage the lowest numbers of bonds having the maturities
herein designated for such bonds, after which there shall be assigned
to the remaining nine classes of bonds in the order in which said
bonds are described in Section Three hereof, the lowest available
numbers of bonds having the maturities designated for such classes
respectively, and on the reverse of each bond there shall be printed
a statement showing the amounts, numbers and maturities of such ten
classes of bonds and a cony of such statement shall be recorded in
the bond record of said City; that the purpose of the provision made
by this Section is to place said ten issues of bonds in more market-
able form and to save the expense that would be necessitated by print-
ing ten different forms of bonds and to simplify the records of said
City, at the same time preserving complete separation and identifi-
cation of each of said ten distinct issues of bonds.
SECTION SIX: That in each year while any of said bonds shall
be outstanding there shall be levied. on all the taxable property
within said Uity, a direct annual tax sufficient to pay the princi-
pal and interest falling due in the following year upon each of the
said ten classes of bonds which taxes shall be collected as other
City taxes and shall be used for no other purpose than the payment
of said principal and interest.
SECTION SEVEN: That the City Attorney is hereby authorized,
but not required to proceed to have said bonds validated in the name
of said City by the Circuit Court but in the event he does not so
proceed, then the validation endorsement herein provided to be printed
on said bonds, shall not be printed.
SECTION EIGHT: That the City Clerk and City Attorney take such
steps as may be necessary to effect an early sale and delivery of
said bonds and for that purpose the City Clerk is hereby authorized
and directed to advertise for sealed bids for the same.
AIM
SECTION NINE: That Resolution No. 1093, passed and adopted
by this city Council August 1, 1925, entitled "A Resolution of the
City Council of the City of Miami Beach, Florida, canvassing the
returns of an election held July 31 , 1925 and Authorizing the is-
suance of x$"1,355,000 of Public Improvement Bonds of said City, "
be and the same is hereby repealed.
SECTION TEN: That this resolution shall be in force and ef-
fect i mediately upon its adoption.
PASSED AND ADOPTED this 24th day of February, A. D. , 1926.
Presiden o' i T ouncil
ATTEST:
pity d.erk
EXCERPTS FROM TEA MINUT ;S
OF THE
CITY COUNCIL
OF THE
CITY OF MIAMI BEACH? FLORIDA
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