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Resolution 104 RESOLUTIOTTAaIthorizing bond issue under Section 35, City Charter, City of Miami Beach, Florida. Whereas, the City Council of the City of Miami Beach, Florida, did on the 41, day of August, A.D. , 1920, duly levy taxes for the following designated fund of the City of Miami Beach, Florida, at the following rate , such rate being sufficient to re- alize upon the assessed valuation of said city in the amount of / 2 i , �7 c' r to-wit : General Fund mills realizing 3 3 7 °a Whereas, it is desired and deemed necessary for the best interest of the City of Miami Beach, that the sum of 20,0:e0. be borrowed by said City to the credit of its General Fund, and that revenue bonds be issued as evidence of such loan, and Whereas, said sun of 200000. is less than seventy-five per centum of that sum which rerains after subtracting from the amount of all uncollected taxes levied in the two preceding years, the amount of all bonds, notes, warrants or other city obligations now outstanding which have no fixed maturity or which by their terms mature w :.tthin one year from the date of their respective iseuance. NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Miami Beach: That said City, under and by virtue of the authority conferred by Section 35 of the Charter of said City, proceed to borrow the sum of 20,000, which said sum when received by said City shall be placed to the credit of the General Fund. BE IT FURTHER RESOLVED, that pursuant to the provis- ions of Section 35 of the Charter of said City there be issued for said loan the revenue bonds of the City ofiami Beach in tee agrre_ atedum of 000000. dated 9 }I tt , 1920, maturing , 1921, with interest at six per cent per annum pay- able at maturity of said bonds, both principal and interest, at the office of the Southern Bank & Trust Company, Miami , Florida, said bonds to consist of 20 bonds of 1,000. each, and numbered 1 to 20, both inclusive, and the rroceeds of said bonds to be placed in the General Revenue Fund. -1- T i , i Be it further resolved, that said bonds shall be the a' dolute, direct and general obligations of the City of Miami. Beach, and that the full faith, credit and taxing power of said City shall be and hereby is pledged for the payment of the principal and interest thereof; that for the further security of the holders thereof a charge is hereby made and declared in favor of such holders upon all receipts from taxes or otherwise of the said fund for which said bonds are herein authorized to be issued, which charge shall take precedence of all other clai :is upon or payments from said funds, and there shall be reserved from such receipts an amount sufficient to meet the payment of said bonds and interest as they fall due . Be it further resolved, that said bonds shall be signed by the Mayor and City Clerk, sealed with the seal of the said City and attested by the City Augur , and that said bonds,to Which no coupons shall be attached, shall be in substantially the following f o rm: NO. 0.,00. UNITED STATES OF AMIRICA State of Florida. County of Dade. CITY OF MIAMI BEACH REVENUE BONDSuF 1920. Issued under Section 35, City Charter, KNOW ALL MEN BY THESE PRESENTS that the City of Miami Beach in the County of Dade and State of Florida is justly indebted and for value recei ed hereby promises to pay to the bearer on the tr} day of r, 192/ ONE THOU AND DOLLARS with interest thereon at the rate of six per centum per annum,both principal and interest payable on said date at The Southern Bank & Trust Company, Miami, Florida. • This bond is one of a series of 20 bonds of like date, tenor and amount, numbered from 1 to 20, both inclusive, aggregating Twenty Thousand Dollars face value, for the purpose of providing funds in anticipation of taxes heretofore levied. The proceeds of bonds numbered 1 to 20 inclusive are to be placed in the General Fund . All of said bonds are issued under authority of, and in full -2-- • compliance with Section 35 of the City Charter and the laws and con- stitution of the State of Florida, -and a resolution adopted by a vote of five-sevenths of the members elect of the City Council and ap- proved by the 'layer thereof. It is hereby certified and recited that all acts, conditions and things required to happen, exist and be done prior to or in the issuance of said bonds have happened, existed and, been done as re- quired by said constitution, laws and charter; that this bond, to- gether with all other indebtedness of said city does not exceed any contitutional or statutory limit thereupon; that there are no claims against any of said funds save the claim of the bonds of this issue ; and that the afi re gate amount of this issue does not exceed seventy- five per centum of that sum which remains after subtracting from the amount of all uncollected taxes levied in the two preceding fiscal years the amount of all bonds, notes, warrants or other city obliga- tions now outstanding which have no fixed maturity , or which by their terms mature within one year from the date of their respect- ive issuance . For the prompt payment of this bond with interest at maturity the full faith, credit and taxing power of the City of Miami Beach are hereby irrevocably pledged, and an additional se- curity for such payment the said City Council pursuant to said Sec- tion 35 of the charter has pledged and appropriated to such payment a sufficient amount of uncollected taxes and other revenue to be re- ceived by the fund for whose replenishment this bond is issued as hereinabove stated, and this bond constitutes a first charge upon such uncollected taxes and revenue . IN V ITNESS WHEREOF, the said City of Miami Beach has caused this bond to be signed by its Mayor and Clerk, sealed with its corporate seal and attested by its Auditor, this day of 192 . • Mayor. Attest : City Auditor . City Clerk. Be it further resolved that all of the bonds herein author- ized shall be sold by the City Council of the City of Miami Beach, -3- i Florida, by and through its Finance Con;/Attee an, at one time or from time to tine in his discretion as he deems for the best in- terest of the said City, at not less than 09 on the COG, and accrued interest, and the proceeds thereof shall be paid to the City Clerk, and by hirer deposited with the City 'Depositories of the City of illiami Beach, Florida, to the credit of the General Fund as specified in this resolution. Be it further resolved that all resolutions and orders in confli with this resolution be and the saute are hereby repealed Be it furthr resolved that this resolution shall be in full force and effect from and after itslassage and approval. Passed and adopted this 4L day of Com. 1920. ./7 A; 77- / A4Sek=g President C ty Council. :fit t ;s Oe 1 City Clerk. ,7 S?piioved this � day of 1924n . . / /l (7 • • ‘*z A ti o