Resolution 108 RES OLD TI ON N O. /62
AUTHORIZING 480,000.00, IMPROVEMENT BONZS SERIES
"L", ZAT'" r SEPTEMBER 1st, 1920, U11CI R SECTION 30,
03t' THE CITY CHARTER OF THE CITY OF_MIAMI BEACH,
FLORILA.
WHEREAS, Section 30, of the City Charter of the City
of Miami Beach authorizes the City Council, by ordinance or resolution
to issue bonds of the city for the payment of the cost of any one or more
ztreet improvements, or any part of such cost, and for the reimbursement
of any fund of the city from which any part of such cost has theretofore
been paid in an amount not greater than the contract price, and the esti-
mated amount of incidental expenses; and
WHEREAS the City Council has heretofore passed reso-
lutions
eso-lutions ordering local improvements under Section 29 of the City Charter,
which resolutions were thereafter duly confirmed by the City Council after
advertisement published in accordance with the charter and due hearing
thereon, and
WHEREAS the City Engineer duly filed his estimates
prior to the publication of such notices, of the cost of each of said
improvements and of the incddental expenses thereunto apx ertaining, and
WHEREAS contracts have been duly let after public
advertisement in accordance with the City Charter for the construction
of all of the said improvements, and
WHEREAS the following is a list of the improvements
hereinabove referred to, and of the dates of passage of the several reso-
lutions authorizing the same, and of the dates of confirmation of said
resolutions with the amounts of said engineer' s estimates as to the inci-
dentals, together with the amounts of the contract price computed by the
Engineer and confirmed by the City Council, in all cases in which contracts
have been let:
ITr Ordering Res. Confirming Res. Contract Price Incid.
Highway
Imp. No. 7' Lay 5, 1920. July 7, 1920. 4 3,3&9.27 248.80
Imp. No. 10 May 5, 1920 . July 7, 1920 . 471,594.63 45,252.20
NOW, THEREFORE, BE IT RESOLVE. BY THS; CITY COUNCIL
OF THE CITY OF MIAM BEACH, FLORII.A:
SECTION 1. That for the purpose of paying a portion
of the cost of said improvements and the incidental expenses thereof,
there be issued the negotiable coupon bonds of the City of Miami Beach,
Florida, in the aggregate amount of Eighty Thousand and No/100 (480,000.
00) l:ollars, said bonds to be denominated Series "L" and to consist of
Eighty (80) Bonds of One Thousand (41,000.00) Yollars each, numbered
from one ( 1)' to Eighty (80) both inclusive, which said Bonds shall bear
date of September 1st, 1920, and carry interest at the rate of six (6%)
per centum per annum, payable semi-annually on the first days of March
and September of each year, such interest to be evidenced by coupons
attached to said Bonds, both principal and interest to be payable in
gold coin of the United States of America, of the present standard of
weight and fineness, at the office of the United States Mortgage and
Trust Company, in the City of New York, and shall mature and be payable
as follows:
Bonds Numbered 1 to 8, aggregating 48,000.00 Sept. 1st, 1922.
Bonds Numbered 9 to 16, aggregating 48,000.00 Sept. 1st, 1923.
Bonds Numbered 17 to 24, aggregating 48,000.00 Sept. 1st, 1924.
Bonds Numbered 25 to 32, aggregating 48,000.00 Sept 1st . 1925.
Bonds Numbered 33 to 40, aggregating $8,000.00 Sept. 1st, 1926.
Bonds Numbered 41 to 48, aggregating $8,000.00 Sept. 1st, 1927.
Bonds Numbered 49 to 56, aggregating 48,000.00 Sept. 1st, 1928.
Bonds Numbered 57 to 64, aggregating 48,000.00 Sept. 1st, 1929
Bonds Numbered 65 to 72, aggregating 48,000.00 Sept. 1st, 1930.
Bonds Numbered 73 to 80, aggregating 48,000.00 Sept. 1st, 1931.
SECTION 2. Said Bonds shall be signed by the Mayor and
City Clerk, attested by the City Auditor and sealed with the corporate
seal of the City of Miami Beach, Florida, and the coupons attached there-
to shall be signed by the City Clerk, whose signature upon such coupons
may be in fac-simile, and the form of said Bonds and coupons shall be
substantially as follows:
$1,000.00 UNI TED STATES OF AMF;RICA NO.
State of Florida, County of ;made ,
City of Miami Beach,
Improvement Bond
"Series D"
Issued under Section 30, City Charter.
KNE ALL MEN BY THESE PF.ESEMTS: That the City of Miami
Beach, in the County of Dade and State of Florida, is justly indebted and
for value received hereby promises to pay to the bearer on the day of
, 192 , the principal sum of One Thousand Dollars, with interest
thereon at the rate of six per cent (6%) per annum, ,payable semi-annually
on the in each year, upon the presentation and surren-
der of the annexed interest coupons as they severally become due. Both
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 United States
Mortgage & Trust Company, in the City of New York and State of New York.
This Bond is one of a series of Eighty bonds of like date
aggregating Eighty Thousand Dollars, and is issued for the purpose of pay-
ing a portion of the cost of,the Improvements known as Highway Improvements
Nos. 7 and 10; Highway Districts Nos. 7 and 10; consisting of the grading
and paving of certain streets within said City of Miami Beach, as describes
in and authorized by resolutions adopted May 5, 192D , and confirmed by res-
olutions adopted July 7, 1920. This bond is issued under the authority
and within the limitations of and in full compliance with the charter of
the said City, and in particular Section 30 thereof, and Resolution No. i o�
duly adopted The full faith, credit and
resources of said City of Miami Beach, are irrevocably pledged to the
prompt payment of the principal and interest thereof as the same shall
fall due, and to the application to said payment of all assessments here-
tofore or hereafter made upon property within said city for any part of
the cost of said improvement. 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 consti-
tution of said State, have duly happened and been performed. That pro-
vision has been made for the levy and collection of a direct annual tax
upon all taxable property within said city sufficient to pay the interest
and principal of this bond as the same shall become due; and that the total
indebtedness of said City, including this bond, does not exceed any con-
stitutional or statutory limitation.
IN WITNESS WEEREOF, said City of Miami Beach has caused
this bond to be signed by its Mayor and Clerk, under its corporate seal
and, attested by its Auditor, and the interest coupons attached hereto, to
be signed with the fac-simile signature of said Clerk, all as of the
day of
May o r
ATTEST. City Clerk.
City Auditor.
C OUPO N
NO. ON
THE CITY OF MIi,La BEACH, FLORIDA
will pay the bearer at the United States Mortgage & Trust Company, New
York City, the sum of Collars in gold coin as provided in and
for the interest then due on its Improvement Bond, "Series L", dated
September 1, 1920.
City Clerk.
SECTION 3. That for the purpose of paying the
principal and interest of the said bonds as the same shall fall
due, there shall be and hereby is levied upon all the taxable
property within said City of Miami Beach, a direct annual tax in
each year while any of said. bonds shall be outstanding, sufficient
to meet the payment of the interest and principal thereof, maturing
in the following year, the proceeds of which taxes, after the pay-
ment of accruing interest upon said bonds, shall be paid into a
fund which is hereby created and denominated "Local Improvement
Bond Fund No. 4", which shall be used for no other purpose than
for the payment of the principal of such bonds as they mature;
provided, however , that the amount of such annual tax levy may be
reduced by the amount contained in said Local Improvement Bond.
Fund No. 4, at the time of such levy, an by the amount of assess-
ments actually collected and then remaining in any special assess-
ment fund or funds applicable to the payment of said bonds.
SECTION 4. That there is hereby created a fund
to be denominated "Improvement Fund No. 4", into which shall be
placed all accrued interest received upon said bonds for the period
between their date and their date of delivery, and into which fund
shall also be placed the principal and interest of all assessments
made pursuant to the City Charter for said improvements, and the
said fund shall be used for no other purpose than for the payment
of the principal and interest of said bonds until all thereof
shall have been redeemed and paid.
S .CTION 5. This resolution shall be in force and
effect on and after its passage and approval.
Passed and adopted this /.5' day of Ay fA. i. 1920.
7)/(-E 290_1() _
President, ity Council.
ATTET:
"i' ity Clerk.
Appr ,ved th' s on- day of A. L. 1920.
Mayor.
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