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Resolution 432 AllOm mew RESOLUTION NO. 4.32 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA, AUQi ORIZING TH +; ISSUANCE OF 410,000.00 OF IMPROVEMENT NT BONDS IN ONE S ;RIES, WHICH SERIES SHALL B3 KNOWN AND DESIGNATED AS SERIES "G" , FOR THE COST OF MORE THAN ONE SIDE- WALK IMPROVEMENT, BONDS TO BE DATED SEPTEMBER FLRST, 1923, AND ISSUED UNDER THE .AUTHORITY CONFERRED BY SECTION 30 OF THE CHARTER OF THE CITY OF MIAMI BEACH, FLORIDA, CONTAINED IN CHAPTER 7672 OF THE LAWS OF FLORIDA. BE IT RESOLVED by the City Council of the City of Miami Beach, Florida: Section 1. That , Whereas Section 30 of the Charter of the City of Miami Beach, Florida, authorizes the City Council of said City by ordinance or resolution to is sue- bonds of said City for the payment of the cost of any two or more improvements or any part of such cost and for the reimbursement of any funds of said City from which any part of such cost has heretofore been paid in an amount not more than the estimate of cost including the estimate of cost of incidental expenses and not in excess of the contract price and the estimated cost of such incidental expenses; and Section 2. WHEREAS, the said City Council has heretofore passed and adopted resolutions ordering local improvements under Section 29 of said Charter and directing the City Engineer to pre- pare and file with the City Clerk plans and specifications of said improvements and an estimate of the cost thereof including an esti- mate of the incidental expenses , etc. ; and Section 3. WHEREAS , the City Engineer of said city has , pursuant to said resolutions , filed his estimates of the cost of said improvements including the estimates of the cost of incidental expenses; and SECTION 4. WHEREAS , subsequent to the filing of said es- timates , the said city council adopted resolutions , and the City Clerk caused to have posted in accord with law a notice that at a meeting therein specified the City Council would hear remonstrances I; a t- -1- 40111 sem of all persons interested, to the confirmation of said resolu- tions ordering sail improvements; and Section 5. bVHEREAS, thereafter said resolutions order- ing said improve~ ents were , after said notice and the posting thereof, in accord with law, that said City Council would hear remonstrances as aforesaid, and after a due hearing thereof, con- firmed by the said City Uouncil; and Section 6. WHEREAS , no contract or contracts have been let or nade for the construction of all or any of said impropve- ments ordered by said resolutions; and Section 7. WHEREAS , said City ' ouncil intends to sell or advertise bonds for sale prior to the making of any contract or contracts for the construction of all or any of said improve- mnents; and Section 8. UREAS , the following is a list of the im- provements ordered and to which reference is hereinabove made , which list embraces the designation by which said improvements are known, the dates of the passage of said resolutions ordering the same , the dates of the confir';na i t on of said resolutions or- dering said improvements , and the amounts of said engineer's es- timates of the cost of said improvements including the estimates of the cost of incidental expenses in each of said improvements:- DESIGNATION OF DATES OF RSOLUTIOtrS - DATES OF MESO ENGINEER'S ESTIMATE IMPROVEMENT ORDERING THE SAME LUTION6 CONFII aM - OF: ING THE S AIe7E COST OF IM- COST OF PROVEMENT INCIDENTAL EXPENSES Sidewalk District S.K.10, Sidewalk Improvement S.K.10 June 20, 1923 September 5,1923 $ 550.00 $ 55. 00 Sidewalk District S.K.9 , Im1Drove ment June 20, 1923 September 5,1923 8848,00 884.80 S.K.9 TOTAL 9398.00 939.80 939.80 TOTAL COST AND EXPENSES - -$10337.80 -2- Section 9. That, for the purpose of paying the cost of said sidewalk improvements and paying the incidental expenses in connection with said sidewalk improvements , there be issued the negotiable coupon bonds of the City of Miami Beach in the aggre- gate amount of Ten Thousand Dollars , which bonds shall be denomi- nated "Improvement Bonds Series s," and shall consist of ten bonds of the denomination of One Thousand Dollars , each, numbered from one to ten, both inclusive , bearing date September first, 1923, and bearing interest at the rate of six per cent per annum, which interest shall be payable semi-annually, on the first days of Septem- ber and March, of each year , upon the presentation and surrender of interest coupons to be attached to said bonds, and both the prin- cipal and interest of said bonds shall be payable in gold coin of the United States , of the present standard of weight and fineness , at the office of the Miami Beach First National Bank, in the City . of Miami Beach, and State of Florida, said bonds to mature and be payable as follows: - Bonds numbered 1 to 6 , incl. ,aggregating •6,000. , on September 1 , A. D. 1925; Bonds numbered 7 to 10,incl. ,aggregating , 4,000. , on September 1 , A.=..D. 1926; without option of prior payment. Section 10. That each of said bonds shall be signed by the mayor and the Clerk, and attested by the Auditor of the City of Mia- mi Beach , and shall be sealed with the corporate seal of said City; and the coupons attached thereto shall be signed by the Clerk, whose signature upon the said coupons may be in facsimile; and in none of said bonds shall any option of prior redemption be reserved. Section 11. That the form of said bonds and coupons shall be substantially as follows:- -3-, X1,000. No. UNITED STATES OF AMERICA STATE OF FLORIDA, COUNTY OF DADE CITY OF MIAMI BEACH IMPROVEMENT BONDS SERIES G ISSUED UNDER SECTION 30, CITY CH.RTER. KNOW ALL MON BY THESE PRESENTS , That the City of Miami Beach, in the County of Dade and State of Florida, is justly in- debted, and for value received hereby promises to pay to the bearer on the first day of September 19_ the principal sum of ONE THOUSAND DOLLARS with interest thereon at the rate of 6% per annum, payable semi-an- nually on the first days of March and September in each year, upon the presentation and surrender of the annexed interest coupons , as they severally. become due. Both 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 Miami Beach Fir. t National Bank, in the City of Miami Beach and State of Florida. This bond is one of a series of ten bonds of like date and amount , aggregating $10,000. , and is issued for the purpose of paying a portion of the cost and incidental expenses of sidewalk improvements , numbered S, 9 and S. g. 10, within and for said city, and under the authority and within the limitations of, and in full compliance with, the Charter of said city and in particular Section 30 thereof and resolutions duly adopted by the City Council. The full faith, credit and re:- .. of said city of Miami Beach are hereby irrevocably pledged to the prompt payment of the principal and interest hereof, as the same shall become due , and it is hereby certified and recited that all acts , conditions and things required to happen, exist or be performed precedent to and in the issuance of these bonds by said Charter and the Laws and constitution of Florida, have happened, exist, and have been per- formed as so required; that provision 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 fall due , and that the total indebted- ness of said city including this bond , does not exceed any consti- tutional or statutory limitations thereon. IN WITNESS WHEREOF the 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 cou- pons hereto attached to be signed by its Clerk, all as of the first day of September, A. D. 1923. ATTEST: Mayor City Clerk City Auditor -4- COUPON No. On 1 , 19 , the City of Miami Beach, r'lorida, will pay to the bearer at the Miami Beach First National Bank, Mi- ami Beach, Florida, the sum of Thirty Dollars in gold coin, as pro- vided in, and for the interest t[ en due on, its improvement bond series G, dated September first, 1923, No. City Clerk Section 12. That for the purpose of paying the principal and interest of said bonds as the same shall become due , there shall be and is , hereby levied upon all taxable property within the City of Miami Beach, Florida , a direct annual tax in each year while any of said bonds shall be outstanding, sufficient to meet the payment of principal and interest thereon, maturing in the fol- lowing year, the proceeds of which tax, after payment of accruing interest upon said bonds , shall be paidinto a fund which is here- Bond ere- Bond by created and denominated"Local Improvement/Fund no. 7," which shall be used for no other purposes than for the payment of the principal of such bonds as they mature , provided however , that the amount of said annual tax levied may be reduced by the amount contained in said Local Improvement Bond Fund, and by the amount of assessments actually collected and then remaining in a special assessment fund or funds applicable to said bonds. ae ction 13. That there is hereby created a fund to be de- nominated "Improvement Fund iso. 7," into which shall be placed all accrued interest received upon said bonds for the period between their date and the date of their delivery, and into which shall also be placed the principal and inter_st of all assessments made pur- suant to the City Charter for the improvements specified in this ;resolution; and the saidfunds sh€atl be used fo • no purpose other than for the payment of the principal and interest of the bonds hereby authorized, until all thereof shall have been redeemed and paid. -5- Section 14. That the said Mayor, Clerk and City Au- ditor be hereby directed to have prepared, to execute and to del- iver the aforesaid bonds at the earliest practicable date. Section 15. This 1. esolution shall be in force and effect Immediately mpon its passage and approval. PASSED AND ADOPTED, this 5th day of September, A. D. 1923. ATTEST: ��ity Clerk. President - _ y Council_ ro term APPROVED: Septe ber 5 , 192_7. pti-rte"° lti Mayor. ` Mr 02 cd , (1) C) �O N0 ^� C‘1 2 Fi 02 F-+ • 4) 0) ' trCO CJ a OPE-I 04 14O H 'r-{ .,.r{ F-+O O) H O r-H r1) O � 4-) A4 4� OD moo . .