Resolution 600 his
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RESOLUTION NO. 6OG
A RESOLUTION OF TNT; CITY COUNCIL
OF THE CITY OF MTAMI BEACH, FLORIDA,
TO SELL AT PRIVATE SALE CERTAIN BONDS
OF TEE CITY OF MIAMI BEACH, FLORIDA.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
Section 1. That for all of the bonds, aggregating 4307,000.
authorized by resolution No. 556 of this City Council, adopted
February 20, 1924, and for all of the 4320,000. of Improvement
Bonds, Series "H", authorized by resolution of this City Council,
adopted March 28, 1924, the bid of the Palm Beach Company, which
is in the following words and figures, has been received:
"April 2, 1924.
To the City Council of the City of Miami Beach, Florida,
Miami Beach, Florida.
Gentlemen:- For the following described bonds of the City
of Miami Beach, Florida, authorized by your Resolution No.
556, adopted February 20, 1924, and which are more particu-
larly described in said resolution, which is hereby referred
to as a part hereof as to such descriiption, we will pay:
For 4100,000. Water works System Bonds of the City of Miami
Beach, Florida, we will pay 4101,100.;
For 414,000. Bridge Bonds of the City of Miami Beach, Florida,
we will pa 414,154.;
For 450,000. Sanitary sewer Bonds of the City of Miami Beach,
Florida, we will pay 450, 550. ;
For 420,000 Storm Sewer Bonds of the City of Miami Beach, Flo-
rida, we will pay 420, 220. ;
For $40,000. of Fire Department Building and Equipment Bonds
of the City of Miami Beach, Florida, we will pay 440,440. ;
For 425,000. rublic Park Improvement Bonds of the City of Miami
Beach, r'lorida, we will pay 425,275. ;
For 418,000. Water Way Bulkhead Improvement bonds of the City
of Miami Beach, Florida, we will pay 418,198. ;
For 440,000. Street Paving Bonds of the City of Miami Beach,
Florida, we will pay 440,440. ;
For 4320,000. Improvement Bonds, Series H, for improving streets
and sidewalks and constructing storm and sanitary sewers of the
City of Miami Beach, FlorilAwaauthorized by your Resoln a-
dopted March 28, 1924, we fall pay 4322, 297 .60.
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In addition thereto as to each of the aforesaid bonds
we will pay accrued interest to the date of delivery and will
accept delivery at Hanover Natl. Bank, at New York City, N. Y. ,
on or about April 20, 1924.
vie enclose herewith certified check for . 12,794.54,
being not less than two per cent, of the par value of bonds
bid for, payable to the order of the City of Miami Beach,
Florida, which enclosure is to be returned to the undersigned
if this bid is not acceptable ; otherwise it is to be deposit-
ed by said City and when the bonds are delivered and paid for
under the terms of this bid, to be considered as an advance
part payment therefor; or it is to be retained by said City
as and for liquidated damages in case the undersigned fails
to take up and pay for said bonds in accord herewith.
This bid is made upon condition that we be furnished
with the approving legal opinion of Chester B. Masslich, Esq. ,
of New York City, as to the validity of said bonds.
PALM BEACH COMPANY
By Geo. M. Osborn x
All bonds to be as per the attached advertisement except total
amount of Series H bonds to be reduced from 4327,000 to 4320, 000,
and maturities to be as follows:
Bonds numbered 1 to 17, aggregating x17,000. on April 1,1926
TT TT 18 to 34, " 17,000. " 1927
ft TT 35 to 51, " 17 ,000. " 1928
TT " 52 to 68, " 17, 000. " 1929
" " 69 to 116, 'T 48,000. " 1930
" " 117 to 164, " 48, 000. " 1931
" n 165 to 212, " 48, 000. " 1932
r " 213 to 260, " 48,000. " 1933
IV n 261 to 308, " 48, 000. " 1934
" " 309 to 320 " 12,000. " 1935
ADVERTISEMENT AND BLANK PROPOSAL.
$634, 000
CITY OF MIAMI BEACH, FLORIDA
GOLD BONDS
SEALED BIDS WILL BE RECEIVED UNTIL
5 O'CLOCK, P. M., MARCH 14, 1924.
$634,000.
CITY OF MIAJiI BEACH, FLORIDA
GOLD BONDS
Sealed bids will be received by the City Council, in
care of the undersigned, at the City Hall in Miami Beach, Florida,
until five o 'clock P. . , March 14, 1924, in envelopes endorsed
"Proposal for Bond, " for all or any one or more of the following
nine bond issues of said City, dated April 1, 1924, maturing
April 1 of the years indicated:
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4327 ,000. Improvement Bonds, Series H, maturing annually; : 18,000
1926 to 1929, inclusive; 050,000, 1930 to 1934, inclu-
sive; 45,000, 1935.
0307 ,000. Public Improvement fonds ( 8 issues described below) ¢,4
maturing annually: ' 48,000, 1925 to 1930, inclusive;
410,000, 1931 and 1932; 414,000, 1933; 415 ,000, 1934
and 1935; 019,000, 1936; 031,000, 1937 and 1938;
430,000, 1939; 028,000, 1940; 426,000, 1941; 416,000
1942, and 014,000, 1943.
No option of prior payment is reserved. All of said
bonds shall bear interest at the rate of five and one-half per
cent. per annum, payable semi-annually, and the principal and
interest is payable in goldcoin at the United states Iortgage
& Trust Company in New York City. All- denominations 01,000. lie-
gisterable as to principal. General °city obligations. Unlimited
general tax levy.
The Improvement Bonds, Series N, comprise one issue for
street and sidewalk improvements and sanitary and storm sewer
construction.
The Public Improvement Bonds, while alike in form and
caption, except as to maturities and numbers, comprise eight is-
sues, separately authorized by popular vote, each of the said
bonds containing a recital of the eight purposes, and the specific
numbers, amounts and maturities of each of said purposes or issues.
These amounts and maturities with a brief statement of each pur-
pose are:
4100,000. Water Works Extension Bonds, maturing 41,000 annually
1925 to 1932, inclusive; 42,000 annually 1933 to 1936,
inclusive , and 412,000 annually 1937 to 1945, inclusive.
v` 14,000. Bridge Bonds, maturing 01,000 annually 1925 to 1938,
inclusive.
4 50,000. Sanitary Sewer Bonds, maturing 01 ,000 annually 1925 to
1932, inclusive ; 04 ,000 1953 to 1942, inclusive, and
2,000. in 1943.
4 20,000. Storm Sewer Bonds, maturing 41,000 annually 1925 to
1936, inclusive , and P2,000 1937 to 1940, inclusive.
4 40,000. Fire Department Building and Equipment Bonds, maturing
41,000 annually 1925 to 1930, inclusive ; 02,000 an-
nually, 1931 to 1935, inclusive , and 04,000 annually
1936 to 1941, inclusive.
0 25,000. Public Park Improvement Bonds, maturing 41,000 annually
1925 to 1933, inclusive, and 42,000 annually 1934 to
1941 , inclusive.
018,000. Water Way Bulkhead Improvement Bonds , maturing 41,000
annually 1925 to 1936 , inclusive, and 02,000 annually
1937 to 1939, inclusive.
0 40,000. Street waving Bonds, maturing 41,000 annually 1925 to
1930, inclusive ; 02,000 1931 to 1935, inclusive, and
44,000 annually 1936 to 1941, inclusive.
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i
The purchaser or purchasers will be furnished the ap-
proving legal opinion of CHESTER B. MASSLICH, Esq. , New York
City.
Bids must be upon printed forms to be furnished by
the undersigned and be accompanied by a certified check for two
per cent. of the face value of the bonds bid for, drawn upon a
bank or trust company in Florida or upon any national bank, and
payable to the order of the undersigned. Under the City Charter
said bonds may not be sold at less than par and interest except
by a vote of five of the seven members of the city council and
then at a price not less than ninety-seven and interest. Bonds
will be delivered on or about April 10, 1924, in Miami or ��ew
York, or at purchaser' s expense for delivery and exchange, at the
place of his choice. The right to reject any and all bids is
reserved.
C. W. TOMLINSON,
City Clerk."
Section 2. That the aforesaid bid of PALM BEACH COMPANY,
which is in a sum greater than the par value of said bonds, be and
the same is hereby accepted, and that all of said bonds be, and
they are hereby, sold at private sale to PALM BEACH COMPANY for the
price set forth in the foregoing bid, which is hereby deemed to
be the best price obtainable for said bonds.
Section 3. That the 1iiayor and the City clerk are hereby au-
thorized and directed to execute, issue and deliver said bonds
to said PALM BEACH COMPANY at the earliest practicable date upon
receipt of the price set forth in the foregoing bid, and they are
hereby directed to do such other things as may be required or per-
mitted in effecting the delivery of said bonds and the collection
of the proceeds therefor.
PASSED AND ADOPTED this 9th day of April, A. D. , 1924.
(:›/President
City Council
ATTEST:
1111
City lerk
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