Resolution 997 1140. mess
RESOLUTION NO. 997
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MTAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF $75,000.000F STREET PAV-
ING BONDS ; $20,000.00 SANITARY SEWER BONDS;
17,000.00 STORM SEWER BONDS; 420,000.00
SANITARY SEWER BONDS ; 46,000.00 PUBLIC PARK
BONDS; 475,000.00 MUNICIPAL BUILDING BONDS;
y30,000.00 SANITARY DEPARTMENT BONDS ;
430,000.00 FIRE STATION BONDS AND $11,000.00
WATER WAY BONDS.
WHEREAS the City Council of the City of Miami Beach, Florida,
on February 20th, 1925, passed a resolution authorizing the issuance
of said 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 ::larch 25th, 1925, and,
WaEREAS the said City Council on March 27th, 1925, canvassed
the returns of the aforesaid election and found that a majority of
the votes cast upon the bonds to be issued for such purposes were
in favor of said issue and declared the result of said election and
canvass accordingly on the margin,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Miami Beach, Florida:
SECTION 1. That pursuant to said election 4284,000.00 of ne-
gotiable coupon bonds of the City of Miami Beach, Florida, be issued
under date of April 1, 1925, bearing interest at the rate of 51 per
centum, per annum, which interest shall be payable semi-annually on
the first days of April and October in each year and be evidenced by
coupons attached to the principal bonds , and both the principal and
interest shall be payable in gold coin of the United States of the
:resent standard of weight and fineness at the United States Mortgage
Trust Company in New York City, said bonds to be registerable as
yirb principal in accordance witfl` t!e endorsement which thisLrresolut5
i
directs to be printed on said bonds, and that the City Clerk is
hereby designated Registrar for that purpose.
SECTION II. That the said bonds shall comprise nine dis-
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tinct 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 maturi-
ties to be the first day in April in the respective years stated:
For paving its streets, 475,000.00 maturing 08,000.00 A. D. ,
1926; 45,000.00, A. D. , 1927 ; $2,000.00 annually A. D. , 1928 and
1929 ; 41,000.00 annually A. D. , 1930 to 1934, inclusive ; 45,000.00
annually A. D. , 1935 to 1945, inclusive.
For paying the City' s share of the cost of constructing
sanitary sewers, 420,000.00, maturing 01,000.00 annually A. D. ,
1926 to 1945, inclusive.
For paying the City' s share of the cost of constructing
storm sewers, 017,000.00, maturing 01,000.00 annually, A. D. ,
1926 to 1942, inclusive.
y For constructing sanitary sewers, 420,000.00 maturing
41,000.00 annually A. D. , 1926 to 1945, inclusive.
For developing and improving its public parks, 46,000.00,
maturing 01,000.00 annually A. D. , 1926 to 1931, inclusive.
'or purchasing real estate for the erection of a machine
shop and storage building for the Street ander Departments
of said City, 075,000.00, maturing 48,000.00'A. D. , 1926 ; 43,000.00
A. D. , 1927 ; $2,000.00 annual]y A. D. , 1928 and 1929 ; $1,000.00
annually A. D. , 1930 to 1934'( inclusive and 45,000.00 annually
A. D. , 1935 to 1945, inclusive.
'or equipping its sanitary department with a barge and motor
truck, 430,000.00, maturing 45,000.00 annually A. D. , 1926 to
1929, inclusive ; 41,000.00 annually A. D. , 1930 to 1934, inclusive ;
and 45,000.00 A. D. , 1935.
For equipping and furnishing its fire station with hose and
oche fide fighting equipment, a hook and extension ladder truck
and the installation of fire alarm boxes, 430,000.00 maturing
05,000.00 annually A. D. , 1926 to 1929, inclusive ; 41,000.00 an-
nually A. D. , 1930 to 1935, inclusive ; and 44,000.00 A. D. , 1936.
For payi_ig the City' s share of the cost of constructing a
bulkhead in Indian Creek, a water way within said City, 411,000.00,
maturing 01,000.00 annually A. D. , 1926 to 1936, inclusive.
•
SECTIO ; III. That all of the bonds herein authorized shall
be in the denominations of 41,000.00 and shall be designated
I
"Public Improvement Bonds" and shall be alike in form, except as
to dates 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, shall be substantially
as follows :
No. 1,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS
XNOW 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 received, hereby promises to pay to the
bearer, or if registered, to the registered owner thereof, on the
first day of April 19 the principal sum of One thousand Dollars,
with interest thereon at the rate of five and one quarter per
centum, per annum, payable semiannually, on the first days of
April and October 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 offices of the United States Mortgage & Trust Company in
N the City of New York. For the prompt payment hereof, both princi-
pal and interest, as the same shall fall due, the full faith, credit
and resources of said City of Miami Beach are hereby irrevocably
pledged.
This bond is one of a series issued by said City of Miami
Beach for the purpose of paying the cost of certain permanent muni-
cipal improvements, municipal property and municipal equipment as
set forth on the reverse of this bond, under the authority of and
in full compliance 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 free holders 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 pur-
pose.
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 property within said City sufficient to pay the
interest and principal of this bond as the same shall fall 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 Beach, has caused
• this bond to be signed by its Mayor and City Clerk under its seal
and attested by its Auditor, and the interest coupons hereto attach-
ed to be signed with the facsimile signature of said Clerk, all as
of the first day of April, A. D. , 1925.
Mayor
ATTEST:
City Auditor City clerk
COUPON.
426.25
No.
On 1, 19_, the City of Miami Beach, Florida, will
pay to the bearer, at the United states Mortgage & Trust Company,
New York City, the sum of 426.25 in gold coin, as provided in and
for the interest then due on its Public Improvement Bond, dated
April 1, 1925, and numbered •
City Clerk
ENDORSEMENT CONCERNING VALIDATION.
Validated and confirmed by decree of the Circuit Court for the
Eleventh Judicial Circuit of the State of Florida in and for Dade County,
on , 1925.
Clerk Circuit Court, EleventE
Judicial Oircuit, Dade County,
Florida.
ENDORSEMENT CONCERNING REGISTRATION
This bond may be registered as to principal in the bond register
of the City of Miami Beach, Florida, notation of such registration to be
made 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,
accompanied by delivery of a written instrument of transfer in a form ap-
proved 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 re-
gistration of this bond the coupons shall remain payable to bearer and
will be transferable by delivery.
Date of Registration Name of Registered Owner Registrar
SECTION IV. That after the preparation of said bonds, with proper
maturities as provided by this resolution, the said bonds and coupons an-
nexed thereto shall be stamped with the numbers 1 to 284, inclusive, in
the order of maturities, the thirty-one bonds maturing in 1926 to bear
the numbers 1 to 31, inclusive, and the twenty-one bonds maturing in 1927
to bear the next successive numbers 32 to 53, inclusive, and so on, and
that thereupon there shall be assigned to the street paving bonds the
lowest numbers of bonds having the maturities herein designated for the
street paving bonds, after Mich there shall be assigned to the remaining
eight classes of bonds, in the order in which said bonds are described in
Section 2 hereof; the lowest available numbers of bonds having the maturit_im
designated for such classes respectively, and on the reverse of each bond
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there shall be printed a statement showing the amounts , numbers,
and maturities of such nine classes of bonds, and a copy 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 nine issues of bonds in more marketable form
and to save the expense that would be necessitated by printing
nine different forms of bonds and to simplify the records of
said City, at the same time preserving complete separation and
identification of each of said nine distinct issues of bonds.
SECTION V. That in each year vii iie any of said bonds
shall be outstanding there shall be levied on all taxable proper-
ty within said City a direct annual tax sufficient to pay the
principal and interest falling due in the following year upon each
of the said nine 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 VI. That the City Attorney is hereby authorized,
but not required, to proceed to have said bonds validated 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 there printed.
SECTION VII. 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 that for that purpose the City Clerk is hereby
authorized and directed to advertise for sealed bids for the same.
SECTION VIII. That this resolution shall be in force and ef-
fect at and after its adoption.
PASSED AND ADOPTED this 27th d . - of March, A. D. , 1925.
Presiden o it onncil
ATTEST: y
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