Resolution 998 f 140. raw ■«
ESOLUTION NO. 998
A RESOLUTION OF THE CITY COUNCIL OF TEE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE IS-
SUANCE OF $655,000.00 OF IMPROVEMENT BONDS OP
SAID CITY DESIGNATED SERIES "I".
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, r'lorida, authorizes the City Council of said City, by
ordinance or resolution, to issue 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 fund of said City from which any part of
such cost has heretofore been paid in an amount not greater than the es-
timate of cost, including the estimate of the cost of incidental expenses,
and not in excess of the contract price and the estimated price of such
incidental expenses, and
Section 2. Whereas , the City Council has heretofore passed and
adopted resolutions ordering local improvements pursuant to the provisions
of Section 29 of its charter, and directing the City Engineer to prepare
and file with the City clerk plans and specifications of said improvements
and an estimate of the cost thereof, including an estimate of the cost of
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 estimates of
cost the said City Council adopted resolutions that the City Clerk cause
to be posted, in accord with law, a notice stating that at a meeting there-
in specified the City Council would hear remonstrances of all persons in-
terested, to the confirmation of said several resolutions ordering said
improvements , and
Section 5. Whereas thereafter said resolutions ordering said im-
provements were, after notice and the posting thereof in accord with law
'ity Council would hear remonstrances as aforesaid to the con-
I
firmation of said resolutions, and after a due hearing thereon,
confirmed by the said City Council, mad
Section 6. Whereas no contract or contracts have been let
j or made for the construction of any or all of said improvements
ordered by said resolutions, and
Section 7. Whereas said City Council intends to sell or ad-
vertise bonds for sale prior to the making of any contract or con-
tracts for the construction of all or any of said improvement, and
Section 8. Whereas certain of said improvements hereinafter
designated SR.-57 , SR-58, SR-59 and SR-60 are fair the construction
of storm sewers, and certain of said improvements hereinafter desig-
nated SR-52, SR-53, SR-54, SR-55, SR-56, SR-61, SR-62, SR-63 and
SR-64 are for the construction of sanitary sewers and one of said
improvements hereinafter designated BH-1 is for the construction of
a concrete bulkhead and whereas it is hereby estimated that the share
of the abutting property of the cost of constructing said sanitary
sewer improvements is $45243.65 , the actual cost of such share not
having been determined, and it is also estimated that the share of
. the cost of constructing said storm sewer improvements which is to
assessed
be especially/upon property within said storm sewer districts is
$33,464.46, the actual cost of such share not having been determined,
and it is also estimated that the share of the cost of constructing
said bulkhead improvement, which is to be especially assessed upon
property in said bulkhead district is $50, 230.00, the actual cost
of such share not having been determined, and whereas on March 25 ,
1925, an election, duly called, was held at which the question was
submitted to the duly registered and qualified voters of said City
who are freeholders therein and who are owners of and pay taxes on
real or personal property within said City, whether said City Coun-
cil should issue negotiable coupon bonds in the sum of U20,000.00
for the purpose of paying the City' s share of the cost of construct-
ing sanitary sewers, and whether said City should issue negotiable
coupon bonds in the sum of 417 ,000.00 for the purpose of paying
the City's share of the cost of constructing storm sewers, and
whether said City should issue negotiable coupon bonds in the sum
of 411,000.00 for the purpose of paying the City' s share of the
cost of constructing a bulkhead in Indian Creek, a water way with-
in said City, which bonds were duly authorized to be issued by said
voters as was found by canvass of the returns of said election,
which sum of 420,000.00 is a sufficient amount to more than pay the
City's share of the cost of construction of said sanitary sewers
herein contemplated, the proceeds of which may be used for that
purpose ; and whereas the City Auditor of said City has reported in
writing to the City Council that said 420,000.00 is a sufficient
amount of bonds to pay the City's share of the cost of construction
of said sanitary sewers, and
Section 9. Whereas the following is a list of the improve-
ments ordered, to which reference is hereinabove made, which list
embraces the designations by which said improvements are known, the
dates of the passage of said resolutions ordering the same, the
dates of the confirmation of said several resolutions ordering said
improvements, the amounts of said City Engineer's estimates of the
cost of said several improvements, including his estimates of the
cost of incidental expenses of each of said several improvements :
DESIGNATION OF DATES OF RESOLU- DATES OF RESOLU- CITY ENGINEER'S
IMPROVEMENT TIONS ORDERING TIONS CONFIRMING ESTIMATE OF:
THE SAME THE SATS'.
COST OF IM- COST OF I ,
PROVEi, HENT CIDENTAL
Storm Sewer Dist.
SR-57 , Storm Sewer
Improvement SR-57 Feb. 18, 1925. March 18, 1925.$4,099.00 $ 409.90
Storm Sewer Dist.
SR-58, Storm Sewer
Improvement SR-58 tt " TT IT 1,481.26 148.12
Storm Sewer Dist.
SR-59, Storm Sewer
Improvement SR-59 " TT TT « 23, 285.00 2,328.50
( DESIGNATION OF DATES OF RESOLUTIONS DATES OF RE- CITY ENGINEER'S ES-
' IMPROVEI2NT ORDERING THE SAME SOLUTIONS CON- TIMATE OF:
FIRMING THE
SAME
COST OF IM- COST OF IN-
PROVEIJLENT C IDENTAL EXPENSE
Storm Sewer Dist.
SR-60, Storm Sewer
Improvement SR-60 Feb. 18, 1925. March 18, 1925 0 16,768.10 $ 1,676.81
Sanitary Sewer Dist.
SR-52, Sanitary Sewer
Improvement SR-52 " It " 27th, 1925 39,498.58 3,949.85
Sanitary Sewer Dist.
SR-53, Sanitary Sewer
Improvement SR-53 TT TT It Tt 2,305.65 230.56
Sanitary Sewer Dist.
SR-54, Sanitary Sewer
Improvement SR-54 " TT ft It 1,672.00 . 167.19
Sanitary Sewer Dist.
SR-55, Sanitary Sewer
Improvement SR-55 11 1T IT TT 7,897.20 789.71
Sanitary Sewer Dist.
SR-56, Sanitary Sewer
Improvement SR-56 IT TT " TT 2,866.92 286.69
Sanitary Sewer Dist.
SR-61, Sanitary Sewer
Improvement SR-61 Tt TT IT It 1,761.00 176.10
Sanitary Sewer Dist.
SR-62, Sanitary Sewer
Improvement SR-62 If IT TT_ IT 1,070.32 107.03
Sanitary Sewer Dist.
SR-63, Sanitary Sewer
Improvement SR-63 Max. 11, 1925 " TT 1,114.46 111.45
Sanitary Sewer Dist.
SR-64, Sanitary Sewer
Improvement SR-64 " It " " 963.71 96.37
Highway Dist. H.55 ,
Highway Imp. H-55 Feb. 18, 1925 March 18, 1925 20,691.82 2,069.18
Highway Dist. H-56,
Highway Imp. H-56 TT TI TT TT 51,993.64 5,199.36
Highway Dist. H-57,
Highway Imp. H-57 " It
IT TT 4,484.55 448.45
Highway Dist. H-58,
Highway Imp. H-58 TT 1T tt 't 367.23 36.77
Highway Dist. H-59,
Highway Imp. H-59 " It It " 2,210.00 221.00
Highway Dist. H-60,
Highway Imp. H-60 TT It Tt Tt 169,350.91 16,935.09
Y
T-
711
DESIGNATION OP DATES OF RESOLU- DATES OP RESOLU- CITY ENGINEER'S ES-
IMPROVEMENT TIONS ORDERING TIONS CONFIRMINGO�� TIMATE OF:
THE SAME THE
COST OF IM- COST OF INCI-
PROVEMENT DENTAL EXPENSE ,
Highway Dist. H-61, Feb. 18, 1925 March 18,1925 5,492.73 549. 27
Highway Imp. H-61
Highway Dist. H-62
it ,t It +� 6,496.36 649.64
Highway Imp. H-62
Highway Dist. H-63,
tt It tt rr 207.27 20.73
Highway Imp. H-63
Highway Dist. H-64, ii 11 tt t114,188.18 1,418.82
Highway Imp. H-64
Highway Dist. H-65 , tT TI ,t tt 273.64 27. 36
Highway Imp. H-65
Highway Dist. H-66, tt n It rr 7,918.18 791.82
Highway Imp. H-66
Highway Dist. H-67 ,
it TT 11 �t 42,553.64 4,255.36
Highway Imp. H-67
Highway Dist. H-68,
it It rt rr 2,982.73 298. 27
Highway Imp. H-68
Highway Dist. H-69,
It It It tr 1,272.73 127.27
Highway Imp. H-69
Highway Dist. H-70, ►r IT II '� 10,257.27 1,025.73
Highway Imp. H-70
Highway Dist. H-71, tt It It rt 7,964.54 796.46
Highway Imp. H-71
Highway Dist. H-72, r, rr II " 17 ,891.82 1,789.18
Highway Imp. H-72
Highway Dist. H-73,
Highway Imp. H-73 it tt tr 11 22,720.00 2,272.00
]
Highway Dist. H-74. tt It II ,r 1,760.00 176.00
Highway Imp. H-74
Highway Dist. H-75 , t, It .t rt 8,596.36 859.64
Highway Imp. H-75
Highway Dist. H-76, 11 It IT " 1,109.09 110.91
Highway Imp. H-76
Highway Dist. H-77, Et11 ,t rt 2,685.62 268.56
Highway Imp. H-77
Highway Dist. H-78, „ It It rr 6,521.82 652.18
Highway Imp. H-78
Highway Dist. H-79 , It It It +r17 ,746.36 1,774.64
H i ghVray Imp. H-79
Bulkhead Dist. Bk-1,
tt It ,r rr 55s 936.36 5,593.64
Bulkhead Imp. BH-1
t
DESIGNATION OF DATES OF RESOLU- DATES OF RESOLU- CITY ENGINEER'S ESTIMATE
IMPROVEMENT TIONS ORDERING TIONS CONFIRMING OF:
THE SAME TTrol SAME
COST OF IM- COST OF INCI-
PROVETIENT DENTAL EXPENSE
Sidewalk Dist. SK-14,
Sidewalk Imp. SK-14 Feb. 18, 1925 March 18, 1925 010,591.18 1,059.12
Sidewalk Dist. SK-15, n It 11 n2,250.00 225.00
Sidewalk Imp. SK-15
Sidewalk Dist. SK-16, 3,378.40 337.24
Sidewalk Imp. SK-16 n It II IT
Sidewalk Dist. SK-17, 194.40 19.44
Sidewalk Imp. SK-17 TI rt It It
Sidewalk Dist. SK-18,• 45.00 4.50
Sidewalk Imp. SK-18 IT It IT It
Sidewalk Dist. SK-19, 241.20 24.12
Sidewalk Imp. SK-19 II It rT It
Sidewalk Dist. 3K-20, 9,908.80 990.88
Sidewalk Imp. SK-20 n 1T IT It
Sidewalk Dist. S. -21, n It n II 415.80 41.58
Sidewalk Imp. SK-21
Sidewalk Dist. SK-22, It It It 513.00 51.30
Sidewalk Imp. SK-22
Sidewalk Dist. SK-23, II TT n It 7 2:0 .72
Sidewalk Imp. SK-23
- ,
Sidewalk Dist. SK-24, It Tt It It 561.60 56.16
Sidewalk Imp. SK-24
Sidewalk Dist. SK-25,
It It n n 34.20 3.42
Sidewalk Imp. SK-25
Sidewalk Dist. SK-26, It n It It 774.40 77.44
Sidewalk Imp. SK-26
Sidewalk Dist. SK-27, IT II IT n 426.60 42.66
Sidewalk Imp. SK-27
Sidewalk Dist. SK-28, „ II 6,898.64 689.86
Sidewalk Imp. SK-28 IT T'
Sidewalk Dist. SK-29, It It tt II 717.26 71.73
Sidewalk Imp. SK-29
Sidewalk Dist. SK-30, n n n It 7,691.40 769.14
Sidewalk Imp. SK-30
111 Sidewalk Dist. SK-31, It IT
II rr
TT It 1, 299.20 129.92
Sidewalk Imp. SK-31
Sidewalk Dist. SK-32, It It 1,953.80
653.40 195.38
Sidewalk Imp. SK-32
Sidewalk Dist. SK-33+ It t, It tI 65.34
Sidewalk Imp. Si,.-33
j
Ft
.. �,..,....ems.,. .. �►�-. ,y
DESIGNATION OF DATES OF RESOLU- DATES OF RESOLU- CITY ENGINEER'S
IMPROVEMENT TIONS ORDERING TIONS CONFIRMING ESTIMATE OF:
THE SAME; THE SAKE
COST OF IM- COST OF IN-
PROTEMENT C IDENTAL EXPENSE
Sidewalk Dist. SK-34,
Sidewalk Imp. SK-34 Feb. 18, 1925 March 18, 1925 $ 385.20 38.52
Sidewalk Dist. SK-35,
Sidewalk Imp. SK-35 `T 'T tT " 682.40 68.24
Sidewalk Dist. SK-36,
Sidewalk Imp. SK-36 Tt IT TT TT 752.76 75.28
Sidewalk Dist. SK-37,
Sidewalk Imp. SK-37 " tT TT 11 662.00 66.20
$659,493.89 $63,949.40
63,949.40
Total cost and expenses 47(53,443.29
Less City's share of storm and sanitary 48,000.00
sewers and bulkhead. -$655,44g.g9
Section 10. That for the purpose of paying the cost of said
highway improvements, said sidewalk improvements, and that part of the
cost of all of said sanitary sewer improvements which the City Council
has estimated as the share of the cost to abutting pim perty, such part
of the cost of said storm sewer improvements as the City Council has
estimated as the share to be assessed upon property within said storm
sewer districts, and such part of the cost of said bulkhead improve-
ment as the City Council has estimated as the share to be assessed upon
property which the City Council deems will be specially benefitted by
such improvement, there shall be issued the negotiable coupon bonds of
the City of Miami Beach, Florida, in the aggregate amount of 0655,000.
which bonds shall be denominated "Improvement Bonds, Series I" and shall
consist of 655 bonds of the denominations of 41,000. each, numbered
from 1 to 655, both inclusive, bearing date April 1, 1925, and bearing
interwst at the rate of five and one-fourth per centum per annum, such
interest to be payable semi-annually on the 1st days of April and
October of each year, upon the presentation and surrender of interest
coupons to be attached to said bonds, both the principal and interest
to be payable in gold coin of the United States, of the present stand-
ard of weight and fineness, at the office of the United States Mort-
In RYE i t; 2
IRbBOd"3 �Z 110R2 OFDEFTIR1 LI011.2 CO, iii ,1 .0 :.: ,1.'i w.;
J.F^I{ I!YIOM Off, DV E2 01 BE20rr'- DVIJE2 OI, 13720rn- CIIX EI.OI_
gage & Trust Company in the City and State of New York, said bonds
to mature and be payable as follows:
Bonds numbered 1 to 35, aggregating $35,000. on April 1, 1927
TT TT 36 to 70, " 35,000. TT 1928
n n 71 to 105, n 35,000. n 1929
It " 106 to 120, IT 15,000. TT- 1930
n ; n 121 to 154, TT 34,000. TT 1931
n n 155 to 188, IT 34,000. " 1932
n n 189 to 223 n 35,000. IT 1933
TT II 224 to 258, If 35,000. " 1934
TT n 259 to 293, ft 35,000. It 1935
TT TT 294 to 338, n 45,000. TT 1936
TT ft 339 to 383, TT 45,000. TT 1937
n IT 384 to 428, n 45,000. n 1938
ft TT 429 to 473, It 45,000. n 1939
It TT 474 to 518, TT 45,000. ft 1940
TT TT 519 to 563, ft 45,000. TT 1941
ti TT 564 to 586, Tt 23,000. 1942
TT It 587 to 609 , n 23,000. TT 1943
TT TT 610 to 632, It 23,000. ft 1944
TT IT 633 to 655, TT 23,000. TT 1945
All inclusive, without option of prior payment. Said bonds shall be
registerable as to principal only, in accordance with the provisions
which this resolution directs to be endorsed on said bonds, and the
City Clerk is hereby designated Registrar for the purpose of such
registration, and he shall provide proper books for that purpose.
Section 11. That each of said bonds shall be signed by the
Mayor and Clerk and attested by the Auditor of the City of Miami
Beach, Florida, and shall be sealed with the corporate seal of said
City, and the coupons thereto attached shall be signed by the City
Clerk whose signature upon such coupons may be in facsimile, and in
none of said bonds shall any option of prior redemption be reserved.
Section 12. That the form of said bonds and coupons shall be
substantially as follows :
No. $1, 000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA
C OUN QTY OF DADE
C I T.CY OF MIAMI BEACH
IMPROVEMENT BOND
"SERIES I. ft
ISSUED UNDER SECTION 30, CITY CHARTER
KNOW All MEN BY TSE PRESENTS: That the City of Miami Beach, in
the County of Dade, 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 1st day of April, 19 `, the
principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of five and one-fourth per centum
per annum, payable semi-annually on the 1st days of April and October
of each year, upon the presentation and surrender of the annexed in-
terest 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
United States Mortgage & Trust Company in the City of New York and
State of New York.
This bond is one of a series of 655 bonds of like date and
amount, aggregating X655,000. and is issued for the purpose of pay-
ing a portion of the cost of sewer improvements numbered SR-52 to
SR-64, both inclusive ; highway improvements numbered H-55 to H-79,
both inclusive ; bulkhead improvement numbered BH-1; and sidewalk
improvements numbered SK-14 to SK-37 , both inclusive, 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 resources of said City of Miami
Beach, Florida, are hereby irrevocably pledged to the prompt payment
of the principal and interast hereof as the same fall due. 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 this bond by said Uharter aixa the laws and constitution
of Florida, have happened, exist and have been performed as so re-
quired; that provision has been made for the lavy and collection of
a direct annual tax upon all taxable property within said City suffi-
cient 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 is subject to registration as to the principal
thereof in accordance with the provisions endorsed hereon.
IN WITNESS WHEREOF the said City has caused this bond to be
signed by its Mayor and Clerk, under its corporate seal and attest-
ed by its Auditor, and the interest coupons hereto attached to be
signed with the facsimile signature of said Clerk, all as of the
1st day of April, A. D. , 1925.
Mayor.
ATTEST:
City Auditor. City Clerk.
COUPON.
No. 4 26. 25
On 1, 19 , the Oity of Miami Beach, Florida,
will pay to the bearer, at the United States Mortgage & Trust Company,
New York City, the sum of X26.25 in gold coin, as provided in and for
the interest then due on its Improvement Bond, "Series I", dated April
1, 1925, and numbered .
dity Clrk.
that on the reverse of each of said bonds shall be printed the fol-
lowing endorsement :
REGISTRATION AS TO PRINCIPAL ONLY.
:phis bond may be registered as to principal in the bond regis-
ter of the City of Miami Beach, Florida, notation of such registra-
tion to be made hereon by the City Clerk, or such other officer or
agent as may be designated Registrar by 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 instru-
jr.
ment of transfer, in a form approved by the bond Registrar and
executed by the registered owner. Such transfer may be to bear-
er, after which this bond shall be subject to successive regis- $'
tration and transfer as before. Notwithstanding the registration
of this bond the coupons shall remain payable to bearer and shall
be transferable by delivery.
Date of Registration. Names of Registered Registrar.
Owners.
a
Section 13. 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 on all taxable property within the City of
Miami Beach, Florida, a direct annual tax in each year file any
of said bonds shall be outstanding, sufficient to meet the payment
of the principal and interest thereof maturing in the following
year, the proceeds of which taxes, after payment of accrued inter-
est upon said bonds, shall be paid into a fund which is hereby
created and denominated "Local Improvement Bond Fund No. 9" 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 levied may be reduced by the amount con-
tained in said Local Improvement Bond Fund and by the amount of
assessments actually collected and then remaining in a special as-
sessment fund or funds applicable to said bonds.
Section 14. what there is hereby created a fund to be denomi-
nated "Improvement .Fund No. 9", into which shall be placed all ac-
crued interest received upon said bonds for the period between their
date and the date of their delivery, and all assessments made pursuant
to the City Charter for the improvements specified in this resolution,
and the said fund shall be used for no other purpose than for the
payment of the principal and interest of said bonds hereby autho-
rized until all thereof shall have been redeemed and paid.
Section 15. 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 au-
thorized and directed to advertise for sealed bids for the same.
Section 16. This resolution shall be in force and effect
immediately upon its passage and approval.
PASSED AND ADOPTED this 27th day of March, A. D. , 1925.
A, /
(1:77President of i y oancil
ATTEST:
• •-`
ity lerk
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