Resolution 1093 mem exibmi
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RESOLUTION NO. 1093
A RESOLUTION OF THE CITY COUNCIL
OF TNT; CITY OF MIAMI BEACH, FLORIDA,
CANVASSING THE RETURNS OF AN ELECTION
HELD JULY 31st, 1925, and AUTHORIZING
THE ISSUANCE OF $1,355,000 OF PUBLIC
IMPROVEMENT BONDS OF SAID CITY.
WHEREAS, the City Council of the City of Miami Beach, Florida,
on June 24th, A. D. , 1925, passed a resolution authorizing the is-
suance of 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 July 31st, 1925.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Miami Beach, Florida:
SECTION ONE: That said City Council has this day publicly can-
vassed the returns of the aforesaid election which canvass was made
solely, exclusively and entirely from the returns of certificates of
the Inspectors and Clerk who held and conducted said election and this
City Council acting as canvassing board has found:
That woon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of . 188,000 for the
p
of constructing a building, the laying of a discharge drain, the in-
e eine
stallation of a pump and equipment all for the operation of a plant
for neutrilizing and disposing of sewage?" 26 voters voted "Yes"and
No voters voted "No".
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of $134,000 for the purpose of
paying the City' s share of the cost of constructing sanitary sewers?"
26 voters voted "Yes" and no voters voted "No".
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of $66,000 for the purpose
of paying the City's share of the cost of constructing storm sewers?"
26 voters voted "Yes" and no voters voted "No".
That upon the question: "Shall the City of Miami Beach,
issue negotiable coupon bonds in the sum of $150,000 for the Florida,
of extending and developing its water works system?" purpose
"Yes" and no voters voted "No". y 26 voters voted
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of $76,000 for the purpose
of constructinR: three bridges across Collins Canal?" 26 voters voted
"yes" and no voters voted "No".
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of 416,000 for the purpose
of paving its streets, 26 voters voted "Yes" and No voters voted "No. "
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of $20, 000 for the Purpose
developing and improving its Public Parks?" 26 voters voted ", p""� of
*voters voted "No"". •s; * ]Les and
1
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of 415,000 for the purpose
of constructing a wharf or dock for its sanitary department?" 26
voters voted "Yes" and no voters voted "No".
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of :4300,000 for the purpose
of constructing jetties for the protection of the water front on the
Atlantic Ocean in said City against actions of the sea?" 26 voters
voted "Yes" and no voters voted "No".
That upon the question: "Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the sum of 4390,000 for the purpose
of constructing a City Hall and machine shop and warehouse for the
water and sewer departments?" 26 voters voted "Yes" and no voters
voted "No".
And that a majority of the votes cast upon each of the aforesaid
questions was for the issuance of said bonds and said City Council does
hereby declare the result of said election upon each of said questions
to be for the issuance of said bonds in the aggregate sum of 41,355,000
SECTION TWO: That pursuant to said authorization the said elec-
tion, 5,OOof negotiable coupon bonds of the City of Miami Beach,
21orida, be issued, under date of October 1st , 1925, bearing interest
at the rate of five per cent 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 present standard of weight and fineness at the United
States Mortgage & Trust Company in New York City, which bonds shall
be registerable as to principal in accordance with the endorsements
which this resolution directs to be printed on said bonds, and that
the City Clerk is hereby designated Registrar for that purpose.
SECTION THREE: That the said bonds shall comprise ten distinct
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 maturities to be the first day
in October in the respective years stated:
For constructing and equiping a plant for neutrilizing and dis-
posing of sewage, 4188,000, maturing 49,000 A. D. , 1926 to 1932, in-
clusive ; $14,000, 1933; 410,000, 1934 and 1935 ; 421,000, 1936 and
410,000 1J37 to 1943, inclusive.
For paying the City's share of the cost of constructing sanitary
sewers, 4134,000 maturing 46,000 A. D. , 1926 to 1943, inclusive and
$13, 000 A. D. , 1944 and 1945.
For paying the City's share for the cost of constructing storm
sewer 466,000 maturing 46,000 A. D. , 1926 and 1927 , 43,000 1928 to
1945, inclusive.
For extending and developing its water works system 4150,000
maturing 47,000 A. D. , 1926 to 1943 inclusive and 412,000 A. D. , 1944
and 1945.
for constructing bridges `' 76,000 maturing 44,000 A. D. , 1926 to
1941 inclusive and 43,000 A. D. , 1942 to 1945, inclusive.
For paving its streets 416,000 maturing 41,000 A. D. , 1926 to
1941 inclusive.
•
For developing and improving its public parks 420,000
maturing 410 A. D. , 1926 to 1945, inclusive.
For constructing a wharf or dock for its sanitary depart-
ment 415 ,000 maturing 41,000 A. D. , 1926 to 1940, inclusive.
For constructing jetties for protecting the water front on
the Atlantic Ocean in said City against actions of the sea
$300,000 maturing 415;00 A. D. , 1926 to 1945, inclusive.
For constructing a City Hall and machine shop and warehouse
for the water and sewer department $390,000 maturing 419,000
A. D. , 1926 to 1940 inclusive and 421,000 000 A. D. , 1941 to 1945, in-
clusive.
SECTION FOUR: That all of the bonds herein authorized shall
be in the denomingtions of 41,000 and shall be designated "Public
Improvement Bonds" and shall be alike in form, except as to date
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 and certificate of validation shall be sub-
stantially as follows:
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS
KNOW ALL MEN BY THESE PRESENTS, That the City of Miami Beach,
Florida in the County of Dade and State of Florida, is justly in-
debted 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 the principal sum of One thousand Dollars with inter-
est thereon at the rate of five per cent per annum, payable semi-
annually, 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 office of the United
States Mortgage & Trust Company in the City of New York, For the
prompt payment hereof, both principal and interest, as the same
shall become due, the full faith, credit and resources of said
City of Miami Beach, Florida, are hereby irrevocably pledged.
Ads bond is one of a series issued by said City of Miami
Beach, Florida, for the purpose of paying the costs of certain per-
manent municipal improvements 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 freeholders therein and rho are owners of and
pay taxes on real or personal property within said City, voting at
an election legally called and held for that purpose.
It is hereby certified and receited 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
1,11
provision has been made for the levy and collection of a direct
annual "ax upon all taxabep ' of thislbondlascthe samelsha.11
cient
to pay the interest and principal
become due and that the total indebtedness of said City including
this bond does not exceed any constitutional or statutory limita-
tion thereon.
This bond may be registered as to principal in accordance
with the provisions endorsed thereon.
IN WITNESS WHEREOF the said City of Miami Beach, Florida,
has caused this bond to be signed by its Mayor and City Clerk,
under its seal and the interest coupons attached hereto, to be
signed with the fac-simile signature of said Clerk, all as of the
first day of October, A. D. , 1925.
Mayor
City Clerk
ENDORSEMENT CONCERNING VALIDATION
Validated and confirmed by decree of the Circuit Court for
the Eleventh Judicial Circuit of theStateof Florida, in and for
Dade County on
Clerk Circuit 'ouxt, Eleventh
Judicial Circuit, Dade County,
Florida.
ENDORSEMENT CONCERNING REGISTRATION
This bond may be registered as to principal in the bond reg-
ister of said City, notation of such registration to be made hereon
by the City Clerk or such other officer or agent as may be desig-
nated Registrar by a resolution of the governing body of said City
and may thereafter be transferred on such register by the register-
ed owner in person or by attorney, upon presentation to the bond
registrar, accompanied by delivery of a written instrument of trans-
fer in a form approved 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 trans-
fers as before. Notwithstanding the registration 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 FIVE: That after the preparation of said bonds with
proper maturities as provided by this resolution the said bonds and
coupons annexed thereto shall be stamped with the numbers 1 to
1,355,000 inclusive in the order of maturities, the sixty-nine bonds
maturing in 1926 to bear the numbers 1 to 69, inclusive and the 69
bonds maturing in 1927 to bear the next successive numbers 70 to
138, inclusive, and so on, and that thereupon there shall be
assigned to the bonds for the constructing and equiping a plant
for neutrilizing and disposing of sewage the lowest numbers of
bonds having the maturities herein designated for such bonds,
after which there shall be assigned to the remaining nine classes of
bonds in the order in which said bonds are described in Section
Three hereof, the lowest available numbers of bonds having the matu-
rities designated for such classes respectively, and on the reverse
of each bond there shall be printed a statement showing the amounts,
numbers and maturities of such ten 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
ten issues of bonds in more marketable form and to save the expense
that would be necessitated by printing ten 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 ten distinct
issues of bonds.
SECTION SIX: That in each year while any of said bonds shall
be outstanding there shall be levied on all the taxable property
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
ten 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 SEVEN: That the City Attorney is hereby authorized,
but not required to proceed to have said bonds validated in the name
of said City 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 printed.
SECTION EIGHT: 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 for that purpose the City Clerk is hereby authorized
and directed to advertise for sealed bids for the same.
SECTION NINE: That this resolution shall be in force and effect
at and after its adoption.
PASSED AND ADOPTED this 1st day of August, A. D. , l5.
Presi• en o ' ounci
ATTEST:
Ci y Clerk
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