Resolution 1342 nn
F
MOM WON MOM
RESOLUTION NO. 1342
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF 02,654,000. OF PUBLIC In-
PROVEL NT BONDS .
WHEREAS the City Council of the City of Miami Beach,
Florida, on January 27th, 1926, passed a resolution authorizing
the issuance of said bonds in the sums and for the purposes herein-
after set forth, subject to the authorization of the duly regis-
tered and Qualified voters of said City who are freeholders therein a
and who are the owners of and pay taxes on real or personal property,
at a special election which said resolution directed to be held on
February 26, 1926, and
SI=REAS the said City Council on March 3, 1926, can-
vassed the returns of the aforesaid election and found that the
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,
NOW, THEREFORE, BE IT RESOLVED BY Til CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. That pursuant to said election, 02, 654,000.
of negotiable coupon bonds of the City of Miami Beach, Florida, be
issued bearing date July 1, 1926, and bearing interest at a rate to
be hereinafter determined, not exceeding 60 per annum, which in-
terest shall be payable semi-annually on the first days of January
and July in each year and be evidenced by coupons attached 'to the
principal bonds, and both 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 endorsement which this resolution directs
to be printed on said bonds and that the City Clerk of said City
is hereby designated Registrar for that purpose.
' Section 2. That sai ' 'onds shall comprise ten dist et
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classes, each class distinct from the remaining classes by the
numbers assigned thereto as is hereinafter in this reeolution
provided, and that the amount, purpose of issuance and maturities
of each class shall be as follows, the day and month of all ma-
turities to be the first day in July in the respective years
stated:
(a) For purchasing real estate as a site for a fire
station and erecting a fire station thereon, 0100,000, maturing
05,000. A. D. 1927 to 1946 inclusive .
(b) For equipping and furnishing a fire station with
fire fighting equipment and the installation of fire alarm boxes,
037,000. maturing 02,000. A. D . 1927 to 1944, inclusive , and
01,000. A. D. 1945.
(c) For constructing bridges across waterways within
said City, 0300,000. maturing 015,000. A. D. 1927 to 1946 inclusive.
(d) For extending and developing its waterworks sys-
tem, 0750,000. maturing 035,000. A. D . 1927 to 1936, inclusive and
040 ,000. A. D . 1937 to 1946 inclusive .
(e ) For developing and improving its public parks,
047,000. maturing 02,000. A. D . 1927 to 1941, inclusive, 04,000.
A. D. 1942 to 1945, inclusive , and 01,000. A. D . 1946.
(f) For equipping its sanitary department with a
garbage disposal barge , 060,000. maturing 04,000. A. D. 1927 to
1941, inclusive.
(g) For purchasing real estate for and erecting a
garbage disposal plant thereon, 0150,000. maturing 07,000. A. D.
1927 to 1936, inclusive , and 08,000. A. D. 1937 to 1946, inclusive.
(h) For purchasing real estate for and erecting there-
on a part of a sanitary disposal plant and the laying of drains
and the installation of pumps, all for the operation and disposal
of sewage, 0810,000. maturing 041,000. A. D. 1927 to 1936, in-
clusive, and 040 ,000. A. D. 1937 to 1946, inclusive .
(i) For paving its streets, 0150,000. maturing 07,000.
A. D. 1927 to 1936, incluuive, and 08,000. A. D. 1937 to 1946,
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inclusive .
( j ) For constructing docks, a ship channel thereto
and warehouse for the water, sewer, street and sanitary depart-
/
ments, 0250,000. maturing 014,000. A. D. 1927 to 1936, inclusive ,
and 011,000. A. D. 1937 to 1946, inclusive.
Section 3. That all of the bonds herein authorized
shall be in denominations of ,1,000. each and shall be designated
"Public Improvement Bonds" and shall be alike in form except as to
the 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 valida-
tion, shall be substantially as follows:
No. 4,000.00
UNITED STATES OF AEERICA
STATE OF FLORIDA, COUNTY OF DAME
C ITY OF MIAMI BEACH
PUBLIC IMPROVEEENT BOND .
KNOW ALL MEN BY THESE PRESENTS , that the City of Miami
Beach, Florida, 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 hereof, on
the first day of July, A. D . 19 , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per centum per annum,
payable semi-annually on the first days of January and July in
each year, upon the presentation and surrender of the annexed in-
terest
n-
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. For the proper 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 irrevo-
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cably pledged.
This bond is one of a series issued by said City for
the purpose of paying the cost of certain permanent municipal im-
provements and municipal equipment as is 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 a vote of the majori-
ty of 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, voting at an elec-
tion legally called and held for that purpose .
It is hereby certified and recited that all acts,
conditions and things required to happen, exist or to be done ,
precei.ent to and in the issuance of this bond by said charter and
the laws and constitution of the State of i to rida, have happened,
e::_ist and have been performed; 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 become due and that the
total indebtedness of said City, including this bond, does not
exceed any constitutional or statutory limitation thereof. This
bond may be registered as to principal in accordance with the pro-
visions endorsed hereon.
IN WITNESS WHEFEOF 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 facsimile signature of said Clerk, all as of
the first day of July, A. D. 1926.
Mayor.
City Clerk.
COUPON
w
No.
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On 1, 19 , the City of Iaami Beach,
Florida , will pay to the bearer at the United States Mortgage
ec Trust Company, New York City, the sum of w ,
in gold coin as provided in and for the interest then due on this
Public Improvement Bond, dated July 1, - 1926, and numbered.
City Clerk.
FI\DORSELENT C ONCERI ING VALIDAT ION.
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 1926.
Clerk of the Circuit Court,
Eleventh Judicial Circuit,
Dade County, Florida.
F 'TORSEi NT CONCERNING REGISTRATION.
This bond may be registered as to principal in the bond
registry of said City, notation of such registration 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 re-
gistered owner in person or by attorney, upon presentation to the
bond registrar, accompanied by delivery of a written instrument of
transfer 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 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 Name of Registered Owner Registrar.
Section 4. That after the preparation of said bonds
with proper maturities as provided by this resolution, the said
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bonds and coupons annexed thereto shall be stamped with the num-
bers 1 to 2, 654 inclusive, in the order of maturities, the 131
bonds maturing in 1927 to bear the numbers 1 to 131 inclusive,
and the 131 bonds maturing 1928 to bear the next successive num-
bers, 132 to 262 , inclusive , and so on, and that thereupon there
shall be assigned to the bonds for the purchase of real estate as
a site for a fire station and erecting a fire station thereon, the
lowest numbers of bonds having 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 desig-
nated in Section 3 hereof, the lowest available numbers of bonds
having the maturities designated for such classes respectively,
and on the reverse of each bond there shall be printed a state-
ment 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 provi-
sion 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 5. 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 years upon
each of the said ten classes of bonds, which tax shall be collected
as other City taxes and shall be used for no other purpose than the
payment of said principal and interest .
Section 6. 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 of said County, but in the
event he does not so proceed, then the valuation endorsement
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herein provided to be printed on said bonds shall not be printed.
Section 7. That Resolution No. 1308 be and the same is
hereby repealed.
Section 8. That this resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 2nd day of June, A. D. , 1926.
Presisen o ` i .y ounc
(Pro-tem)
ATTEST:
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