Resolution 1529 , •
NOP mem • limes
RESOLUTION NO. 1529
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF BEACH, FLORIDA,
AUTHORIZING THE ISSUANCE OF . 300,000.
OF PUBLIC IMPROVEMENT BONDS.
WHEREAS, The City Council of the City of Miami Beach, Florida,
on December 8th, 1926, adopted a resolution authorizing the issuance
of 4300,000.00 of ?Olio Improvement Bonds in the sums and for the
purposes hereinafter set forth, subject to the authorization of the
duly registered and qualified voters of said City who are freeholders
therein, at a special election which said resolution directed to be
held on Janwry 11th, 1927, and
WHEREAS, the said City Council on January 12th, 1927 , canvassed
the returns of the aforesaid election and found that the majority of
the votes cast upon the bonds to be issued were in favor of said
issue and declared the result of said election and canvass.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, AS FOLLOWS:
Section 1. That pursuant to said eleption 4300,000.00 of nego-
tiable coupon bonds of the City of Miami Beach, Florida, be issued
bearing date January 1 , 1927, and bearing, interest at the rate of
six per cent per annum, payable semi-annually, on the first days of
January end July in each year , which interest shall be evidenced by
coupons attached to the principal bonds and both principal and inter-
est 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
-orincloal in accordance with the endorsement which this resolution
directs to be )rinted on said bonds and that the City Clerk of said
City is hereby designated Registrar for that purpose.
Section 2. That said 'bonds shall comprise five distinct classes,
each class distinct from the remaining classes by the numbers assigned
thereto as is hereinafter in this resolution provided, and the amount ,
purpose of issuance and :a turities of each class shall be as follows ,
the day and month of all maturilitlft to be the first day of jWary in
the respective years stated:
- - -
(a) For paving its streets , $195 ,000.001 maturing 439 ,000.00
A. D. 1926 to 1932, inclusive.
(b ) For constructing storm and sanitary sewers, ,28 ,000.001
maturing 45 ,000.001 A. D . , 1928 to 1930, inclusive; 46,000.00 A.
D. , 1931 and :i;7 ,000.00 A. D. , 1932.
(c) For developing end improving its public parks, 430,000.00,
maturing - 61000.00 A. D. , 1928 to 1932, inclusive.
(d) For bulkheadins waterways within said City, 435 ,000.00 ,
maturing 47 ,000.00 A. D. , 1928, to 1932 , inclusive.
(e) For purchasing motor trucks as equipment for its street
and seter departments , : 12 ,000.00 , maturing 0 ,000.00 A. D. , 1928
to 1930, inclusiVe , $2 ,000,00 A. D. , 1931 and 41,000.00 A. D. ,
1932.
§22-tiLopi. That all of the 'bonds herein authorized shall be
in denominations of 41,000.00 each and shall be designated "Public
Improvement Bonds" end shall be alike in form except as to the dates
of maturities and numbers, and the form of said bonds, coupons and
registration endorsement , as well as the manner of ex.ecution of
•
said bonds and coupons and certificY:rte of validation, shall be sub-
stantially as follows:
No. 41,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA, COIMTY OF DADE
CITY OF iII BEACH
PUBLIC IMPROVEMENT BONDS.
KNOW ALL -.LN 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 -oromises to pay to the bearer ,
or if registered to the re istered owner thereof , on the let day of
January 19 1 the principal sum of
ONE THOUSAND DOLLARS ,
with interest thereon at the rate of six per cent per annum, payable
semi-annuElly , on the 1st days of January and July in each year ,
upon the presentation and Eur;.ender of the annexed interest coupons
as they severally become due. Both the Principal and interest of
this bond are 2ayable in told coin of the United States of the
present standard of weight and fineness , et the office of the
United States Mortgage & Trust Coany, in the City of New York.
For the Dromyc payment hereof, both principal and interest , as
the same shall become due, the full faith, credit and resources
of said City of Miami Beach are hereby irrevocably ple(Led.
This bond is one of a series issued by said City for the
purpose of Paying thecost of certain permanent municipal improve-
ments and municipal equipment as is set forth on the reverse side
of this bond, under the authority of and in full compliance with
the City Charter and has been authorized by a vote of the majority
of the duly reistered and qualified voters in said city, who ere
freeholders therein, voting at an election legally called and
held for that purpose.
It is hereby certified and recited that all acts , conditions
ana thins recuired to happen, exist or to be done precedent to
and in the issuance of this bond by said charter and the laws and
constitution of the State of Florida., have happened, exist and have
been performed; that c)rovision has been made for the levy and col-
lection 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 constitution-
al or statutory limitation thereof. This bond may be registered as
to principal in accordance with the provisions endorsed hereon.
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 facsimile signature of said Clerk, all as of the 1st day of
January, A. D. , 1927.
011.1
Mayor.
City Clerk.
• '
COUPON.
No. 430.00
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 „ 30.00, in gold coin as pro-
vided in and for the interest then due on its Public Improvement
Bond, dated January 1, 1927, and numbered
----day 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 , 1927.
Clerk of the Circuit Court of
the Eleventh Judicial Circuit
for Dade County, Florida.
ENDORSEMENT COAERNING REGISTR4TION.
This bond may be re,cAstered as to principal in the bond regis-
try of said City, notation of such registration to be made hereon
by the City Clerk, or by such other officer of agent as may be desig-
nated 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 the 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
reistered 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 bonds and
coupons annexed thereto shall be stamped with the numbers 1 to 300,
inclusive, in the order of maturities. The sixty bonds maturing
in 1928 to bear the numbers 1 to 60, inclusive , and the sixty bonds
maturing in 1929 to bear the next successive numbers, 61 to 120,
inclusive , and so on, and thereupon there shall be assigned to the
bonds for paving its streets, the lowest number of bonds having
maturities herein desinated for such bonds, after which there shall
be assigned to the remaining four classes of bonds in the order in
which said bonds are designated in Section 3 hereof, the lowest
available numbers of bonds having the maturities desinated for
Each classes, respectively, and on the reverse of each bond there
shall be printed a statement showing the amounts, numbers and
maturities of such five classes of bonds, and a copy of such state-
ment shall be recorded in the bond record of such City, that the
Purpose of the provision made by this Section is to place said five
classes of bonds in more marketable form and to save the expense
that would be necessitated by printing five 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
five distinct issues of bonds.
Sectigaa. That in each year while any of said bonds shall
be outstanding, there shall be levied on all of the taxable property
within said City, a direct annual tax sufficient to Pay the princi-
pal and interest fallin due in the following years upon each of
the said five 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 validation endorsement herein provided
to be printed on said bonds shall not be so orinted.
Sect ionJ That the Mayor and. City Clerk execute said
bonds and affix the seal of said. City thereto and that they and
the City Attorney take such steps as may be necessary to affect
an early sale and delivery of said bonds.
Section 8. That this resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this January 12th, 1927.
.0'
President of Cit Council
ATTEST:
City Clerk
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