Resolution 2607 sr.�...
RESOLUTION NO, 2607
A RESOLUTION AUTHORIZING THE
ISSUANCE OF 42,711,000.00 TWENTY
YEAR REFUNDING BONDS.
II
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
SECTION 1., That the said City Council has ascertained and
determined, and does hereby declare:
(1) That under date of July 1, 1922, pursuant to Section
30 of the Charter of said City, 493,000.00 6% "Improvement Bonds,
Series E" , were issued by the City of Miami Beach for the purpose
of paying a part of the cost of certain Local Improvements within
and for said City, and that 49,000.00 thereof mature on a certain
date between June 30, 1933 and December 31, 1940, as follows :
49,000.00 on July 1, 1933.
(2) That under date of March 1, 1926, pursuant to Section
29 of the Charter of said City, 4469,000.00 6% "Improvement Bonds,
Series J" , were issued by the City of Miami Beach, for the purpose
paying
of/all or a portion of the cost of certain Local Improvements
within and for said. City, and that 4168,000,00 thereof mature on
certain dates between June 30, 1933, and December 31, 1940, as
follows: 424,000,,00 on March 1 in each of the years 1934 to 1940,
inclusive,
(3) That under date of July 1, 1926, pursuant to Section
29 of the Charter of said City, 4488,000.00 6% "Improvement, Bonds,
Series K" , were issued by the City of Miami Beach, for the purpose
of paying the cost of certain Local Improvements within and for
said. City, and that 4244,000.00 thereof mature on c'ertain dates
between June 30, 1933 and December 31, 1940, as follows: 448,000.00
on July 1, 1933 and 449,000.00 on July 1 in each of the years 1934
tJ 1937, inclusive.
(4) That under date of July 1, 1929, pursuant to Section
29 of the Charter of said City, 444,000.00 6% " Improvement Bonds,
Series L" , were isaied by the City of Miami Beach, for the purpose
of paying the cost of certain Local Improvements within and for
said. City, and that 410,000.00 thereof mature on certain dates be-
i
tween June 30, 1933 and December 31, 1940, as follows: 45,000,00
f -,
on July 1 in each of the years 1933 and. 1934.
(5) That under date of May 1, 1930, pursuant to Section
29 of the Charter of said City, 4256,000.00 6% "Improvement Bonds,
Series M" , were issued by the City of Miami Beach, for the purpose
of paying the cost of certain Local Improvements within and for
said City, and that 4164,000.00 thereof mature on certain dates
between June 30, 1933 and. December 31, 1940, as follows: 410,000.00
on May 1, 1934, 450,000.00 on May 1, 1935, 420,000.00 on May 1,
1936 and 421,000.00 on May 1 in each of the years 1937 to 1940, in—
elusive.
(6) That under date of April 1, 1919, pursuant to Section
37 of the Charter of said. City, 440,000.00 6% Waterworks Bonds,
were issued by the City of Miami Beach, for the purpose of purchas—
ing, developing, - extending and maintaining a waterworks system
within its corporate limits, and that 412,000.00 thereof mature on
certain dates between June 30, 1933 and. December 31, 1940, as fol—
lows: 42,000.00 on April 1 in each of the years 1934 to 1939, in—
clusive.
(7) That under date of January 1, 1921, pursuant to Section
37 of the Charter of said City, 475,000.00 6% Public Improvement
Bonds, were issued uy the City of Miami Beach for the purpose of
developing and extending the existing waterworks system and for
the purpose of establishing and maintaining a fire department and
for the purchase of fire fighting equipment, all within and for said
City, and that 435,000.00 thereof mature on certain dates between
June 30, 1933 and December 31, 1940, as follows: 43,000.00 on
January 1 in each of the years 1934 and 1935, 44,000,00 on January
1 in each of the years 1936 and 1937, and 47,000.00 on January 1 in
each of the years 1938 to 1940, inclusive.
(8) That under date of July 1, 1922, pursuant to the Charter
of said City, 4125,000.00 6% Public Improvement Bonds, were i sso.ed
by the City of Miami Beach for the purpose of constructing a build—
ing,
uilding, the laying of drains and the purchase of land, machinery and
equipment, all for the operation of a plant for neutralizing,
destroying and disposing of sewage for said City, and for the pur-
pose of constructing Sanitary Sewers for said City, and that
456,000.00 thereof mature on certain dates between June 30, 1933
and December 31, 1940, as follows: 47,000,00 on July 1 in each of
the years 1933 to 1940, inclusive,
(9) That under date of March 1, 1926, pursuant to the Charter
of said City, 4285,000.00 6% Public Improvement Bonds were issued
by the City of Miami BeEch for the purpose of constructing Jetties
for protec vi, u the waterfront on the Atlantic Ocean in said City,
and that 4105,000.00 thereof mature on certain dates between June
30, 1933 and December 31, 1940, as follows: 415,000.00 on March 1
in each of the years 1934 to 1940, inclusive,
(10) That under date of July 1, 1926, pursuant to the Charter
of said City, 488b,000.00 6% Public Improvement Bonds were issued
by the City of Miami Beach for the purpose of paying the cost of
certain permanent municipal improvements and municipal equipment,
and that 4373,000.00 thereof mature on certain dates between June
30, 1933 and December 31, 1940, as follows: 445,000.00 on July
1 in each of the years 1933, 1938 and 1940, 447,000.00 on July 1
in each of the years 1934 and 1936, 450,000.00 on July 1, 1935
and 446,000.00 on July 1, 1937 and 448,000,00 on July 1, 1939.
(11) That under date of July 1, 1929, pursuant to the Charter
of said City, 4225,000.00 6% Public Improvement Bonds were issued
by the City of Miami Beach for the purpose of paying the cost of
purchasing a portion of Flamingo Park, situated in the City of
Miami Beach, and that4119,000,00 thereof mature on certain dates
between June 30, 1933 and December 31, 1940, as follows: 414,000,00
on July 1, 1933, 416,000,00 on July 1 in each of the years 1934 to
193?, inclusive, 418,000,00 on July 1 in each of the years 1938 and
1939, and 45,000.00 on July 1, 1940,
(12) That under date of May 1, 1930, pursuant to the Charter
of said City 419,000.00 6% Public Improvement Bonds were issued by
the City of Miami Beach for the purpose of extending and developing
its waterworks system, and that 46,000.00 thereof mature on certain
dates between June 30, 1933 and Deoember 31, 1940, as follows:
41,000,00 on May 1, 1935, 42,000,00 on May 1, 1937 and 43,000.00
on May 1, 1939.
(13) That under date of April 1, 1923, pursuant to Section
30 of the Charter of said City, 4220,000,00 5--3/4% "Improvement
Bonds, Series F" , were issued by the City of Miami Beach for the
purpose of paying all or a portion of the cost of certain Local
Improvements within and for said City, and that 449,000.00 there-
of mature on certain dates between June 30, 1933 and December
31, 1940, as follows: 430,000.00 on April 1, 1934 and 419,000.00
on April 1, 1935,
(14) That under date ot- April 1, 1923, pursuant to the
Charter of said City, 4220,000.00 5-3/4% Public Improvement Bonds,
were issued by the City of Miami Beach for the purpose of paying
the cost of certain permanent municipal improvements, and that
486,000,00 thereof mature on certain dates between June 30, 1933
and December 31, 1940, as follows: 411,000.00 on April 1, 1934,
412,000.00 on April 1, in each of the years 1935 to 193'l, inclu-
sive, and 413,000,00 on April 1 in each of the years 1938 to
1940, inclusive,
(15) That under date of May 1, 1930, pursuant to the Charter
of said City, 4900,000,00 5-3/4% Public Improvement Bonds were
issued by the City of Miami Beach for the purpose of paying the cost
of what is known as the Municipal Golf Course, situated in the City
of Miami Beach, and that 4225,000,00 thereof mature on oertain
dates between June 30, 1933 and December 31, 1940, as follows:
45,000,00 on May 1, 1934, 440,000,00 on May 1 in each of the years
1935, 1939 and 1940, 445,000.00 on May 1 in each of the years 1936
and 1938, and 410,000,00 on May 1, 1937,
(16) That under date of April 1, 1924, pursuant to Section
30 of the Charter of said City, 4320,000,00 5i% "Improvement Bonds,
Series H" , were issued by the City of Miami Beach for the purpose
of paying all or a portion of the cost of certain Local Improvements
within and for said City, and that 460,000.00 thereof mature on
certain dates between June 30, 1933 and December 31, 1940, as fol-
lows: 448,000.00 on April 1, 1934 and 412,000,00 on April 1, 1935,
(17) That under date of April 1, 1924, pursuant to the
Charter of said City, 4307,000 .00 5i% Public Improvement Bonds
were issued by the City of Miami Beach for the purpose of paying
the cost of certain permanent municipal improvements, and that
4169,000.00 thereof mature on certain dates between June 30, 1933
and December 31, 1940, as follows: 415,000.00 on April 1 in each
of the years 1934 and 1935, 419,000.00 on April 1, 1936, 431,000,00
on April 1 in each of the years 1937 and 1938, 430,000,00 on April
1, 1939 and 428,000,00 on April 1, 1940,
(18) That under date of October 1, 1924, pursuant to the
Charter of said. City, 4177,000.00 5 Public Improvement Bonds
were issued by the City of Miami Beach for the purpose of paying the
cost of certain permanent municipal improvements and municipal equip-
ment, and that 459,000,00 thereof mature on certain dates between
June 30, 1933 and December 31, 1940, as follows: OOQ;OO on April 1
in each of the years 1934 and 1935, and 411,000.00 on April 1 in
each of the years 1936 to 1940, inclusive,
(19) That under date or March 1, 1926, pursuant to the Charter
of said City, 41,055,000,00 5 Public Improvement Bonds were issued
by the City of Miami Beach for the purpose of paying the costs of
certain permanent municipal improvements and municipal equipment,
and that 4369,000,00 thereof mature on certain dates between June 30,
1933 and December 31, 1940, as follows: 456,000.00 on March 1, 1934,
452,000.00 on March 1 in each of the years 1935, 1936, 1938 and 1940,
463,000.00 on March 1, 1937, and 442,000.00 on March 1, 1939,
(20) That under date of April 1, 1925, pursuant to the Charter
of said City and an Act passed at the 1925 Session of the Legislature
of Florida, entitled "bn Act to authorize the City of Miami Beach
to issue Bonds" , 4655,000,00 5 "Improvement Bonds, Series I" , were
issued by the City of Miami Beach, for the purpose of paying all or
a portion of the cost of certain Local Improvements within and
for said City, and that 4295,000,00 thereof mature on certain
dates between June 30, 1933 and December 31, 1940, as follows:
435,000.00 on April 1 in each of the years 1934 and 1935, and
445,000.00 on April 1 in each of the years 1936 to 1940, inclusive.
(21) That under date of April 1, 1925, pursuant to the
Charter of said City, 42134,000.00 50 Public Improvement Bonds
were issued by the City of Miami Beach for the purpose of paying
the cost of certain permanent municipal improvements, municipal
property and municipal equipment, and that 498,000,00 thereof
mature on certain dates between June 30, 1933 and December 31,
1940, as follows: $8,000,00 on April 1, 1934, 420,000,00 on April
1, 1935, 413,000.00 on April 1, 1936, and 413,000,00 on April 1
in each of the years 1937 to 1940, inclusive.
(22) Tnat all of the bonds hereinabove described as matur-
ing on dates between June 30, 1933 and December 31, 1940, were
legally issued and on July 29, 1931 did constitute and do how con-
stitute valid outstanding bonded indebtedness of the City of Miami
Beach,
(23) That it would be a hardship and a burden upon the tax-
payers of the City of Miami Beach to levy taxes sufficient to pro-
vide for the payment of the bonds referred to in the preceding
clausesat their respective maturities, and that it is for the best
interests of the City and its inhabitants to extend the times of
payment of said bonds by refunding,
SECTION 2. Tnat, under the authority of the General Refund-
ing Act of 1931, being Chapter 15772, General Laws of Florida,
1931, passed by the Legislature of Florida at its Second Extraordi-
nary Session, in July, 1931, and approved by the Governor on July
29, 1931, there be issued the negotiable coupon bonds of the City
of Miami Beach in the aggregate amount of 42,711,000,00 designated
"Twenty Year Refunding Bonds",
SEOTION 3, That said 42,711,000.00 Twenty Year Refunding
Bonds shall consist of 2,711 bonds of 41,000,00 each, numbered 1
to 2,711, inclusive, dated July 1, 1933, and the interest thereon
shall be payable semi-annually on the first days of January and
July of each year, and both principal and interest of said bonds
shall be payable in gold coin of the United States of the present
standard of weight and fineness at the Chemical Bank and Trust
Company in the City of New York,
SECTION 4„ That said bonds shall mature on July 1, 1953,
but shall be subject to redemption at the option of the City of
Miami Beach, in whole or in part, from the sinking fund or the
proceeds of refunding bonds or from any otner moneys available
therefor, at par and accrued interest on any interest payment
date prior to maturity, provided at least thirty days prior to
any interest payment date upon which such redemption is to be
made, a notice of intention to make such redemption, signed by an
officer of the City and stating the numbers of the bonds so to be
redeemed, shall have been published once in a newspaper published
in the City of Miami Beach, Florida, and in a financial journal
published in the City of New York, and shall have been filed at
the place at which principal and interest of said bonds shall be
payable, and shall have been mailed, postage prepaid, to all regis-
tered owners of bonds to be redeemed whose addresses shall appear
upon the books of registration herein provided for, but failure to
mail any such notice herein required to be mailed shall not effect
the validity of the proceedings for such redemption, Such redemp»
tion of any part of the outstanding bonds of said issue less than
the whole thereof shall be a redemption of bonds by lot in such
manner as may be determined by the City Council of said City of
Miami Beach, subject to the provisions of Sections 12 and 13 hereof,
SECTION 5. That 1301 bonds numbered 1 to 1, 301, inclusive,
shall bear interest at the rate of 6% per annum, and shall be issued
to refund the bonds described in clauses (1) to (12) , inclusive, of
Section 1, which mature between June 30, 1933 and December 31, 1940;
that 360 bonds numbered 1302 to 1661, inclusive, shall bear interest
at the rate of 53/4% per annum, and shall be issued to refund the
bonds described in clauses (13), (14) and (15) of Section 1, which
mature between June 30, 1933 and December 31, 1940; that 65? bonds
1
numbered 1,662 to 2,318, inclusive, shall bear interest at the
rate of 5b per annum, and shall be issued to refund the bonds de-
scribed in clauses (16) to (19), inclusive, of Section 1, which
mature between June 30, 1933 and December 31, 1940; and that 393
bonds numbered 2,319 to 2,711, inclusive, shall bear interest at the
rate of 5o per annum, and shall be issued to refund the bonds de»
scribed in clauses (20) and (21), of Section 1, which mature between
June 30, 1933 and December 31, 1940.
SECTION 6, That said bonds shall be signed by the Mayor of
the City of Miami Beach, under its corporate seal, and attested by
the City Clerk and the interest coupons thereto attached shall be
executed with the facsimile signature of said City Clerk, Said
bonds and coupons and the provisions for registration to be endorsed
on the reverse of each bond shall be in substantially the following
form:
No. ��. #1.000
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
TWENTY YEAR REFUNDING BOND
The City of Miami Beach, in Dade County, State of Florida,
is justly indebted and for value received, hereby promises to pay
to the bearer, or if this bond be registered, to the registered
owner hereof, on the first day of July, 1953, the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of % per annum, payable semi-
annually on the first days oft January and July of each year upon the
presentation and surrender of the annexed interest coupons as they
severally become due, Both 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 Chemical Bank and Trust Company in the
City of New York. For the prompt payment hereof and the interest
hereon as the same shall fall due, the full faith, credit and resources
of said City of Miami Beach are hereby irrevocably pledged,
r
This bond is issued by said City under the authority of and
in full compliance with the General Refunding Act of 1931, being
Chapter 15?v2, General Laws of Florida, 1931, and pursuant to a
resolution duly passed by the City Council of said City of Miami
Beach, for the purpose of refunding a like amount of valid sub-
sisting bonded debt of said City, outstanding at the date of the
passage of said Act, The bonds of this issue may be redeemed in
whole or in part at the option of the City of Miami Beach, at par
and accrued interest, on any interest payment date prior to maturi-
ty, provided at least thirty days prior to the date upon which such
redemption is to be made, a notice of intention to make such re-
demption shall have been published once in a newspaper published in
the City of Miami Beach, Florida, and in a financial journal pub-
lished in the City of New York, and shall have been filed at the
said place of payment, In case of any redemption of a part only,
the bonds to be redeemed shall be chosen by lot. The sinking fund
provided for said bonds may also be used in the purchase thereof
in accordance with the provisions of said resolution,
It is hereby certified and recited that all acts, conditions
and things required to happen, exist and be performed precedent to
and in the issuance of this bond have happened, exist and have been
performed in due time, form and manner as required by the laws and
Constitution of Florida; that the total iniebtedness of said City,
including this bond does not exceed, and that the total indebtedness
of said City at the creation of the indebtedness refunded hereby,
including said indebtedness, did not then exceed, any constitutional
or statutory limitation thereon; and 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 principal and inter.
est of this bond as the same shall fall due,
This bond may be registered as to principal in accordance
with the provisions endorsed hereon,
1
IN WITNESS WHEREOF, said City or Miami Beach has caused this
bond to be signed by its Mayor, under its corporate seal, and at.
tested oy its City Clerk, and the interest coupons hereto attached
to be executed with the facsimile signature of said City Clerk, all
as of the first day of July, 1933,
Mayor
ATTEST:
City Clerk
(ENDORSEMENTS UPON BONDS)
Validated and confirmed by decree of the Circuit Court of the
Eleventh Judicial Circuit of the State of Florida, in and for Dade
County, rendered on , 1933,
erk of said Circuit Court
REGISTRATION AS TO PRINCIPAL ONLY
This bond may be registered as to principal in the bond
register of said City, notation of such registration to be made
hereon by the City Clerk, or by 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 the presentation
to the Bond Registrar, accompanied by delivery of a written instru-
ment 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,
•
.�.:.may..”..�s �.rrrr ra r.._ _ - �����mr
(COUPON)
No. 4 _��
On the first day of , 19 �
The City of Miami Beach, Florida, will pay to the bearer at
the Chemical Bank & Trust Company in the City of New York, the sum
of Dollars in gold coin, as provided in and for
the interest then due on its Twenty Year Refunding Bond, dated July
1, 1933, numbered
City Clerk
001917. That said Twenty Year Refunding Bonds shall be
registerable as to principal only, in accordance with the provisions
hereinabove provided for endorsement upon said bonds, and the City
Clerk is hereby designated Registrar for the purpose of such regia..
1
tration and he shall provide proper books for that purpose, No charge
shall be made to any bondholder for the privilege of registration
herein granted,
SECTION 8. That there shall be paid into a sinking fund to be
used solely for the payment of said Twenty Year Refunding Bonds at
their maturity, or for the retirement thereof before maturity by call
or purchase as herein provided, the amounts in each fiscal year from
the fiscal year 1935-36 to the fiscal year 1952.53, as follows:
1935 » 1936 $ 100,000.
1936 » 1937 100,000.
1937 — 1938 100,000,
1938 ..• 1939 100,000,
1939 w 1940 100,000,
1940 . 1941 50,000.
1941 . 1942 50,000,
1942 . 1943 50,000,
1943 — 1944 75,0000
1944 . 1945 75,000,
1945 - 1946 150,,000.
1946 . 1947 200,000,
1947 o. 1948 250,000.
1948 — 1949 250,000,
1949 « 1950 250,000.
1950 « 1951 350,000.
1951 . 1952 250,000.
1952 1953 211,000,
Provided, however, that the aggregate of such payments may
be reduced by an amount equal to the face value of any undelivered
portion of such refunding bonds by reducing said annual payments
in proportion as the undelivered portion of said bonds bears to
the entire issue.
SECTION 9. That in each year while any of the Twenty Year
Refunding Bonds shall be outstanding, there shall be levied upon
all taxable property within the City of Miami Beach a tax suffi-
cient to pay the interest upon said bonds as the same shall fait
due and to make the sinking fund payments required by this resolu-
tion, and also a sum sufficient to provide for the estimated fail..
ure to collect taxes in such year; provided, however, when there
shall be in the funds provided for said interest and sinking fund
amounts exceeding the amounts at that time required for such funds,
the tax required by this section for the then current fiscal year
may be reduced by the amount of such excess, and, provided further,
that at any time or times when the aggregate of bonds of this issue -
which shall have been retired, shall exceed the cumulative require-
ments as set forth in Section 8, hereof, no tax levy for sinking
fund purposes shall be required hereunder.
SECTION 10. That there is hereby pledged to the payment of
such bonds the collection or proceeds of all uncollected special
assessments or lien sale certificates now owned by the City, sub-
ject, however, to all outstanding pledges of such special assess-
ments or lien sale certificates or prior liens thereon.
There is hereby further pledged to the payment of all outstand-
ing bonds of the City including this issue the collections or pro-
ceeds of tax sale certificates which the City may acquire during the
years 1933 to 1940, both inclusive, providing, however, that not
T.
exceeding 4200,000.00 worth of such certificates shall be pledged
in any one year, and subject to all outstanding pledge6 of such
tax sale certificates or prior liens thereon.
Nothing herein contained shall be so construed as to prevent
the City Council from making such adjustment or compromise as said
Council may deem right and proper in the collection of any assess—
ments, lien sale certificates or tax sale certificates herein pledged,
SECTION 11, All moneys collected or received for the interest
and sinking funds shall be forthwith deposited with a city depository
in the City of Miami Beach which shall have secured such deposit,
and shall maintain the security thereof as required by law.
SECTION 12. That all moneys in the sinking fund, after reserv-
ing therefrom a sufficient amount for the redemption of any bonds there.
tofore called for payment before maturity under the provisions of this
resolution, may be applied by the City Clerk to the purchase of any
refunding bonds issued hereunder at any price not exceeding their par
value and accrued interest, nor exceeding their market value, subject
to the approval of the City Council, All bonds purchased under the
provisions of this section, together with all unmatured coupons at—
tached thereto, shall be cancelled by the City Clerk and extinguished
as obligations of the City.
SECTION 13, That it shall be the duty of the City Clerk, not
earlier than the fortieth nor later than the thirtieth day before
each interest payment date, to call for redemption in the manner
provided by this resolution such of the refunding bonds then out.
standing as can be redeemed on the next interest payment date, at
par and accrued interest, from the moneys in the sinking fund avail—
able therefor at the time of such call; provided, however, that it
shall not be obligatory so to call bonds for payment unless the amount
in the sinking fund available for such payment shall be at least Fifty
Thousand Dollars, After any such call a sufficient sum shall be set
aside in the sinking fund to meet the payment of the bonds so called
for redemption, If the bonds to be called for redemption on any
interest payment date shall not have been chosen by lot as herein
provided before the fortieth day before such interest payment date,
it shall be the duty of the City Clerk to choose such bonds by lot
in such manner as in his own discretion he may determine.
SECTION 14, That the City Clerk is hereby directed to cause
bonds herein authorized for the refunding of bonds maturing between
June 30, 1933 and December 31, 1940, to be prepared and executed in
the manner and form hereinabove provided and to deposit the same with
the First National Bank of Miami, in the City of Miami, Florida, and/or
such other bank or trust company or companies as may be chosen by the
City Council, with instructions to deliver the same from time to time
in exchange for and upon the surrender to said bank or trust company
of a like amount of the appropriate bonds to be refunded as set forth
in Section 5 hereof, the bonds so surrendered to be accompanied by all
coupons representing interest to accrue after such exchange; provided,
however, that any adjustment of interest may be made by payment of
cash to or by the City and/or by endorsement upon the next maturing
coupon of the Twenty Year Refunding Bonds; provided, further, that
nothing herein contained shall be deemed to prevent the City Council
from hereafter ordering the sale of any bonds herein authorized in
the manner provided by said General Refunding Act of 1931.
SECTION 15. That the bank or trust company with which bonds here«-
in authorized shall be so deposited is hereby authorized to cancel by
perforation the bonds so surrendered, and attached coupons, as and
when Twenty Year Refunding Bonds are delivered in exchange therefor,
and to forward said cancelled. bonds to the City Clerk, and is further
authorized upon each exchange to execute a certificate, under the hand
of some officer of said bank or trust company, giving a description of
the bonds so surrendered and cancelled, and the numbers of the Twenty
Year Refunding Bonds so delivered, and to forward said certificate
with the cancelled bonds to the City Clerk.
SECTION 16. No election shall be called or held for the autho
rization of said refunding bonds.
SECTION 17. This resolution shall be in force from and
after its passage.
PASSED AND ADOPTED by the City Council or the City of Miami
Beach, Florida, on this the 27th day of April, A. D. , 1933,
Presides Y
iouncil
ATTEST:
City Clerk
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