Resolution 2638 RESOLUTION NO, 2638
A RESOLUTION PERTAINING TO
THE PAYMENT OF CERTAIN BONDS
AND INTEREST COUPONS OF THE
CITY OF MIAMI BEACH.
WHEREAS, the City Council of the City of Miami Beach,
Florida, has adopted a plan for the refunding of all of the
bonds of said City maturing between June 30, 1933 and December
31, 1940, and
WHEREAS, the names of the owners of a large majority of
said bonds are unknown to said City Council and City officials,
and that the success of said refunding plan depends upon our
being able to advise said bond owners of the details of said re-
funding plan,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA:
SECTION 1: That the City Clerk be and he is hereby
directed to instruct the Chemical Bank and Trust Company, in
the City of New York, at which all principal and interest on
the bonded debt of said City is payable, to return unpaid upon
presentation, all bonds maturing July 1st, 1933, and to return
therewith to each owner of said bonds, a copy of a booklet which
has been prepared to explain our proposal for exchange of Refund-
ing Bonds for the said bonds) also a copy of the following notice:
NOT I C E
To Owners of all City of Miami Beach, Florida, bonds
maturing between June 30th, 1933, and December 31st,
1940:
The City of Miami Beach, by reason of unpreceden-
ted tax delinquencies, is confronted with the necessity
of asking the owners of the above described bonds to
accept in exchange for same Refunding Bonds.
The said City has instructed its agent, the
Chemical Bank and Trust Company to return the bonds
accompanying this notice together with a copy of our
booklet prepared to explain our proposal for the ex.
F change of Refunding Bonds for these bonds.
As we are not seeking any reduction in the prin-
cipal of our obligation nor any decrease in interest
rate, but merely an extension of time, we therefore
earnestly solicit your co-operation to the end that
we may be enabled to continue to maintain our past
record of meeting all of our debt obligations promptly
when due.
CITY OF MIAMI BEACH, FLORIDA.
BY C. W. TOMLINSON, City Clerk.
SECTION 2: That the City Clerk be and he is further directed
to instruct the said Chemical Bank and Trust Company to withhold
payment of any interest coupons due July 1st, 1933, September let,
1933 and October 1st, 1933, and belonging to certain bonds as de»
scribed in the following schedules:
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Said payment is to be withheld until the name and address
of such owner, or that of his representative, shall be made
known to said Chemical Bank and Trust Company; and provided
further that said Chemical Bank and Trust Company is hereby
instructed to return such coupons as presented, together with
a printed notice and form substantially as follows:
NOTICE
To Owners of Interest Coupons belonging to any City of
Miami Beach, Florida, bonds maturing between June 30,
1933 and December 31, 1940:
The City of Miami Beach is confronted with the neces-
sity of communicating with the owners of the above described
bonds, or representatives of said owners, with reference to
its adopted plan for the prevention of default by an extension
of maturity dates.
The said City has instructed the Chemical Bank and Trust
Company to return to you these interest coupons, together with
this notice. Funds for the payment of these coupons are on
hand, however, with the said Chemical Bank and Trust Company
and said coupons will be paid by them, at the same place, if
they are accompanied by advice as to the name and address of
the owner of the bonds to which said coupons belong, or the
name and address of said owner's representative with whom we
may communicate.
The following form is attached for your convenience in
making reply.
C. W. TOMLINSON,
City Clerk of the City
Miami Beach, Florida. of Miami Beach, Fla.
July 1, 1933 (For forms to be used that date.)
September 1, 1933For forms to be used that date.)
October 1, 1933 (Fcr forms to be used that date.)
(Please fill in the following blanks, tear off and
return to Chemical Bank and Trust Company, 165
Broadway, New York City, together with coupons.)
,1933
City of Miami Beach, Florida:
The following is a description of the bonds to which the
attached interest coupons belong:
(Be sure to state under "Description of Issue" whether
bonds are "Public Improvement Bonds" , "Water Works
Bonds" , or "Improvement Bonds" , and if they be the
latter, be sure to give the Series letter.)
Description of Issue Dated Due Date Interest Bond How many
of Bond Rate Numbers Bonds?
(If not sufficient space on th s form continue on
the reverse hereof.)
Name and address of owner or his representative:
Name ( if Owner)
Name ( if Representative)
Address Street
City . State
instruSECT ON 3• That the City Clerk is further directed to
- id Chemical Bank and Trust Company to attach
the ownership record to each coupon or group of coupons, when
paid, and. forward same to the City of Miami Beach.
SECTION 4: That the City Clerk is further directed to
immediaelyarward to the said Chemical Bank and Trust Company,
a certified copy of this Resolution, requesting them to carry
out the provisions of this Resolution .
PASSED AND ADOPTED this 7th day of June, A. D. , 1933.
411,
Free sen o y Dunt
ATTEST:
City Clerk
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