Resolution 3849.�.,-+... ._. •... � � .--,mss--..__.
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RESOLUTION NO, 3849
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING •
THE ISSUANCE OF NEGOTIABLE COUPON BONDS
AGGREGATING IN AMOUNT $2,313,000. FOR THE
SEVERAL PURPOSES AUTHORIZED AT AN ELECTION
HELD ON JANUARY 26, 1937.
WHEREAS the City Council of the City of Miami Beach, Florida,
on the 9th day of December, 1936, adopted a resolution authorizing
the issuance of negotiable coupon bonds of the City of Miami Beach
for the several purposes and in the respective amounts therein
stated aggregating in amount Two Million Three Hundred Thirteen
Thousand ($2,313,000. ) Dollars, subject to the authorization of
the duly registered and qualified voters of said City who are free-
holders therein participating in the special election, which said
resolution directed to be held on January 26, 1937; and
WHEREAS the said City Council on January 29th, 1937, canvassed
the returns of the aforesaid election and found that the issuance
of said bonds had been approved by a majority of the votes cast in
said election, in which a majority of the freeholders who were
qualified electors residing in said City participated, and that a
majority of the votes cast upon each of the several issues of bonds
proposed to be made were in favor of each of said issues, and declared
and recorded in the manner prescribed by law the result of said
election and canvass, which several propositions so submitted at said
election and approved as aforesaid were as follows:
1. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of Nine Hundred Two Thousand Dollars
( 902,000.00) with interest at a rate hereafter to be determined,
not exceeding 42% per annum, for the purpose of constructing an
outlet, together with force mains, pumps, and appurtenances for
the disposal of sanitary sewage?"
2. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of One Hundred Forty-Four Thousand
Dollars (5144,000.00) with interest at a rate hereafter to be
determined, not exceeding 40 per annum, for the purpose of con.
structing sanitary sewer extensions together with laterals?"
3. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of Three Hundred Eighty Thousand
Dollars ($350,000.00) with interest at a rate hereafter to be
determined, not exceeding 4i% per annum, for the purpose of con-
structing a storm sewer systema".
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4. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of Two Hundred Ninety Thousand
Dollars ($290,000.00) with interest at a rate hereafter to be
determined, not exceeding 4 % per annum, for the purpose of
paving portions of Collins Avenue together with necessary
protective works, between Twenty►Fourth Street and Thirtieth
Street, and between Forty-Fourth Street and the north city
limits of Miami Beach, Florida?"
5. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of ThirtyFive Thousand Dollars
($35,000.00) with interest at a rate hereafter to be deter•
mined, not exceeding 40 per annum, for the purpose of building
a bridge across Collins Canal at Washington Avenue?"
6. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of Fifty Thousand Dollars ($50,000.00)
with interest at a rate hereafter to be determined, not exceed.
ing 41% per annum, for the purpose of building and equipping a
police station?"
7. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of Thirty-Seven Thousand Dollars
($37,000.00) with interest at a rate hereafter to be determined,
not exceeding 421 per annum, for the purpose of building and
equipping a fire station?"
8. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of One Hundred Thousand Dollars
($100,000.00) with interest at a rate hereafter to be deter.
mined, not exceeding 4i% per annum, for the purpose of con-
structing a water storage structure, together with necessary
connecting mains and appurtenances?"
9. "Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of Three Hundred SeventyFive
Thousand Dollars ($375,000.00) with interest at a rate here.•
after to be determined, not exceeding 40 per annum, for the
purpose of purchasing a golf course on North Normandy Isle?"
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Miami Beach, Florida, as follows:
SECTION 1. That pursuant to said election Two Million Three
Hundred Thirteen Thousand Dollars ($2, 313,000. ) of negotiable
coupon bonds of the City of Miami Beach, Florida, be issued bearing
date April let, 1937, and bearing interest at a rate to be hereafter
determined not exceeding four and one-half per cent (44%) per annum,
payable semi-annually, on the first day of April and first day of
October of each year, which interest shall be evidenced by coupons
attached to the principal bonds, and both principal and interest
shall be payable in lawful money of the United States of America, at
Chemical Bank & 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.
711111.11.11.1"
SECTION 2. Said bonds shall be issued in nine series and
amounts as follows:
Series 1: For the purpose of constructing an outlet together with
force mains, pumps, and appurtenances for the disposal
of sanitary sewage $902,000. .
Series 2: For the purpose of constructing sanitary sewer extensions
together with laterals. $144,000.
Series 3: For the purpose of constructing a storm sewer system
$350,000.
Series 4: For the purpose of paving portions of Collins Avenue
together with necessary protective works, between
Twenty—Fourth Street and Thirtieth Street and between
Forty—Fourth Street and the north ci4y limits of
Miami Beach, Florida $290,000.
Series 5: For the purpose of building a bridge across Collins
Canal at Washington Avenue $ 35,000,
Series 6: For the purpose of building and equipping a police .
station $ 50,000.
Series 7: For the purpose of building and equipping a fire
station $ 37,000.
Series 5: For the purpose of constructing a water storage structure,
together with necessary connecting mains and appurtenances,
$100,000.
Series 9: For the purpose of purchasing a golf course on North
Normandy Isle $375,000.
Series 1 shall be in the principal amount of $902,000; shall
be known as "Sanitary Sewage Disposal Bonds", and shall be numbered
and mature as follows:
Amount Maturity: April let Numbered
$ 29,000* 1938 1 to 29
29,000, 1939 59 to �Z�
2g
9,000.
9,000. 1941 8g to 96 9,000. 1942 97to 105
9,000. 1943 10to 114
9,000. 1944 115 to 123
9,000. 1945 124 to 132
29,000. 1946 133 to 161
39,000. 1947 162 to 200
39,000. 1945 201 to 239
39,000. 1949 240 to 278
39,000. 1950 279 to 31
47,000, 1951 315 to 36
58,000, 1952 365 to 422
66,00o. 1953 423 to 488
74,000. 1954 489 to 562
52,000. 1955 563 to 644
82,000. 1956 645 to 726
176,000. 1957 727 to 902
Series 2 shall be in the principal amount of $144,000; shall
be known as "Sanitary Sewer Extensions Bonds", and shall be numbered
and mature as follows:
Amount 111.4.01"" A--it.-.-2.1----13- lit Numbered
$ 5,000. 1938 1 to 5
5,000. 1939 6 to 10
5,000. 40 11 to 15
2,000. 1941 16 « 17
2,000. i942 18 •• 19
2,000, 20 w 21
2,000. 1944 22 .. 23
2,000. 1945 24 - 25
5,000.
1946 26 to 30
6,000. 1947 31 to 36
6,000. 1948 37 to 42
6,000. 1949 43 to 48
6,000. 195o 55 to 54
000. b
9,000, 1952 62 to 70
11,000, 19533 71 to 81
12,000. 1954 82 to 93
13,00o. 1955 94 to 106
13,00o. 1956 107 to 119
25,00o. 1957 120 to 144
Series 3 shall be in the principal amount of $380,000; shall
be known as "Storm Sewer System Bonds", and shall be numbered and
mature as follows:
Amount Maturity, April 1st Numbered
$ 13,000. 1938 1 to 13
13, 000. 1939 14 to 26
13,000, 403
4,,000. 1941 27 to 43
4,000, 1942 44 to 47
4,000. 19433 48 to 51
4,000. 1944 52 to 55
4,00o. 1945 56 to 59
13,00o, 1946 6o to 72
17,00o. 1947 73 to 89
17,000. 90 to 106
17,000. 1949 107 to 123
17,000, 1950 124 to 140
20,000. 1951 141 to 160
25,000, X9532 161 to 2135
31,000. 1954 214 244
1,000.
34,000, 1955 245 to 278
34,000. 279 to 312
68,000. 1957 313 to ago
Series 4 shall be in the principal amount of $290,000; shall
be known as "Collins Avenue Paving Bonds", and shall be numbered
and mature as follows:
Amount Maturity, April 1st Numbered
$ 9,000. 1938 1 to 9
9,000. 19399 10 to 1g
9,000. 4 19 to 27
,000, 1941 28 - 29
2,000, 1942 30
2,000, 3 2 . 313
2,000, 1944 34 .. 35
2,000, 1945 36 . 37
9,000. 1946 3S to 46
12,000. 1947 47 to 5g
12,000, 1948 59 to 70
12,000. 1949 71 to 52
12,000. 1950 g3 to 94
15,000.
1951 95 to 109
20,000, 1952 110 to 129
21,000. 195 130 to 150
23,000. 1954 151 to 173
26,000, 1955 174 to 199
26,00o, 1956 200 to 225
65,000. 1957 226 to 290
Series 5 shall be` in the principal amount of $35,000; shall
be known as "Washington Avenue Bridge Bonds", and shall be numbered
and mature as follows:
Amount Maturity, April 1st Numbered
$ 1,000, 1938 1
1,000. 1939 2
1,000. 1940
1,000. 1941 4
1,000. 1942
1,000. 194 6
1,000. 1944 7
1,000.
1,000. 1946 9
2,000. 1947 10 .. 11
2,000, 1948 12 . 13
2,000. 1949 14 » 15
2,000. 1950 16 .. 17
2,000. 1951 15 ,. 19
2,000. 1952 20 . 21
3,000. 1953 22 to 24
3,000, 14. 25 to 27
3,000, 195b 25 to 30
00 , 31 to 33
2,000. 1957 34 . 35
Series 6 shall be in the principal amount of $50,000; shall
be known as "Police Station Bonds", and shall be numbered and
mature as follows:
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Amount Maturity, April 1st Numbered
$ 2,000. 1938 1 » 2
2,000. 1939 3 .» 4
1
2,000. 4410 5 7 6
1,00o. 19
1,000.
100. 193 4 9
1,000. 1944 to
1,000. 194 11
2,000. 1946 12 «. 13
2,000. 1947 14 .. 15
2,000,
2 00. 1949 16 „19
2,000. 1950 20 to 24
3,000.
3,000. 1952 27
4,000. 195 28 tto
4 ,000, 1954 32 to 35
5,000. 1955 36 to 4o
5,000. 1956 1 to 45
5,000, 1957 46 to 5o
Series 7 shall be in the principal amount of *37,000; shall
be known as "Fire Station Bonds", and shall be numbered and mature
as follows:
Amount Maturity, April let Numbered
$ 1,000. 1938 1
1,000, 1939 2
1,000. 1940 3
1,000, 1941 4
1,000. 1942 5
1,000, 1
1,000. 944 7
1,000. 1945 8
1
1,000. 946 9
2,000. 1947 10 . 11
2,000. 1948 1
2,000. 1949 14 .. 15
2,000. 1950 16 .. 17
2,000. 1951 18 «. 19
3,000, 1952 20 to 22
23 to 25
4,000. 195,000, 1954 26 to 29
,000. 5 3o to
to 3
3
3 ,000. 1956 6
1,000. 1957 37
Series 8 shall be in the principal amount of $100,000; shall
be known as "Water Storage Structure Bonds", and sh&ll be numbered
and mature as follows:
Amount Maturity, April let Numbered
# 3,000. 1939 1 to 6
3,3,000.
3,000. 194o 7 to 9
1,000. 1941 l0
1,000. 1942 11
1,000, 1943 12
1,000. 4 14
1,000. 1946
3,000. 15 to17
4,000,
4,000. 1948 22 to 25
$ 4,000. 1949 26 to 29
4,000. 195o 3o to 33
5,00o. 1951 34 to 30
6,000, 1952 39 to 44
7,000.
5 to 51
8,000.
195 52 to 559
9,000. 1955 6o to 68
9,000. 1956 69 to 77
23,000. 1957 7g to 100
Series 9 shall be in the principal amount of $375,000; shall
be known as "Golf Course Bonds", and shall be numbered and mature
as follows:
Amount Maturity, April 1st Numbered
$ 12,000, 1938 1 to 12
12,000, 1939 13 to 24
12,000. 1940 25 to 36
4,000. 1942 37 t444
0
4,00o. 41 to
o
4,000, 1943 45 to 48
4,000, 1944 49 to 52
4,000, 1945 53 to 56
12 000. 57 to 6
11,000. 1947 69 to g4
16,000. 1948 85 to loo
16,000. 1949 101 to 116
16,000, 195o 117 to 132
19,000. 1951 133 to 151
2 ,000. 1952 152 to 175
7,000. 1953 176 to 202
31,000. 4 203to 233
34,000, 195234 to 267
34,000, 1956268 to 301
74,000. 1957 302 to 375
SECTION 3, That all of the bonds herein authorized shall be
in the denomination of One Thousand Dollars ($1,000) each and shall
be designated "Public Improvement Bends" followed by a brief des»
cription of the purpose as hereinbefore provided, and Shall be alike
in form except as to statement of series, purpose and the dates of
maturities and numbers, and the form of said bonds, coupons and re.
gistration endorsement, as well as the manner of execution of said
bonds and coupons and certificate of validation, shall be substanti-•
ally as follows:
No. UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE 1,000
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
(Here insert Series No. and statement of purpose)
KNOW ALL MEN BY THESE PRESENTS that the City of Miami Beach
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 re-
gistered to the registered owner hereof, on the 1st day of April,
19 , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per cent. per annum, payable
semiannually, on the first day of April and the first day of October
in each year, upon the presentation and surrender of the annexed in.»
terest coupons as they severally become due. Both the principal and
interest of this bond are payable in lawful money of the United States
of America, at the office of Chemical Bank & 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 are hereby irrevocably pledged.
This bond is one of a series of like tenor, date and amount, but
maturing at different times, issued by said City for the purpose of
paying the cost of certain public improvements in the City of Miami
Beach, Florida, as stated in the caption hereof and more particularly
described in Resolution No. 3849 of the City Council of said City,
passed and adopted February 5th, 1937, under the authority of and in
full compliance with the Constitution and statutes of the State of
Florida., including Chapter 14715, General Laws of Florida, 1931, and
the City Charter, being Chapter 7672 of the Laws of Florida of 1917, and
acts amendatory thereof and supplemental thereto, and has been duly
authorized and approved by a majority of the votes cast in an election
in which a majority of the freeholders who are qualified electors
residing in said City participated, which said election was called and
held and the result declared and recorded in the manner prescribed by
law.
It is hereby certified and recited that all acts, conditions and
things required 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 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
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including this bond, does not exceed any constitutional 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 fac simile signature of said Clerk, all as of the first day of
April, A. D. , 1937.
Mayor
City Clerk
COUPON
No.
On 1, 19 , the City of Miami Beach, Florida, will
pay to the bearer at Chemical Bank & Trust Company, New York City,
the sum of
Dollars in lawful money of the United States of America, as provided
in and for the interest then due on its Public Improvement Bond,
Series , dated April 1, 1937, and numbered
ENDORSEMENT CONCERNING VALIDATION.
Validated and confirmed by decree of the Circuit Courtfbr the
Eleventh Judicial Circuit of the State of Florida, in and for Dade
County, on 1937.
Clerk of the Circuit Court of
the Eleventh Judicial Circuit
for Dade County, Florida.
ENDORSEMENT 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 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 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 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 principal
and interest falling due in the following year upon said 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 5. That the City Attorney is hereby authorized and
directed to proceed to have said bonds validated in the name of said
City by the Circuit Court of said County.
SECTION 6. 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 effect an early sale
and delivery of said bonds,
SECTION 7, That this resolution shall be in force and effect
immediately upon its adoption.
PASSED AND ADOPTED this 5th day of February, A. D. , 1937.
j2----
resident of City Council
ATT = •
I�i► , /'
City Clerk
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