Resolution 82-16947 RESOLUTION NO. 82-16947
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AMENDING RESO-
LUTION NO. 79-15829 WHICH PROVIDES FOR THE
ISSUANCE OF $2, 500 , 000 PRINCIPAL AMOUNT OF
PUBLIC IMPROVEMENT BONDS OF THE CITY (THE
"BONDS") BY AMENDING SAID RESOLUTION IN ITS
ENTIRETY, IN ORDER, AMONG OTHER THINGS, TO
AMEND CERTAIN PROVISIONS REGARDING THE
MATURITY OF THE BONDS, TO ADD CERTAIN
PROVISIONS REGARDING NEGOTIABILITY, REPLACE-
MENT AND REDEMPTION OF THE BONDS AND TO
AUTHORIZE THE ISSUANCE OF NOT EXCEEDING
$2, 500 , 000 PRINCIPAL AMOUNT OF BOND
ANTICIPATION NOTES IN ANTICIPATION OF THE
ISSUANCE OF THE BONDS.
WHEREAS , the City Commission of the City of Miami
Beach , Florida (the "City Commission" ) , on February 7 , 1979 ,
passed and adopted Resolution No. 79-15829 (the "Resolution")
authorizing the issuance of $2, 500, 000 principal amount of Public
Improvement Bonds (the "Bonds) , to finance all or a portion of
the cost of construction of various capital improvements,
including paving , sidewalks , curb and gutter , storm sewer ,
lighting , landscaping , canopy structures , bus shelters , signage ,
ornamental structures , and other structures on public right-of-
way, and acquiring land required for the plan of reconstruction
of the following area : Arthur Godfrey Road from Biscayne Bay to
the Atlantic Ocean; Indian Creek Drive from 39th Street to 44th
Street ; and Collins Avenue from 44th Street to 46th Street ; and
WHEREAS, said Resolution was amended by Resolution No.
79-15851, adopted by the City Commission on March 7 , 1979 , which
amended Sections 2 and 5 of , and otherwise re-adopted, said Reso-
lution; and
WHEREAS, the City Commission has determined and does
hereby determine that it is necessary to amend the Resolution in
its entirety in order , among other things , to amend certain pro-
visions of the Resolution setting forth the maturity schedule of
the Bonds and to insert certain other provisions not heretofore
included in said Resolution regarding the negotiability of the
Bonds , replacement of lost , stolen or mutilated Bonds , and
redemption of the Bonds .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, that :
Section 1. Resolution No. 79-15829 of the City Commis-
sion of the City of Miami Beach, Florida, passed and adopted on
February 7 , 1979 , as amended by Resolution No. 79-15851, passed
and adopted on March 7, 1979, be and it hereby is amended in its
entirety and the text of said amended Resolution shall read as
set forth in Exhibit A attached hereto and incorporated herein by
reference .
PASSED and ADOPTED this 17th day of March, 1982.
./1/77,‘„,
Mayor
Attest :
City C erk
[Seal]
APPROVED
LE L Dr.rP///T/// ff''
By •I,� / -2-
Date if/; _, lr�., _
STATE OF FLORIDA
SS
COUNTY OF DADE
I, Elaine Matthews, Clerk of the City of Miami Beach, in
and for the County of Dade, State of Florida, do hereby certify
that the foregoing is a true copy of a Resolution adopted by the
City Commission of the City of Miami Beach in session on
the /7 day of + �), (A , 1982.
WITNESS my Hand and Official Seal this J// day
of 407J4.4, , 1982 in the City of Miami Beach, Florida.
"r'''.1-41A- -1 el7:611/1/1 )
City Clerk
(SEAL)
RESOLUTION NO. 79-15829
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
ISSUANCE OF $2, 500, 000 PRINCIPAL AMOUNT OF
PUBLIC IMPROVEMENT BONDS (THE "BONDS" ) FOR THE
PURPOSE OF FINANCING ALL OR A PORTION OF THE
COST OF PAVING, SIDEWALKS, CURB AND GUTTER,
STORM SEWER, LIGHTING, LANDSCAPING, CANOPY
STRUCTURES, BUS SHELTERS, SIGNAGE, AND
STRUCTURES ON PUBLIC RIGHT-OF-WAY, AND ACQUI-
SITION OF LAND REQUIRED FOR PLAN FOR
RECONSTRUCTION FROM ARTHUR GODFREY ROAD FROM
BISCAYNE BAY TO THE ATLANTIC OCEAN; INDIAN CREEK
DRIVE FROM 39TH STREET TO 44TH STREET; AND
COLLINS AVENUE FROM 44TH STREET TO 46TH STREET,
AUTHORIZED AT AN ELECTION HELD ON OCTOBER 5 ,
1978 (THE "PROJECT" ) ; PROVIDING FOR THE TERMS
AND PAYMENT OF THE BONDS AND THE RIGHTS,
SECURITY AND REMEDIES OF THE HOLDERS THEREOF;
AND AUTHORIZING THE ISSUANCE AND SALE OF BOND
ANTICIPATION NOTES OF THE CITY FOR THE PURPOSE
OF TEMPORARILY FINANCING THE COST OF THE
PROJECT.
WHEREAS, the City Commission of the City of Miami
Beach, Florida (the "City" ) on the 2nd day of August, 1978 ,
adopted Resolution No. 78-15687 , authorizing the issuance of
$2, 500 , 000 principal amount of negotiable coupon bonds of the
City to finance all or a portion of the cost of construction of
various capital improvements , including paving , sidewalks , curb
and gutter , storm sewer , ornamental structures , and other
structures on public right-of-way, and acquisition of land
required for the plan for reconstruction of the following area:
Arthur Godfrey Road from Biscayne Bay to the Atlantic Ocean;
Indian Creek Drive from 39th Street to 44th Street ; and Collins
Avenue from 44th Street to 46th Street (all said purposes to be
hereinafter referred to as the "Project" ) , subject to the
authorization of the duly registered and qualified voters of said
City therein participating in the special election which said
resolution directed to be held on October 5, 1978 ; and
WHEREAS, the said City Commission on October 18, 1978 ,
canvassed the returns of the aforesaid election and found that
the issuance of said bonds in the principal amount of $2 , 500 , 000
had been approved by a majority of the votes cast in said
election, in which the qualified electors residing in said City
EXHIBIT A
T
participated, and declared and recorded the result of said
election and canvass in the manner prescribed by law.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA;
SECTION 1. AUTHORIZATION OF BONDS. Pursuant to the
aforesaid election, and for the purpose of financing all or a
portion of the cost of the Project, there are hereby authorized
to be issued and sold negotiable coupon bonds of the City of
Miami Beach, Florida at one time in an aggregate principal amount
of $2, 500, 000 (the "Bonds" ) .
SECTION 2. DETAILS OF THE BONDS. The Bonds shall be
issued in a single series ; shall be designated "Public Improve-
ment Bonds" ; shall be in the denomination of Five Thousand
Dollars ($5, 000) each, or any multiple thereof ; shall be numbered
consecutively from 1 upwards; shall be dated the date of
issuance ; shall bear interest from their date until payment
thereof at the rate of seven and one-half percent (7 1/2%) per
annum, payable semiannually on the first days of April and
October of each year ; which interest shall be evidenced by
coupons attached to the principal Bonds ; shall mature and shall
be subject to earlier redemption or prepayment as hereinafter
specified.
Both the principal of and the interest on the Bonds
shall be payable in any coin or currency of the United States of
America which, at the respective dates of payment thereof , is
legal tender for the payment of public and private debts . The
Bonds shall be registrable as to principal alone in accordance
with the endorsement which this resolution directs to be printed
on the Bonds , at the office of the City Finance Director , as Bond
Registrar , or such other registrar as may be subsequently
appointed. The principal of the Bonds, unless registered , and
interest on all Bonds shall be payable at the office of the
Paying Agent designated by subsequent resolution of the City
Commission prior to the issuance of the Bonds , or at the office
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of any successor Paying Agent. Payment of the interest on the
Bonds to the maturity thereof shall be made only upon
presentation and surrender of the coupons representing such
interest as the same respectively fall due . The principal of any
Bond registered as to principal shall be payable upon the
presentation and surrender thereof as the same falls due at the
principal office of the Bond Registrar .
SECTION 3. MATURITY OF THE BONDS. The Bonds shall be
numbered and shall be stated to mature as follows :
AMOUNT MATURING OCTOBER 1 NUMBERED
$ 250 , 000 1984 1 - 50
250, 000 1985 51 - 100
250 , 000 1986 101 - 150
250, 000 1987 151 - 200
250, 000 1988 201 - 250
250, 000 1989 251 - 300
250 , 000 1990 301 - 350
250 , 000 1991 351 - 400
250 , 000 1992 401 - 450
250 , 000 1993 451 - 500
SECTION 4 . FORM OF BONDS. The Bonds shall be alike in
form, except as to principal amounts, dates of maturities and
numbers, and the form of said Bonds , the interest coupons to be
attached thereto and the registration endorsement, as well as the
manner of execution of said Bonds and coupons and the certificate
of validation shall be substantially as follows :
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No. $
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BONDS, SERIES 1982
(Here insert statement of purpose)
KNOW ALL MEN BY THESE PRESENTS that the City of Miami
Beach (the "City" ) 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 this bond be registered as to principal to
the registered owner hereof , on the 1st day of October , , the
principal sum of
THOUSAND DOLLARS
with interest thereon at the rate of percent per annum,
payable semiannually, on the first days of April and October in
each year , upon the presentation and surrender of the annexed
interest coupons as they severally become due. Both the
principal of and interest on this bond are payable in any coin or
currency of the United States of America which , at the respective
dates of payment thereof, is legal tender for the payment of
public and private debts , at the office of Bank
of ("Paying Agent") or the office of any successor
Paying Agent. For the prompt payment of 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
irrevocably pledged.
This bond is one of a duly authorized series of public
improvement bonds of like tenor , date and amount, but maturing at
different times , issued by said City for the purpose of paying
the cost of a certain public improvement in the City of Miami
Beach , Florida (the "Project") , as stated in the caption hereof
and more particularly described in Resolution No. 79-15829 of the
City Commission of said City, duly adopted February 7 , 1979 , as
amended March 7 , 1979 and as further amended on March 17 , 1982
(the "Resolution" ) , which authorized the issuance of the Bonds to
finance the Project under the authority of and in full compliance
with the Constitution and Statutes of the State of Florida,
including Chapter 100 , Florida Statutes , and the City Charter ,
being Chapter 7672 of the Laws of Florida, Acts 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 the qualified electors residing in said City
participated , which election was called and held and the result
declared and recorded in the manner prescribed by law.
The Bonds shall be redeemable prior to their respective
stated dates of maturity, at the option of the City, in whole or
in part, in inverse order of maturities , and by lot within
maturities (if less than all of the Bonds of any one maturity
shall be called for redemption) on , 198_, or on any
interest payment date thereafter , at the redemption prices .
(expressed as percentages of principal amount) , plus accrued
interest to the redemption date, as follows :
[insert redemption price schedule]
Any such redemption, either in whole or in part, shall
be made upon at least thirty (30) days ' prior notice by
publication and otherwise as provided in Resolution and shall be
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made in the manner and under the terms and conditions provided in
the Resolution. On the date designated for redemption, notice
having been published and filed and moneys for payment of the
redemption price held by the Paying Agent, all as provided in the
Resolution, the Bonds so called for redemption shall become and
be due and payable at the redemption price provided for
redemption of such Bonds on such date, interest on such bonds so
called for redemption shall cease to accrue, coupons maturing
after such date shall be void, such Bonds shall cease to be
entitled to any lien, benefit or security under the Resolution
and the holders or registered owners of such Bonds shall have no
rights in respect thereof except to receive payment of the
redemption price thereof .
This bond, until registered , shall pass by delivery but
may at any time be registered as to principal in the Bond
Registry of said City to be kept for that purpose at the office
of the City Finance Director (the "Registrar") and such registry
shall be made thereon and by endorsement on the back hereof by
the Registrar , after which this bond shall be transferable only
upon said books at said office by the registered holder in person
or by his duly authorized attorney; provided, however , that this
bond may be transferred to bearer at the option of the holder or
holders hereof and negotiability thereby restored and shall
continue subject to registration or transfer to bearer at the
option of the holder or holders for the time being, but no such
registrations of principal shall affect the negotiability of the
coupons hereto attached, which shall continue to be transferable
by delivery.
To the extent permitted by and as provided in the
Resolution, modification of the contract created by said
Resolution and of the rights of the holders of the bonds
thereunder may be made with the consent of the holders of not
less than sixty-seven percent (67%) in principal amount of the
bonds then outstanding; provided however , that no such
modification or amendment shall permit a change in maturity of
any bonds or a reduction in the rate of interest thereon, or in
the amount of the principal obligation or affect the
unconditional promise of the City to pay the principal of and
interest on the bonds as the same shall become due , or reduce
such percentage of holders of such bonds required for consent to
such modifications or amendments , without the consent of the
holders of all of the bonds.
The City and the Paying Agent may deem and treat the
bearer of this bond, if not registered as to principal, or the
person in whose name this bond is registered, if registered as to
principal, as the absolute owner hereof for the purpose of
receiving payment of , or on account of , the principal and
redemption premium (if any) due hereon, and for all purposes
other than to receive payment of interest represented by
outstanding coupons , and may deem and treat the bearer of each
coupon appertaining hereto as the absolute owner thereof for the
purpose of receving payment therefor , and neither the City nor
the Fiscal Agent shall be affected by any notice to the contrary.
It is hereby certified and recited that all acts ,
conditions and things required to happen, to 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,
do 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, which, together with available
collections from special improvement assessments made against
abutting property, will be sufficient to pay the interest and
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I
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
provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Miami Beach, Florida,
has caused this bond to be signed by its Mayor , under its seal,
and has caused the facsimile of the signature of the City Clerk
to appear thereon and the interest coupons attached hereto to be
signed with the facsimile of the signature of said Clerk, all as
of the day of , 19
Mayor
[Seal)
City Clerk
COUPON
No. $
On 1, , the City of Miami Beach,
Florida, will pay to the bearer at Bank, 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 19
dated and numbered
City 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 , 19
(Facsimile signature of Mayor)
Mayor
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 Finance Director , 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.
1
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Date of Registration Name of Registered Owner Registrar
SECTION 5 . NEGOTIABILITY, REGISTRATION AND
REGISTRATION OF TRANSFER OF BONDS. Title to any Bond, unless
such Bond is registered as to principal in the manner hereinafter
provided, and to any interest coupon, shall pass by delivery in
the same manner as a negotiable instrument payable to bearer .
The City shall cause the books for the registration and for the
transfer of the Bonds , as provided in this Resolution, to be kept
by the Bond Registrar . At the option of the bearer , any Bond
(but not any temporary Bond, unless the City Commission shall so
provide) may be registered as to principal alone on such books
upon presentation thereof to the Bond Registrar , which shall make
notation of such registration thereon. Any Bond registered as to
principal may be transferred only upon an assignment duly
executed by the registered owner or his attorney or legal
representative in such form as shall be satisfactory to the Bond
Registrar , such transfer to be made on such books and endorsed on
the Bond by the Bond Registrar . Such transfer may be to bearer
and thereby transferability by delivery shall be restored,
subject, however , to successive registrations and transfers as
before. The principal of any Bond registered as to principal,
unless registered to bearer , shall be payable only to or upon the
order of the registered owner or his legal representative , but
the coupons appertaining to any Bond registered as to principal
shall remain payable to bearer notwithstanding such
registration. No charge shall be made to any Bondholder for the
privilege of registration and transfer hereinabove granted , but
any Bondholder requesting any such registration or transfer shall
pay any tax or other governmental charge required to be paid with
respect thereto.
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SECTION 6 . OWNERSHIP OF BONDS. As to any Bonds
registered as to principal, the person in whose name the same
shall be registered shall be deemed and regarded as the absolute
owner thereof for all purposes and payment of or on account of
the principal of any such Bond shall be made only to or upon the
order of the registered owner thereof or his legal
representative, but such registration may be changed as herein
provided. All such payment shall be valid and effectual to
satisfy and discharge the liability upon such Bond to the extent
of the sum or sums so paid. The City, the Bond Registrar and the
Paying Agent may deem and treat the bearer of any Bond which
shall not at the time be registered as to principal and the
bearer of any coupon appertaining to any Bond whether such Bond
shall be registered as to principal or not, as the absolute owner
of such Bond or coupon, as the case may be , whether such Bond or
coupon shall be overdue or not, for the purpose of receiving
payment thereof and for all other purposes whatsoever , and
neither the City, the Bond Registrar nor the Paying Agent shall
be affected by any notice to the contrary.
Any person in possession of any Bond, unless such Bond
shall be registered as to principal , or of any coupon
appertaining to any Bond, whether such Bond shall be registered
as to principal , regardless of the manner in which he shall have
acquired possession, is hereby authorized to represent himself as
the absolute owner of such Bond or coupon, as the case may be ,
and is hereby granted power to transfer absolute title thereto by
delivery thereof to a bona fide purchaser for value (present or
antecedent) without notice of prior defenses or equities or
claims of ownership enforceable against his transferor or any
person in the chain of title and before the maturity of such
Bond . Any registered owner of any Bond registered as to
principal is hereby granted power to transfer absolute title
thereto by assignment thereof to a bona fide purchaser for value
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(present or antecedent) without notice of prior defenses or
equities or claims of ownership enforceable against his assignor
or any person in the chain of title and before the maturity of
such Bond. Every prior holder or owner of any Bond or of any
coupon appertaining to any Bond shall be deemed to have waived
and renounced all of his equities or rights therein in favor of
every such bona fide purchaser , and every such bona fide
purchaser shall acquire absolute title thereto and to all rights
represented thereby.
SECTION 7 . TEMPORARY BONDS . Until definitive Bonds
are ready for delivery, there may be executed, and the Finance
Director shall deliver , in lieu of definitive Bonds and subject
to the same limitations and conditions , except as to indentifying
numbers, temporary printed , engraved, lithographed or typewritten
Bonds in the denomination of Five Thousand Dollars ($5, 000) or
any multiple thereof , substantially of the tenor hereinabove set
forth , with or without coupons , and with or without the privilege
of registration as to principal, and with appropriate omissions ,
insertions and variations as may be required. The City shall
cause the definitive Bonds to be prepared and to be executed and
delivered to the Finance Director , and the Finance Director , upon
presentation to him of any temporary Bond accompanied by all
unmatured coupons , if any, shall cancel the same and authenticate
and deliver , in exchange therefor , at the price designated by the
holder , without expense to the holder , a definitive Bond or Bonds
in the same aggregate principal amount , maturing on the same date
and bearing interest at the same rate as the temporary Bond
surrendered. Upon any such exchange , all coupons appertaining to
the definitive Bonds and representing interest theretofore paid
shall be detached and cancelled by the Finance Director . Until
so exchanged, the temporary Bonds shall be entitled in all
respects, including the privilege of registration if so provided,
to the same benefit of this Resolution as the definitive Bonds to
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be issued and authenticated hereunder , and interest on such
temporary Bonds, when payable, if the definitive Bonds with
interest coupons shall not be ready for exchange, shall be paid
on presentation of such temporary Bonds and notation of such
payment shall be endorsed thereon, or such interest shall be paid
upon the surrender of the appropriate coupons if coupons
representing such interest shall be attached to such temporary
Bonds.
SECTION 8 . MUTILATED, DESTROYED OR LOST BONDS . In
case any Bond secured hereby shall become mutilated or be
destroyed or lost , the City may cause to be executed, and the
Finance Director may deliver , a new Bond of like date, number and
tenor in exchange and substitution for and upon the cancellation
of such mutilated Bond and its interest coupons, if any, or in
lieu of and in substitution for such Bond and its coupons , if
any, destroyed or lost, upon the holder ' s paying the reasonable
expenses and charges of the City in connnection therewith and, in
the case of a Bond destroyed or lost, his filing with the Finance
Director evidence satisfactory to him that such Bond and coupons,
if any, were destroyed or lost, and of his ownership thereof, and
furnishing the Finance Director with indemnity satisfactory to
him.
All Bonds and coupons so surrendered shall be cancelled
by the Bond Registrar . If any such Bonds or coupons shall have
matured or be about to mature , instead of issuing a substitute
Bond or coupons , the City may pay the same, upon being
indemnified as aforesaid, and, if such Bond or coupon be lost ,
stolen or destroyed, without surrender thereof .
Any such duplicate Bonds and coupons issued pursuant to
this section shall constitute original, additional contractual
obligations on the part of the City whether or not the lost ,
stolen or destroyed Bonds or coupons be at any time found by
anyone , and such duplicate Bonds and coupons shall be entitled to
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equal and proportionate benefits and rights as to lien on and
source and security for payment from the funds , as hereinafter
pledged , to the same extent as all other obligations and coupons
issued hereunder .
SECTION 9 . REDEMPTION OF BONDS. The Bonds shall be
redeemable prior to their respective dates of maturity, at the
option of the City, in whole or in part, upon such terms and
conditions as may be approved by subsequent resolution of the
City Commission.
SECTION 10 . REDEMPTION NOTICE. At least thirty (30)
days before the redemption date, a notice of any such redemption,
either in whole or in part , signed by the Finance Director , (a)
shall be published once in a Daily Newspaper of general
circulation or a financial journal published in the Borough of
Manhatten, City and State of New York , (b) shall be filed with
the Paying Agent , and (c) shall be mailed , postage prepaid , to
all registered owners of Bonds to be redeemed at their addresses
as they appear on the registration books herein provided for , but
failure so to mail any such notice shall not affect the validity
of the proceedings for such redemption. Each such notice shall
set forth the date fixed for redemption, the redemption price to
be paid and, if less than all of the Bonds then outstanding shall
be called for redemption, the numbers of such Bonds .
SECTION 11. EFFECT OF CALLING FOR REDEMPTION. On the
date so designated for redemption, notice having been published
and filed in the manner and under the conditions hereinabove
provided and moneys for payment of the redemption price being
held in a separate account by the Paying Agent , the Bonds so
called for redemption shall become and be due and payable at the
redemption price provided for redemption of such Bonds on such
date, interest on the Bonds so called for redemption shall cease
to accrue, the coupons for interest thereon payable subsequent to
the redemption date shall be void , such Bonds shall cease to be
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entitled to any lien, benefit or security under this Resolution,
and the holders or registered owners of such Bonds shall have no
rights in respect thereof except to receive payment of the
redemption price thereof.
SECTION 12. MATURED COUPONS . All unpaid interest
coupons which appertain to Bonds called for redemption and which
shall have become payable on or prior to the date of redemption
shall continue to be payable to the bearers severally and
respectively upon the presentation and surrender of such coupons .
SECTION 13. CANCELLATION. Bonds called for redemption
and all unmatured coupons appertaining thereto shall be cancelled
upon the surrender thereof.
SECTION 14 . BONDS CALLED FOR REDEMPTION OR PAYMENT
PROVIDED THEREFOR NOT OUTSTANDING. Bonds which have been duly
called for redemption under the provisions of this Resolution and
for the payment of the redemption price of which and the interest
to accrue thereon to the date fixed for redemption sufficient
moneys, or obligations in such amounts , bearing interest at such
rates and maturing at such dates that the proceeds thereof and
the interest thereon will provide such moneys , shall be held in a
separate account by the Paying Agent, all as provided in this
Resolution, and shall not be deemed to be outstanding under the
provisions of this Resolution.
SECTION 15. SOURCES OF PAYMENT OF BONDS. In each
year , while any of the Bonds shall be outstanding, there shall be
levied on all of the taxable property within the City a direct
annual tax which, together with available collections theretofore
made from special improvements assessments made against abutting
property, shall be 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 are collected and shall be
used for no other purpose than the payment of said principal and ►
interest.
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SECTION 16 . APPLICATION OF BOND PROCEEDS. The
proceeds received upon the sale of the Bonds , exclusive of
interest accrued on said Bonds , shall be deposited in the Arthur
Godfrey Project Construction Fund (the "Construction Fund" )
hereby created and established. An amount sufficient to pay the
principal of and interest on certain "Public Improvement Bond
Anticipation Notes , Series 1982" (hereinafter mentioned) shall be
withdrawn from the Construction Fund and applied to the payment
of the aforesaid Notes in accordance with the provisions of
Section 17 hereof . The balance remaining in the Construction
Funds shall be used for the construction of the Project. After
the completion of the Project, any remaining balance in the
Construction Fund shall be deposited into the Sinking Fund
(hereafter defined) and used solely to pay principal, interest
and premiums, if any, due on the Bonds .
The accrued interest on the Bonds shall be deposited in
the Arthur Godfrey Project Sinking Fund (the "Sinking Fund")
hereby created and established, and shall be used to pay interest
on the Bonds as it becomes due and payable .
SECTION 17 . AUTHORIZATION OF BOND ANTICIPATION
NOTES. Under the authority of the Constitution and laws of the
State of Florida, including particularly Chapter 215. 431, Florida
Statutes , and the Charter of Metropolitian Dade County, there is
hereby authorized to be issued and sold from time to time
$2, 500 , 000 aggregate principal amount of the City ' s bond
anticipation notes, to be designated "Public Improvement Bond
Anticipation Notes , Series 1982" (the "Notes") for the purpose of
temporarily financing the cost of the Project prior to and in
anticipation of the issuance and sale of the Bonds . The Notes
shall be issued in fully-registered form in the denomination of
$1, 000 each, or any multiple thereof ; shall bear interest payable
semiannually on April 1 and October 1 of each year , the first
interest payment to be payable October 1, 1982; shall mature,
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subject to earlier redemption or prepayment, on October 5, 1983 ;
and shall otherwise be issued in such form and under such further
terms and conditions as the City Commission shall hereafter
authorize and direct by resolution.
SECTION 18. REPAYMENT OF NOTES FROM BOND PROCEEDS.
The principal of and interest on the Notes shall be secured by
and payable from the proceeds of the sale of the Bonds; and the
interest on the Notes shall be further secured by and payable
from the general revenues of the City, including unlimited ad
valorem taxes on all taxable property in the City. The proceeds
of the Bonds and general revenues shall be pledged for such
purposes.
All the principal of and interest then due on the Notes
shall be paid from the first proceeds of the Bonds , exclusive of
accrued interest thereon, when the same shall have been sold and
delivered and none of the proceeds of the sale of the Bonds shall
be used for any other purpose whatsoever until all the principal
of and interest on the Notes have been fully paid. Such
proceeds , in an amount sufficient to pay the principal of and
interest on the Notes , shall be deposited in a special fund to be
held by the City and designated the Arthur Godfrey Project Bond
Anticipation Notes Repayment Fund (the "Note Repayment Fund") and
shall be used solely for the payment of the principal of and
interest on the Notes .
Five (5) days before the maturity (or earlier
redemption) of the Notes , the City shall transfer the amount
necessary to pay the principal of and interest on the Notes to
the Paying Agent. Any excess remaining in such Note Repayment
Fund from the investment and reinvestment of the Bond proceeds
after repayment of all Notes issued and outstanding shall be
deposited into the Sinking Fund.
SECTION 19 . INVESTMENT OF BOND PROCEEDS . The proceeds
of the Bonds shall be invested and reinvested by the Finance
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Director of the City in any investment which is a permitted
investment for public funds under Florida law which shall mature ,
or which shall be subject to redemption by the holder thereof at
the option of such holder , not later than the date when the
moneys held for the credit of the Construction Fund, the Sinking
Fund or the Note Repayment Fund will be required for the purposes
stipulated therein. Investments so purchased for the credit of
any of the aforementioned Funds shall be deemed at all times to
be a part of said Funds . Interest accruing on obligations so
purchased as an investment of moneys in any Fund shall be
credited to such Fund. The Finance Director shall sell at the
best price obtainable or present for redemption any obligations
so purchased whenever it shall be necessary, in the sole judgment
of the Finance Director , to do so in order to provide moneys to
meet any payment or transfer from any Fund. The Finance Director
shall not be liable or responsible for any depreciation in the
value of any such obligations or for any loss resulting from the
sale thereof.
SECTION 20 . MODIFICATION OR AMENDMENT. No material
modification or amendment of this Resolution or of any ordinance
or resolution amendatory hereof or supplemental hereto , may be
made without the consent in writing of the holders of sixty-seven
percent (67%) or more in principal amount of the Bonds then
outstanding ; provided, however , that no modification or amendment
shall permit a change in the maturity of any Bonds or a reduction
in the rate of interest thereon, or in the amount of the
principal obligation or affect the unconditional promise of the
City to pay the principal of and interest on the Bonds as the
same shall become due, or reduce such percentage of holders of
such Bonds, required for consent to such modifications or
amendments, without the consent of the holders of all of the
Bonds.
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SECTION 21. SEVERABILITY OF INVALID PROVISIONS. If
any one or more of the covenants, agreements , or provisions of
this Resolution should be held contrary to any express provision
of law or contrary to the policy of express law, though not
expressly prohibited , or against public policy , or shall for any
reason whatsoever be held invalid, then such covenants,
agreements or provisions shall be null and void and shall be
deemed separate from the remaining covenants , agreements or
provisions, and in no way affect the validity of all the other
provisions of this Resolution or of the Bonds or coupons issued
thereunder .
SECTION 22. ARBITRAGE CERTIFICATE. The Finance
Director of the City (who is an officer charged , along with
others , with the responsibility for the issuance of such bonds)
shall execute on the behalf of the City an arbitrage certificate
for the purpose of assuring the purchasers of said Bonds that the
Bonds herein authorized are not "arbitrage bonds" within the
meaning of Section 103 (c) of the Internal Revenue Code and
Regulations proposed or promulgated thereunder . Such certificate -
shall constitute a certificate and representation of the City of
Miami Beach and no investment shall be made of the proceeds of
the Bonds herein authorized nor of the moneys in the Construction
Fund , the Sinking Fund or the Note Repayment Fund in violation of
the expectations expressed in said arbitrage certificate.
SECTION 23. VALIDATION OF BONDS. The Attorney for the
City of Miami Beach is hereby authorized and directed to proceed
in the name of said City to have the Bonds validated by the
Circuit Court of Dade County, Florida.
SECTION 24 . EXECUTION OF BONDS. The Mayor and City
Clerk are hereby authorized and directed to execute the Bonds
under the seal of the City, a facsimile of which shall be
imprinted upon each of the Bonds, and each of the Bonds shall be
manually signed by the Mayor and shall be executed with the
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facsimile signature of the City Clerk, and the Mayor , the City
Clerk and the Attorney for the City of Miami Beach are hereby
authorized and directed to take such steps as may be necessary to
effect an early sale and delivery of said bonds.
SECTION 25 . EFFECTIVE DATE. This Resolution shall be
in force and effect immediately upon its adoption.
PASSED AND ADOPTED this 7th day of February, 1979.
(Signed) Leonard Haber
Mayor
ATTEST:
(Signed) Elaine Matthews
City Clerk
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