Resolution 4944 RESOLUTION
NO. 4944
A RESOLUTION AUTHORIZING THE
ISSUANCE OF $231,000.00 REFUND-
ING BONDS ISSUE OF 1941
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
SECTION 1. That the said City Council has ascertained and deter-
mined and does hereby declare:
(1) That under date of March 1, 1926, ursuant to Section
29 of the Charter of said City, $469,000.00 6A "Improvement Bonds,
Series J", 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 *4,000.00 thereof mature on March
1, 1941.
(2) That under date of March 1, 1926, pursuant to the Charter
of said City $1,055,000.00 50 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 $42,000.00 thereof mature on March 1, 1941.
(3) That under date of March 1, 1926, pursuant to the Charter
of said City, $285,000.00 6$ Public Improvement Bonds were issued
by the City of Miami Beach for the purpose of constructing Jetties
for protecting the waterfront on the Atlantic Ocean in said City,
and that $15,000.00 thereof mature on March 1, 1941.
(4� That under date of April 1, 1923, pursuant to the Charter
of said ity $220,000.00 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 $17,000.00
thereof mature on April 1, 1941.
(5) That under date of April 1, 1924, pursuant to the Charter
of said City, 5007,000.00 5Public Improvement Bonds were issued
by the City of Miami Beach for the purpose of paying the cost of
certain permanent municipal improvements, and that $26,000.00 thereof
mature on April 1, 1941.
(6) That under date of October 1, 1924, pursuant to the Charter
of said City, $177,000.00 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 municipal equipment, and that
16,000.00 thereof mature on April 1, 1941.
(7) That under date of April 1, 1925, pursuant to the Charter
of said ity,$284,000.00 5i% Public Improvement Bonds were issued by
the City of Miami Beach for the purpose of paying the cost of certain
permanent municipal improvements, municipal property and municipal
equipment, and that $13,000.00 thereof mature on April 1, 1941.
(0) 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 "An Act to authorize the City of Miami Beach to
issue Bonds", $655,000.00, 5*X "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 $44,000.00 thereof mature on April 1, 1941.
(9) That under date of May 1, 1930, pursuant to the Charter of
said City, $900,000.00 5 3/4$ 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 $35,000.00 thereof mature on May 1, 1941.
(10) That under date of May 1, 1930, pursuant to Section 29 of
the Charter of said City, $256,000.00 6$ "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
$15,000.00 thereof mature on May 1, 1941.
(11) That under date of May 1, 1930, pursuant to the Charter of
said City $19,000.00 6% Public Improvement Bonds were issued by the
City of Miami Beach for the purpose of extending and developing its
waterworks system, and that 44,000.00 thereof mature on May 1, 1941.
(12) That all of the 231 bonds hereinabove described mature
during the City fiscal year, November 1, 1940 to October 31, 1941, and
said bonds were legally issued, and on July 29, 1931 did constitute and
do now constitute valid outstanding bonded indebtedness of the City of
Miami Beach.
(13) That it would be a hardship and a burden upon the taxpayers
of the City of Miami Beach to levy taxes sufficient to provide for the
payment of the bonds referred to in the preceding clauses at their re-
spective 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. That, under authority of the "General Refunding Act of
1931", being Chapter 15,772, General Laws of Florida, 1931, as ap-
proved by the Governor on July 29, 1931, there be issued negotiable
coupon bonds of the City of Miami Beach in the aggregate amount of
$231,000.00, designated "Refunding Bonds Issue of 1941", for the pur-
pose of refunding all of the 231 bonds above described as maturing on
certain dates between November 1, 1940 and October 31, 1941, and for
no other purpose.
SECTION 3. That said $231,000.00 "Refunding Bonds Issue of 1941",
shall consist of 231 bonds of $1,000.00 each, numbered 1 to 231,
inclusive, dated March 1, 1941. Said bonds shall bear interest at a
rate hereafter to be determined, not exceeding 3% per annum, payable
on the first day of March and September of each year. Both principal
and interest of said bonds shall be payable in lawful money of the
United States at the hemical Bank and Trust Company in the City of
New York.
SECTION 4. That said bonds shall mature as follows:
Bonds numbered 1 to 15, both inclusive $ 15,000.00 March 1, 1945
" 16 to 20, " " 5,000.00 March 1, 1946
" 21 to 30, " " 10,000.00 March 1, 1947
" 31 to 50, " " 20,000.00 March 1, 1948
1e " 51 to 75, " M 25,000.00 March 1, 1949
76 to 80, 5,000.00 March 1, 1950
" 81 to 85, " " 5,000.00 March 1, 1951
" 86 to 90, " " 5,000.00 March 1, 1952
" " 91 to 95, " " 5,000.00 March 1, 195
" 96 to 100, " " 5,000.00 March 1, 1954
" 101 to 105, " " 5,000.00 m March 1, 1955
" 106 to 120, " " 15,000.00 March 1, 1956 .
" 121 to 136, " " 16 ,000.00 March 1, 1957
Bonds numbered 137 to 161, both inclusive $25,000.00 March 1, 1958
" "
162 to 186, " "
" " 25,000.00 March 1, 1959
187 to 211, 25,000.00 March 1, 1960
212 to 231, " " 20,000.00 March 1, 1961
SECTION 5, 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
REFUNDING BONDS ISSUE OF 1941
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 March , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of , . 4 per annum, payable semi—
annually on the first days of March and September 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 lawful money of the United States at the Chemical Bank and
Trust Company in the City of New York. For the prompt payment of both
the principal and interest hereof as the same respectively becomes due
and payable, and for the levy and collection of taxes sufficient there—
for, the full faith, credit and taxing power of said City of Miami Beach
are hereby irrevocably pledged to the same extent and with like force
and effect as the same were pledged for the payment of the indebtedness
refunded thereby.
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, 772, 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 and legally binding and
outstanding bonded indebtedness of the City of Miami Beach incurred prior
to and outstanding on November 6, 1934, to the payment of which the
full faith and credit of said City is pledged.
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 indebtedness of said City,
including this bond, does not exceed, and that the total indebted.
nese 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 the indebtedness refunded
hereby is merged into this bond with like force and effect as to
obligation as if such indebtedness had remained unrefunded; and
that provision has been made for the levy and collection of a direct
annual tax upon all property within said City, except only such
property as was exempt from taxation under the provisions of the Con—
stitution and statutes of the State of Florida in full force and ef—
fect prior to November 6, 1934, sufficient to pay the principal and
interest of this bond as the same shall fall due.
This bond may be registered as to principal in accordance with
the provisions endorsed hereon.
IN WITNESS WHEREOF, said City of Miami Beach has caused this
bond to be signed by its Mayor, under its corporate seal, and attested
by 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 March, 1941.
giyor
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 _ , 19,�.�.,•
Clerk of said Circuit Court.
1
REGISTRATION AS TO PRINCIPAL ONLY
This bond may be registered as to principal in the bond regis-
ter 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 exe-
cuted 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
(COUPON)
No.
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 lawful money of the United
States, the interest then due on its "Refunding Bonds Issue of 1941",
dated March 1, 1941, numbered
SECTION 6. That said "Refunding Bonds Issue of 1941", 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 regis-
tration and he shall provide proper books for that purpose. No
charge shall be made to any bondholder for the privilege of regis-
tration herein granted.
SECTION 7. That in each year while any of the "Refunding Bonds
Issue of 1941" shall be outstanding, there shall be levied upon all
taxable property within the City of Miami Beach, except only such
property as was exempt from taxation under the provisions of the
Constitution and statutes of the State of Florida in full force and
effect prior to November, 6, 1934, a tax sufficient to pay the inter-
set and principal of said bonds as the same shall fall due, and also
a sum sufficient to provide for the estimated failure to collect
taxes in such year. The indebtedness refunded by the issue of refund-
ing bonds authorized in this resolution is merged into said refunding
bonds with like force and effect as to obligation as if such indebted-
ness had remained unrefunded.
SECTION 8. It is hereby specifically determined and declared
that all outstanding indebtedness described in Section 1 of this reso-
lution was incurred prior to November 6, 1934, and the City deems it
advisable and necessary that the refunding bonds authorized by this
resolution be issued under such terms and conditions as will reserve
to the holders thereof the rights, security and remedies now available
to the holders of the City's presently outstanding indebtedness to be
refunded, and that all of the refunding bonds herein authorized as may
from time to time be outstanding shall have, and are hereby declared
to have, the same security and sources of payment as the indebtedness
thereby refunded, and said"Refunding Bonds Issue of 1941"shall consti-
tute a continuation, extension, merger and renewal of the indebtedness
thereby refunded, and only such property in said City as was exempt
from taxation under the Constitution of the State of Florida immediately
prior to its amendment on November 6, 1934, shall be exempt from taxa-
tion to pay the interest upon and principal of the'1Refunding Bonds
Issue of 1941"authorized by this resolution.
SECTION 9. All moneys collected or received for the interest
and principal of said bonds shall be forthwith deposited with a city
depositary in the City of Miami Beach which shall have secured such
deposit and shall maintain the security thereof as required by law.
SECTION 10. That the City Clerk is hereby directed to cause the
bonds herein authorized to be prepared and executed in the manner and
form hereinabove provided and that the said City Clerk is further direc-
ted to take such steps as are necessary to effect a sale of said bonds
before March 1, 1941, in accordance with the provisions of the "General
Refunding Act of 1931" and when said bonds are sold to arrange for de-.
livery of and payment for same in three installments in order to meet
the payment of bonds hereinabove described in Section 1 as maturing on
.
certain dates between November 1, 1940, and October 31, 1941, as
follows:
61,000.00 on March 1, 1941
116,000.00 on April 1, 1941
54,000.00 on May 1, 1941
SECTION 11. That notwithstanding the fact that all of the bonds
herein authorized are to be dated March 1, 1941, they will become
valid obligations of the City of Miami Beach only as and when they
are delivered and paid for, in installments, as hereinabove provided,
in Section 9.
SECTION 12. No election shall be called or held for the authorization
..r
of said refunding bonds.
SECTION . This resolution shall be in force from and after its
passage.
PASSED AND ADOPTED. this Oh day of August, A. D. , 1940.
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