Resolution 5337 7
RESOLUTION NO. 5337
A RESOLUTION AUTHORIZING THF
ISSUANCE OF $231,000000 RE-
FUNDING BONDS, ISSUE OF 1942.
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 March 1, 1926, pursuant to Section
29 of the Charter of said City, $469,000.00 6% "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 $24,000.00 thereof mature on
March 1, 1942.
(2) That under date of March 1, 1926, pursuant to the Charter
of said City $1,055,000.00 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 $43,000.00 thereof mature on March 1, 1942.
(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
$12,000.00 thereof mature on March 1, 1942.
(4) That under date of April 1, 1923, pursuant to the Charter
of said City $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 cer-
tain permanent municipal improvements, and that $17,000.00 thereof
mature on April 1, 1942.
(5) That under date of April 1, 1924, pursuant to the Charter
of said City, $307,000.00 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 $16,000.00 thereof mature
on April 1, 1942.
(6) That under date of October 1, 1924, pursuant to the Charter
of said City, $177,000,00 5t% 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, 1942.
(7) That under date of April 1, 1925, pursuant to the Charter
of said City, $284,000.00 54% 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, 1942.
(8) 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 5i% "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 $20,000.00 thereof mature on April 1, 1942.
(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 is-
sued 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 $70,000.00 thereof mature on May 1, 1942.
(10) That all of the 231 bonds hereinabove described mature
during the City fiscal year, November 1, 1941 to October 31, 1942,
and said bonds were legally issued, and on July 29, 1931, did con-
stitute and do now constitute valid outstanding bonded indebtedness
of the City of Miami Beach.
(11) That it would be a hardship and a burden upon the tax-
payers 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 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. 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 8ity of Miami Beach in the aggregate amount of
$231,000.00 designated "Refunding Bonds Issue of 1942", for the pur-
pose of refunding all of the 231 bonds above described as maturing
on certain dates between November 1, 1941 and October 31, 1942, and
for no other purpose.
SECTION 3. That said $231,000.00 "Refunding Bonds Issue of 1942",
shall consist of 231 bonds of $1,000.00 each, numbered 1 to 231, in-
clusive, dated March 1, 1942. 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 Chemical Bank and Trust Company in the City of
New York.
SECTION 4. That said bonds shall mature as follows :
Bonds numbered 1 to 10, both inclusive § 10,000.00 March 1,1945
" " 11 to 20 " " 10,000000 " 1,1946
" " 21 to 30 " " 10,000.00 " 1,1947
If
II 31 to 40 " " 10,000.00 " 1,1948
" " 41 to 50 " " 10,000.00 " 1,1949
" " 51 to 60 " " 10,000.00 " 1,1950
" " 61 to 70 " " 10,000.00 " 1,1951
" " 71 to 80 " " 10,000.00 " 1,1952
" " 81 to 90 " " 10,000.00 " 1,1953
" " 91 to 100 " " 10,000.00 " 1,1954
" " 101 to 110 " " 10,000.00 " 1,1955
" " 111 to 120 " " 10,000.00 " 1,1956
" " 121 to 130 " " 10,000.00 " 1,1957
" " 131 to 150 " " 20,000.00 " 1,1958
" II 151 to 170 " " 20,000.00 " 1,1959
" " 171 to 190 " " 20,000.00 " 1,1960
" " 191 to 210 " " 20,000.00 " 1,1961
" " 211 to 231 " " 21,000.00 " 1,1962.
However, said bonds shall be subject to redemption prior
to their respective maturities, at the option of the City of Miami
Beach, either in whole or in part, on any interest payment date
not earlier than March 1st, 1945, from the proceeds of refunding
bonds or from any other moneys available therefor, at the princi-
pal amount thereof and accrued interest, provided that at least
thirty days prior to any interest payment date upon which such re-
demption is to be made, a notice of intention to make such redemp-
tion, signed by an officer of the City and stating the numbers of
the bonds so to be redeemed and the respective maturity dates there-
of, 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 registered 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 redemption of any part of the outstanding bonds of said
issue, less than the whole thereof, shall be a redemption in inverse
order of bond numbers and maturities, beginning with bond number 231,
maturing on March 1st, 1962.
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 FLORTDA
COUNTY OF DADE
CITY OF MIA1MI BEACH
REFUNDING BONDS ISSUE OF 1942.
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 Go 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 pay-
ment of both the principal and interest hereof as the same respective.
ly becomes due and payable, and for the levy and collection of taxes
sufficient therefor, 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 pay-
ment 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.
The bonds of this issue may be redeemed in whole or in part
at the option of the City of Miami Beach, on any interest payment date
not earlier than March 1st, 1945, at par and accrued interest, provided
that at least thirty days prior to the date upon which such redemption
is to be made, a notice of intention to make such redemption 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 said place of payment.
In case of any redemption of a part only, the bonds shall be redeemed
in inverse order of bond numbers and maturities, beginning with bond
number 231.
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
indebtedness of said City at the creation of tho 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 re-
mained 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 Constitution and statutes of the State
of Florida in full force and effect prior to November 6, 1934, suf-
ficient 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 at-
tested 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, 1942.
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 19
Clerk of said Circuit Court
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 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
(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 1942",
dated March 1, 1942, numbered .
SECTION 6. That said "Refunding Bonds Issue of 1942", shall be re-
gisterable 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 registra-
tion herein granted.
SECTION 7. That in each year while any of the "Refunding Bonds Issue
of 1942" shall be outstanding, there shall be levied upon all taxable
property within the City of Miami Beach, except only such property
1
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as was exempt from taxation under the provisions of the Constitu-
tion and statutes of the State of Florida in full force and effect
prior to November 6, 1934, a tax sufficient to pay the interest
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
refunding bonds authorized in this resolution is merged into said
refunding bonds with like force and effect as to obligation as if
such indebtedness had remained unrefunded.
SECTION 8. It is hereby specifically determined and declared
that all outstanding indebtedness described in Section 1 of this
resolution 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 indebted.
ness to be refunded, and that all of the refunding bonds herein autho-
rized 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 1942" shall constitute a continuation, extension, merger and re -
newal 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 taxation to pay the interest upon and
principal of the "Refunding Bonds Issue of 1942" 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 de-
positary 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 fur-.
ther directed to take such steps as are necessary to effect a sale
of said bonds before March 1, 1942, in accordance with the provisions
of the "General Refunding Act of 1931" and when said bonds are sold
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to arrange for delivery of and payment for same in three install.
ments in order to meet the payment of bonds hereinabove described
in Section 1 as maturing on certain dates between November 1, 1941,
and October 31, 1942, as follows :
$ 79,000,00 on Marbh 1, 1942
82,000.00 on April 1, 1942
70,000.00 on May 1, 1942
SECTION 11. That notwithstanding the fact that all of the bonds
herein authorized are to be dated March 1, 1942, 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 pro-
vided, in Section 100
SECTION 12. No election shall be called or held for the authorize.
tion of said refunding bonds.
SECTION 13. This resolution shall be in force from and after its
passage.
PASSED AND ADOPTED this 8th day of Aug t, A. D., 1941.
2‘e. C7-)
Mayor
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ATTEST
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