Resolution 5488-A I
RESOLUTION No. 548 ►
WHEREAS, the City of Miami Beach has issued, and there
now are outstanding, nine purchase-money First Mortgage notes,
totalling : 175,000 face value , due $20,000 annually in one to
eight years from date of issue and . 15,000 at the end of the
ninth year, which were given in exchange for title to Surfside
Park, and which provide for payment prior to maturity, and
WHEREAS, these notes are now owned by an innocent
purchaser for value who bought them from the former owners with
the understanding that each note would be paid only upon the
maturity date thereof, and
WHEREAS, it is the desire of this City to cooperate
with the present owners of these Notes, and
WHEREAS, in addition to these particular notes, the
City now has other outstanding notes bearing interest at the
rate of 4% per annum and payable at or before maturity, to-wit :
$ 8900.00 due May 22, 1942
15000.00 due July 15, 1942
15000,00 due July 15, 1943
15000.00 due July 15, 1944
15000.00 due Sept. 1, 1942
15000.00 due Sept. 1, 1943
20000.00 due Sept . 1, 1944
Total 17,900.00
NOW, THEREFORE, BE IT RESOLVED: that it is the declared
intention and policy of this Council not to call for payment
any of the notes issued by the City in exchange for title to
Surfside Park, and authorized by Resolution No. 4924, unless and
until the notes above set forth in the principal, sum of
$103,900.00 shall have first been fully paid off.
PASSED AND ADOPTED this 4th day of Marc , A. D. , 1942.
6,"
ATTEST: Mayor
ty Clerk
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