Resolution 5549 RESOLUTION NO. 5549
WHEREAS, the City Council of the City of Miami Beach,
on the 1st day of April, 1942, passed and adopted Resolution No.
5496; and
WHER, S by the terms of said Resolution it was resolved
that the offer theretofore made by Miami Beach Hospital, Inc . , to
sell Miami Beach Clinic property, together with the equipment therein
contained, was accepted; and
WHEREAS the said offer of sale provided that the purchase
price should be $100,000.00 and that the City of Miami Beach would be
allowed to pay any portion of the purchase price, which it saw fit,
in cash, the balance of said purchase price to be evidenced by a pur-
chase money mortgage payable one-tenth (1/10th) of said balance 1 year
after date and the remaining nine-tenths (9/10ths) of said balance in
6 equal installments, 2, 3, 4, 5, 6 and 7 years after date ; and
WHEREAS thereafter said City Council by Resolution No.
5506, accepted the proposal of Atwill & Co. , and Leedy Wheeler & Co. ,
to purchase the mortgage and notes aggregating 4100,000.00, and secured
thereby; and
WHEREAS said Atwill & Co. , and Leedy wheeler & Co. , have
definitely declined to purchase said mortgage and notes; and
WHEREAS a purchaser has now been produced who will purchase
notes aggregating 460,000.00, secured by a mortgage on said Hospital
property, provided that the balance of the purchase price, to-wit :
X40,000.00 is paid in cash and provided that the said notes bear in-
terest at the rate of four (4%) per cent per annum, payable semi-
annually, and mature as follows : $6,000.00 one year after date;
9,000.00 two years after date; $9,000.00 three years after date;
$9,000.00 four years after date; 49,000.00 five years after date ;
49,000.00 six years after date, and s$9,000.00 seven years after date;
and
( 1)
WHEdEAS the acceptance of said offer by the City of
Miami Beach will necessitate a cash payment by said City on account
of said purchase in the sum of 440,000.00; and
WHEREAS the City Council of the City of Miami Beach deems
it advisable and for the best interest of the City to accept said offer
and to make said cash payment ,
NOW, THEREFORE, BE IT RESOLVED that the purchase of said
property, on said terms, be and the same is hereby authorized, and that
the City Clerk of said City be and he is hereby authorized and directed
to issue the warrant of the City in the sum of 440,000.00, payable to
Miami Beach Hospital, Inc. as and for a cash
payment on account of the
purchase of said property, and that the Mayor and the City Clerk be and
they are hereby authorized and directed to execute a mortgage to said
Miami Beach Hospital, Inc. , encumbering said property and to execute
the said notes aggregating the sum of 460,000.00 to be secured thereby.
PASSED and ADOPTED this 20TH day of May, A. D. 1942.
Mayor
ATTEST:
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