Resolution 5686 RESOLUTION 1%0.5686
A RESOLUTION AUL:U.t IZING THE ISSUANCE
OF $124,000.00 REFUNDING BONDS, ISSUE
OF 1944.
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,
Seriev4'" were issued by the City of Miami Beach, for the purpose of pay-
ing 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, 1944.
(2) That under date of March 1, 1926, pursuant to the Charter
of said City $1,055,000.00 5-2% 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 equip-
ment, and that $46,000.00 thereof mature on March 1, 1944.
(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 $14,000.00 thereof mature on March 1, 1944.
(4) That under date of October 1, 1924, pursuant to the Charter
of said City, $177,000.00 5e% 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 $17,000.00 thereof mature on April 1, 1944.
(5) That under date of April 1, 1925, pursuant to the Charter
of said City, $284,000.00 5*% 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 $1,000.00 thereof mature on April 1,1944.
(6) 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 with-
in and for said City, and that $22,000.00 thereof mature on April 1, 1944.
(7) That all of the 124 bonds hereinabove described mature durint;
the City fiscal year, November 1, 1943 to October 31, 1944,
and said bonds were legally issued, and on July 29, 1931, did constitute
and do now constitute valid outstanding bonded indebtedness of the City
of Miami Beach.
(8) That it would be a hardship and a burden upon the taxpayers of
the City of Miami Beach to levy taxes sufficient to provide for
the payment of the bonds referred to in the preceding clauses at their re-
spective maturities, and that it is for the best interests of the City
and its inhabitants to extend the times of payment of said bonds by re-
funding.
SECTION 2. That, under authority of the "General Refunding Act of 1931,
being Chapter 15,772, General Laws of Florida, 1931,
approved by the Governor on July 29, 1931, ( Chapter 132, Florida Statutes,
1941) there be issued negotiable coupon bonds of the City of Miami Beach
in the aggregate amount of$ 1.24,000.00 designated "Refunding Bond Issue
of 1944" , for the purpose of refunding all of the 124 bonds above des-
cribed as maturing on certain dates between November 1, 1943 and October
31, 1944, and for no other purpose.
SECTION 2. That said $124,000.00 "Refunding Bond Issue of 1944" shall
consist of 124 bonds of $1,000.00 each, numbered 1 to 124,
inclusive, dated March 1, 1944, Said bonds shall bear interest at a
rate hereafter to be determined, not exceeding 30 per annum, payable
on the first day of March and September of each year. Both principal
and interest of said bonds shall be prya.ble in lawful money of the
United States at the Chemical Banx & Trust Company in the City of
New York.
SECTION 4.. That said bonds shall mature as follows:
I Bonds numbered 1 to 4 both inclusive $4,000.00 March 1, 1947
II " 5 to 8 " " 4,000.00 " 1, 1948
" " 9 to 12 " " 4,000.00 " 1, 1949
" " 13 to 16 " " 4,000.00 " 1, 1950
" " 17 to 21 " " 5,000.00 " 1, 1951
" " 22 to 2b " " 5,000.00 " 1, 1952
" 16 27 to 31 " " 5,000.00 " 1, 1953
" " 32 to 36 " 5,000.00 " 1, 195 +
It " 7 to 1 n 5,000.00 " 1, 1955
N n 2 to 46 "" " 5,000.00 " 1, 1956
„ " 47 to 51 " " 5,000.00 " 1, 1957
" " 52 to 56 " " 5,000.00 " 1, 1958
" n 57 to 66 " " 10,000.00 " 1, 1959
" " 67 to 76 " " 10,000.00 " 1, 1960
0 " 77 to 88 " " 12,000.00 " 1, 1961
" " 89 to 100" " 12,000.00 " 1, 1962
" " 101 to 112" " 12,000.00 " 1, 196
" " 113 to 124" " 12,000.00 " 1, 1964
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.
1 _ r
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUITY OF DADE
CITY OF MIAMI BEACH
REFUNDING BOND ISSUE OF 1944
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 f 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 pay—
able in lawful money of the United States at the Chemical Bank & 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 theref or,
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, ( Chapter 132, Florida Statutes, 1941) and
pursuant to a resolution duly passe) 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 pay—
ment 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 indebtedness of said
r
City at the creation of the indebtedness refunded hereby, includingsaid
indebtedness, did not then exceed, any constitutional or statutory limi—
tation thereon, and that the indebtedness refunded hereby is merged into
this bond with like force and effect as to obligation as if such indebt—
edness 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 Constitution and statutes of the State of Florida in
full force and Effect 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, 1944.
Mayor
ATTEST:
ity 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 register
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 "Re—
funding Bond Issue of 1944" , dated March 1, 1944, numbered •
SECTION 6. That said "Refunding Bond Issue of 194 ; shall be register—
able 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 registration and
he shall provide pror-er books for that purpose. No charge shall be made
to any bondholder for the privilege of registration herein granted.
SECTION 7. That in each year while any of the "Refunding Bond Issue of
1944" . 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 interest and principal of
said bonds as the same shall fall due, and also a sum sufficient to pro—
vide 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 c:bligation as if such indebtedness had remained unrefunded.
7
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 indebt-
edness to be refunded, and that all of theiefunding 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 in-
debtedness thereby refunded, and said "Refunding Bond Issue of 1944"
shall constitute a continuation, extension, merger and renewal of the
indebtedness thereby refunded, and only such property in said City as
was exemct 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
Bond Issue of 1944" authorized by this resolution.
SECTION 2. All moneys collected or received for the interest and princi-
1 pal 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 here-
in authorized to be prepared and executed in the manner and
form hereinabove provided and that the said City Clerk is further directed
to take such steps as are necessary to effect a sale of said bonds before
March 1, 1944, in accordance with the provisions of the "General Refunding
Act of 1931" and when said bonds are sold to arrange for delivery of and
payment for all of same on or before March 1st, 1944, in order to meet
the payment of bonds hereinabove described in Section 1, eighty four of
which mature on March 1st, 1944 and forty of which mature on April lst,1944;
SECTION 11. No election shall be called or held for the authorization of
said refunding bonds.
SECTION 12. This resolution shall be in force from and after its
passage.
PASSED AND ADOPTED this 21st day of July, A. D. , 19+3
Acting ayor
ATTEST:
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