Resolution 6264 1
RESOLUTION NO. 6264
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF NEGOTIABLE COUPON BONDS
AGGREGATING IN AMOUNT $1,644,000.00 FOR
THE SEVERAL PURPOSES AUTHORIZED AT AN
ELECTION HELD ON APRIL 8TH, 1947.
WHEREAS, the City Council of the City of Miami Beach, Florida,
on the 5th day of March, 1947, adopted a resolution authorizing the
issuance of negotiable coupon bonds of the City of Miami Beach for
the several purposes and in the respective amounts therein stated
aggregating in amount One Million Six Hundred Forty-four Thousand
01,644,000.00) Dollars, subject to the authorization of the duly
registered and qualified voters of said City who were freeholders
therein participating in the special election, which said resolu-
tion directed to be held on April 8th, 1947; and
WHEREAS, the said City Council on April 9th, 1947, canvassed
the returns of the aforesaid election and found that the issuance
of said bonds had been approved by a majority of said votes cast
in said election, in which a majority of the freeholders who were
qualified electors residing in said City participated, and that a
majority of the votes cast upon each of the several issues of bonds
proposed to be made were in favor of each of said issues, and de-
clared and recorded in the manner prescribed by law, the result of
said election and canvass, which several propositions so submitted
at said election and approved as aforesaid were as follows:
1. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
450,000.00, with interest at a rate here-
after to be determined, not exceeding 3% per
annum, for the purpose of improving the main
lines and pumping stations of its sanitary
sewer system?
2. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
250,000.00, with interest at a rate here-
after to be determined, not exceeding 3% per
annum, for the purpose of installing pumps
in its water system and constructing and ex-
tending water mains and lines?
3. Shall the City of Miami Beach, Flcrida, issue
negotiable coupon bonds in the amount of
y 394,000.00, with interest at a rate here-
after to be determined, not exceeding 3% per
annum, for the payment of which a special
annual tax will be levied, the amount of
which levy will be reduced by collections
from special improvement assessments made
against abutting property, for the purpose
of paving portions of each of the following
highways: West 40th Street; 16th, 17th and
18th Streets; James, West, Michigan and
Jefferson Avenues; Alton and Lincoln Roads;
Ocean Court; and Alley between Euclid and
Pennsylvania Avenues:
(1)
4. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$750,000.00, with interest at a rate here-
after to be determined, not exceeding 3% per
annum, for the purpose of constructing an audi-
torium?
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Miami Beach, Florida, as follows:
SECTION 1: That pursuant to said election One Million Six
Hundred Forty-four Thousand (W ,644,000.00)
Dollars of negotiable coupon bonds of the City of Miami Beach,
Florida, be issued bearing date June 1st, 1947, and bearing in-
terest at a rate to be hereafter determined not exceeding three
(3%) per cent per annum, payable semi-annually on the first day
of June and first day of December of each year, which interest
shall be evidenced by coupons attached to the principal bonds,
and both principal and interest shall be payable in lawful money
of the United States of America, at Chemical Bank and Trust Company
in New York City, which bonds shall be registerable as to princi-
pal in .accordance with the endorsement which this resolution directs
to be printed on said bonds and that the City Clerk of said City
is hereby designated Registrar for that purpose.
SECTION 2; Said bonds shall be issued in four series and
amounts as follows:
Series 1: For the purpose of improving the main lines
and pumping stations of the City of Miami
Beach sanitary sewer system $250,000.00
Series 2: For the purpose of installing pumps in the
City of Miami Beach water system and con-
structing and extending water mains and
lines $250,000.00
Series 3: For the purpose of paving portions of each
of the following highways : West 40th Street;
16th, 17th and 18th Streets; James, West,
Michigan and Jefferson Avenues; Alton and
Lincoln Roads ; Ocean Court ; and Alley be-
tween Euclid and Pennsylvania Avenues $394,000.00
Series 4: For the purpose of constructing an
auditorium $750,000.00
Series 1 shall be in the principal amount of $250,000.00;
shall be known as "Sanitary Sewer System Bonds" and shall be num-
bered and mature as follows:
•
(2)
•r
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Amount Maturity June 1 Numbered
12,000.00 1948 1 to 12
12,000.00 1949 13 to 24
12,000.00 1950 25 to 36
12,000.00 1951 37 to 48
12,000.00 1952 49 to 60
12,000.00 1953 61 to 72
14,000.00 1954 73 to 86
14,000.00 1955 87 to 100
14,000.00 1956 101 to 114
14,000.00 1957 115 to 128
14,000.00 1958 129 to 142
12,000.00 1959 143 to 154
12,000.00 1960 155 to 166
12,000.00 1961 167 to 178
12,000.00 1962 179 to 190
12,000.00 1963 191 to 202
12,000.00 1964 203 to 214
12,000.00 1965 215 to 226
12,000.00 1966 227 to 238
12,000.00 1967 239 to 250
Series 2 shall be in the principal amount of 5>250,000.00; shall
be known as "Water System Bonds" and shall be numbered and mature
as follows :
Amount Maturity June 1 Numbered
12,000.00 1948 1 to 12
12,000.00 1949 13 to 24
12,000.00 1950 25 to 36
12,000.00 1951 37 to 48
12,000.00 1952 49 to 60
12,000.00 1953 61 to 72
14,000.00 1954 73 to 86
14,000.00 1955 87 to 100
14,000.00 1956 101 to 114
14,000.00 1957 115 to 128
14,000.00 1958 129 to 142
12,000.00 1959 143 to 154
12,000.00 1960 155 to 166
12,000.00 1961 167 to 178
12,000.00 1962 179 to 190
12,000.00 1963 191 to 202
12,000.00 1964 203 to 214
12,000.00 1965 215 to 226
12,000.00 1966 227 to 238
12,000.00 1967 239 to 250
Series 3 shall be in the principal amount of $394,000.00; shall
be known as "Street Paving Bonds" and shall be numbered and mature
as follows :
Amount Maturity June 1 Numbered
42,000.00 1948 1 to 42
42,000.00 1949 43 to 84
40,000.00 1950 85 to 124
40,000.00 1951 125 to 164 •
40,000.00 1952 165 to 204
40,000.00 1953 205 to 244
12,000.00 1954 245 to 256
12,000.00 1955 257 to 268
12,000.00 1956 269 to 280
12,000.00 1957 281 to 292
12,000.00 1958 293 to 304
12,000.00 1959 305 to 316
12,000.00 1960 317 to 328
12,000.00 1961 329 to 340
10,000.00 1962 341 to 350
10,000.00 1963 351 to 360
(3)
I
Amount MaturitjJune 1 Numbered
10,000.00 1964 361 to 370
10,000.00 1965 371 to 380
7,000.00 1966 381 to 387
7,000.00 1967 388 to 394
Series 4 shall be in the principal amount of $750,000.00;
shall be known as "Auditorium Bonds" and shall be numbered and
mature as follows:
Amount Maturity June 1 Numbered
34,000.00 1948 1 to 34
34,000.00 1949 35 to 68
26,000.00 1950 69 to 94
24,000.00 1951 95 to 118
24,000.00 1952 119 to 142
24,000.00 1953 143 to 166
40,000.00 1954 167 to 206
40,000.00 1955 207 to 246
40,000.00 1956 247 to 286
40,000.00 1957 287 to 326
40,000.00 1958 327 to 366
44,000.00 1959 367 to 410
44,000.00 1960 411 to 454
44,000.00 1961 455 to 498
44,000.00 1962 499 to 542
44,000.00 1963 543 to 586
44,000.00 1964 587 to 630
44,000.00 1965 631 to 674
38,000.00 1966 675 to 712
38,000.00 1967 713 to 750
SECTION 3: That all of the bonds herein authorized and re-
ferred to in Section 2 of this Resolution as
Series 1 "Sanitary Sewer System Bonds", Series 2 "Water System
Bonds", and Series 4 "Auditorium Bonds , shall be in the denomination
of One Thousand ($1,000.00) Dollars each and shall be designated
"Public Improvement Bonds" followed by a brief description of the
purpose as hereinbefore provided, and shall be alike in form except
as to statement of series, purpose and the dates of maturities and
numbers, ard the form of said bonds, coupons and registration en-
dorsement, as well as the manner of execution of said bonds and
coupons and certificate of validation shall be substantially as fol-
lows:
No. UNITED STATES OF AMERICA $1,000.00
STATE OFFLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
(Here insert series No. and statement of purpose)
KNOW ALL MEN BY THESE PRESENTS that the City of Miami Beach
in the County of Dade and State of Florida, is justly indebted,
and for value received, hereby promises to pay to the bearer, or if
registered to the registered owner hereof, on the 1st day of June,
19 , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per cent per annum, paya-
ble semi-annually, on the first day of June and the first day of
December in each year, upon the presentation and surrender of the
(4)
6
annexed interest coupons as they severally become due. Both the
principal and interest of this bond are payable in lawful money
of the United States of America, at the office of Chemical Bank &
Trust Company in the City of New York. For the prompt payment
hereof, both principal and interest, as the same shall become due,
the full faith, credit and resources of said City of Miami Beach
are hereby irrevocably pledged.
This bond is one of a series of like tenor, date and amount,
but maturing at different times, issued by said City for the purpose
of paying the cost of certain public improvements in the City of
Miami Beach, Florida, as stated in the caption hereof and more par-
ticularly described in Resolution No. 6264 of the City Council of
said City, passed and. adopted April 9th, 1947, under the authority
of and in full compliance with the Constitution and Statutes of the
State of Florida, including Chapter 103, Florida Statutes, 1941, and
the City Charter, being Chapter 7672 of the Laws of Florida of 1917,
and acts amendatory thereof and supplemental thereto, and has been
duly authorized and approved by a majority of the votes cast in an
election in which a majority of the freeholders who are qualified
electors residing in said City participated, which said election was
called and held and the result declared and recorded in the manner
prescribed by law.
It is hereby certified and recited that all acts, conditions
and things required to happen, exist or to be done precedent to and
in the issuance of this bond by said charter and the laws and con-
stitution of the State of Florida, have happened, exist and have been
performed; that provision has been made for the levy and collection
of a direct annual tax upon all taxable property within said City,
sufficient to pay the interest and principal of this bond as the same
shall become due and that the total indebtedness of said City, in-
cluding this bond, does not exceed any constitutional or statutory
limitation thereof. This bond may be registered as to principal in
accordance with the provisions endorsed hereon.
IN tiJITNESS WHEREOF the said City of Miami Beach, Florida, has
caused this bond to be signed by its Mayor and City Clerk, under its
seal and the interest coupons attached hereto to be signed with the
facsimile signature of said Clerk, all as of the first day of June,
A. D. 1947.
I41111.
ayo2'�
City Clerk
COUPON
No. 6
On 1, 19 , the City of Miami Beach, Florida, will
pay to the bearer at Chemical Bank & Trust Company, New York City,
the sum of Dollars in
lawful money of the United States of America, as provided in and
for the interest then due on its Public Improvement Bond, Series
, dated June 1, 1947, and numbered •
City Clerk
(5)
ENDORSEMENT CONCERNING VALIDATION.
Validated and confirmed by decree of the Circuit Court for
the Eleventh Judicial Circuit of the State of Florida, in and. for
Dade County, on , 1947.
Clerk of the Circuit Court of the
Eleventh Judicial Circuit for Dade
County, Florida.
ENDORSEMENT CONCERNING REGISTRATION.
This bond may be registered as to principal in the bond regis-
try 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 desig-
nated 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 Regis-
trar, 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. Not-
withstanding 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
SECTION 4: That in each year while any of the bonds referred to
in Section 2 of this Resolution as Series 1 "Sanitary
Sewer System Bonds", Series 2 "Water System Bonds", and Series 4
"Auditorium Bonds", shall be outstanding there shall be levied on all
of the taxable property within said City, a direct annual tax suffi-
cient to pay the principal and interest falling due in the following
year upon said bonds, which tax shall be collected as other City taxes
and shall be used for no other purpose than the payment of said prin-
cipal and interest.
SECTION 5: That all of the bonds herein authorized and referred
to in Section 2 of this Resolution as Series 3
"Street Paving Bonds", shall be in the denomination of One Thousand
( 1,000.00) Dollars each and shall be designated "Improvement Bonds"
followed by a brief description of the purpose as hereinbefore pro-
vided, and the form of said bonds, coupons and registration endorse-
ment, as well as the manner of the execution of said bonds and coupons
and certificate of validation shall be substantially as follows:
No. UNITED STATES OF AMERICA 0.,000.00
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
IMPROVEMENT BOND
SERIES 3, "STREET PAVING BOND"
KNOW ALL NEN BY THESE PRESENTS that the City of Miami Beach in
the County of Dade and State of Florida, is justly indebted, and for
value received, hereby promises to pay to the bearer, or if registered
to the registered owner hereof, on the 1st day of June, 19 , the
principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per cent per annum, payable
semi-annually, on the first day of June and the first day of December
in each year, upon the presentation and surrender of the annexed
interest coupons as they severally become due. Both the principal
I
and interest of this bond are payable in lawful money of the United
States of America, at the office of Chemical Bank & Trust Company
in the City of New York. For the prompt payment hereof, both prin-
cipal and interest, as the same shall become due, the full faith,
credit and resources of said City of Miami Beach are herebyjrrevo-
cably pledged.
This bond is one of a series of like tenor, date and amount,
but maturing at different times, issued by said City for the purpose
of paying the cost of certain public improvements in the City of
Miami Beach, Florida, as stated in the caption hereof and more par-
ticularly described in Resolution No.6264 of the City Council of
said City, passed and adopted April 9th, 1947, under the authority
of and in full compliance with the Constitution and Statutes of the
State of Florida, including Chapter 103, Florida Statutes 1941, and
the City Charter, being Chapter 7672 of the Laws of Florida of 1917,
and acts amendatory thereof and supplemental thereto, and has been
duly authorized and approved by a majority of the votes cast in an
election in which a majority of the freeholders who are qualified
electors residing in said City participated, which said election was
called and held and the result declared and recorded in the manner
prescribed by law.
It is hereby certified and recited that all acts, conditions
and things required to happen, exist or to be done precedent to and
in the issuance of this bond by said charter and the laws and con-
stitution of the State of Florida, have happened, exist and have been
performed; that provision has been made for the levy and collection
of a direct annual tax upon all taxable property within said City,
which, together with collections from special improvement assessments
made against abutting property, will be sufficient to pay the interest
and principal of this bond as the same shall become due and that the
total indebtedness of said City, including this bond, does not exceed
any constitutional or statutory /imitation thereof. This bond may be
registered as to principal in accordance with the provisions endorsed
hereon.
IN WITNESS WHEREOF the said City of Miami Beach, Florida, has
caused this bond to be signed by its Mayor and City Clerk, under its
seal and the interest coupons attached hereto to be signed with the
facsimile signature of said Clerk, all as of the first day of June,
A. D. 1947. 1
opikkw
L =yor
City Clerk
COUPON
No.
On 1, 19 , the City of Miami Beach, Florida, will pay
to the bearer at Chemical Bank & Trust Company, New York City, the
sum of Dollars in law-
ful money of the United States of America, as provided in and for
the interest then due on its Improvement Bond, Series 3, dated June
1, 1947, and numbered
City Clerk
ENDORSEMENT CONCERNING VALIDATION.
e Validated and confirmed by decree of the Circuit Court for
the Eleventh Judicial Circuit of the State of Florida, in and for
Dade County, on , 1947.
(7)
r
Clerk of the Circuit Court of the
Eleventh Judicial Circuit for Dade
County, Florida.
ENDORSEMENT CONCERNING REGISTRATION.
This bond may be registered as to principal in the bond
registry 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 regis-
tered 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 be-
fore. 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
SECTION 6: That in each year while any of said bonds referred
to in Section 2 of this Resolution as Series 3
"Street Paving Bonds", shall be outstanding there shall be levied
on all of the taxable property within said City a direct annual
tax, which, together with collections theretofore made from special
improvement assessments made against abutting property, shall be
sufficient to pay the principal and interest falling due in the fol-
lowing year upon said bonds, which tax shall be collected as other
City taxes and shall be used for no other purpose than the payment
of said principal and interest .
SECTION 7: That the City Attorney is hereby authorized and
directed to proceed to have said bonds validated
in the name of said City by the Circuit Court of Dade County.
SECTION 8: That the Mayor and the City Clerk are hereby authoriz-
ed and directed to execute said bonds and affix the
seal of said City thereto and that they and the City Attorney are
hereby authorized and directed to take such steps as may be necessary
to effect an early sale and delivery of said bonds.
SECTION 9: That this resolution shall be in force and effect
immediately upon its adoption.
PASSED and ADOPTED this 9th day of April, l-x. D. 1947. ,
I = or " „air
Attest :
C ty C er
(8)
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