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Resolution 6950 RESOLUTION NO. 6950 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA AUTHORIZING THE ISSUANCE OF NEGOTIABLE COUPON BONDS AGGREGATING IN AMOUNT $1,481,000.00 FO.t THE SEVERAL PURPOSES AUTHORIZED AT AN ELECTION HELD ON JUNE 7TH, 1949. WHEREAS, the City Council of the City of Miami Beach, Florida, on the 4th day of May, 1949, 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 $1,481,000.00 subject to the authorization of the duly registered and quali- i f ied voters of said City who were freeholders therein participating in the special election, which said resolution directed to be held on June 7th, 1949; and WHEREAS, the said City Council on June 8th, 1949) canvassed the returns of the aforesaid election and found that the issuance of said bonds had been approved by a majority of the 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 declared and recorded in the manner prescribed by law, the re- sult 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 $650,000.00 with interest at a rate hereafter to be determined, not exceeding 3j% per annum, for the purpose of construct- ing storm sewers? 2. Shall the City of Miami Beach, Florida, issue negotiable coupon bonds in the amount of $831,000.00 with interest at a rate hereafter 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 constructing a white way lighting system on the following highways: 5th Street, from Alton Road, to Ocean Drive; West 41st Street, from Alton Road to Pine Tree Drive; Collins Avenue, from 63rd Street to 75th Street; 71st Street, from Indian Creek Drive to Collins Avenue and Everglades Concourse from Rue Notre Dame to Indian Creek; Collins Avenue, from Biscayne Street to 5th Street; Collins Avenue, from 5th Street to 15th Street; Collins Avenue, from 15th Street to 23rd Street; Alton Road, from 5th Street to 15th Street; Alton Road, from 15th Street to Collins Canal; Meridian Avenue, from Lincoln Road to Collins Canal; 17th Street, from Washington Avenue to Collins Avenue; Everglades Concourse from Rue Notre Dame to North Bay Causeway Approach and North Bay Causeway Approach; Collins Avenue from 75th Street to 87th Ter- race; Drexel Avenue, from 12th Street to Lincoln Road; Pennsylvania Avenue, from 7th Street to Lincoln Road; Euclid Avenue, from 5th Street to Lincoln Road; Jefferson Avenue, Michigan Avenue, and Lenox Avenue, from 5th Street to 11th Street, and from 15th Street to Lincoln Road; 6th Street, from Washington Avenue to Alton Road; 7th and 8th Streets, from Pennsylvania Avenue to Alton Road; 9th and 10th Streets, from Washington Avenue to Alton Road; lith Street, from Drexel Avenue to Alton Road; 12th Street, from Drexel Avenue to Meri- dian Avenue; 13th Street and 14th Street, from Washington Avenue to Meridian Avenue; 14th Place, from Pennsylvania Avenue to Meridian Avenue; 15th and 16th Streets, from Washington Avenue to Alton Road; Meridian Avenue, from 5th Street to Lincoln Road;. 1st, 2nd, 3rd, 4th, 7th, 8th, 9th, 10th, lith, 12th, 13th and 14th Streets, from Washington Avenue to Ocean Drive; Lincoln Road from Collins Avenue to a point at or near 400 feet east of Collins Avenue; James Avenue, from Lincoln Road to 19th Street; Park Avenue, from 19th Street to 23rd Street; Liberty Avenue, from 19th Street to 21st Street, and from 22nd Street to 23rd Street; 18th and 19th Streets, from Washington Avenue to - 1 r 1 Collins Avenue; 20th and 21st Streets, from Washington Avenue to Collins Avenge; 22nd Street, from Washington Court to Collins Avenue; Washington Court; Washington Avenue, from Lincoln Road to Collins Canal; ' Alton Road, from 19th Street to 63rd Street, and 63rd Street, from Alton Road to Indian Creek Drive; Collins Avenue, from 44th Street to 63rd Street; Normandy Drive, from Bay Drive at easterly end of Isle of Normandy to Bay Drive at westerly end of Isle of Normandy; 67th Street, from Collins Avenue to Harding Avenue. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA: SECTION 1: That pursuant to said election One Million Four Hundred Eighty- one Thousand ($1,481,000.00) Dollars of negotiable coupon bonds of the City of Miami Beach, Florida, be issued bearing date August 1st, 1949, and bearing interest at a rate to be hereafter determined, not exceeding 3-% per annum, payable semi-annually, on the first day of February and August of each year, which interest shall be evidenced by cou- pons 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 principal 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 two series and amounts as follows: SERIES 1: For the purpose of constructing storm sewers, $650,000.00. SERIES 2: For the purpose of constructing a white way lighting system on the following highways: 5th Street, from Alton Road to Ocean Drive; West 41st Street, from Alton Road to Pine Tree Drive; Collins Avenue, from 63rd Street to 75th Street; 71st Street, from Indian Creek Drive to Collins Avenue and Everglades Concourse from Rue Notre Dame to Indian Creek; Collins Avenue, from Biscayne Street to 5th Street; Collins Avenue, from 5th Street to 15th Street; Collins Avenue, from 15th Street to 23rd Street; Alton Road, from 5th Street to 15th Street; Alton Road, from 15th Street to Collins Canal; Meridian Avenue, from Lincoln Road to Collins Canal; 17th Street, from Washington Avenue to Collins Avenue; Everglades Concourse from Rue Notre Dame to North Bay Causeway Approach and North Bay Causeway Approach; Collins Avenue from 75th Street to 87th Terrace; Drexel Avenue, from 12th Street to Lincoln Road; Pennsyl- vania Avenue, from 7th Street to Lincoln Road; Euclid Avenue, from 5th Street to Lincoln Road; Jefferson Avenue, Michigan Avenue and Lenox Avenue, from 5th Street to 11th Street, and from 15th Street to Lincoln Road; 6th Street, from Washington Avenue to Alton Road; 7th and 8th Streets, from Pennsylvania Avenue to Alton Road; 9th and 10th Streets, from Washington Avenue to Alton Road; 11th Street, from Drexel Avenue to Alton Road; 12th Street, from Drexel Avenue to Meridian Avenue; 13th Street and 14th Street, from Washington Avenue to Meridian Avenue; 14th Place, from Pennsylvania Avenue to Meridian Avenue; 15th and 16th Streets, from Washington Avenue to Alton Road; Meridian Avenue, from 5th Street to Lincoln Road; 1st, 2nd, 3rd, 4th, 7th, 8th, 9th, 10th, 11th, 12th, 13th and 14th Streets, from Washington Avenue to Ocean Drive; Lincoln Road from Collins Avenue to a point at or near 400 feet east of Collins Avenue; James Avenue, from Lincoln Road to 19th Street; Park Avenue, from 19th Street to 23rd - 2 - Street; Liberty Avenue, from 19th Street to 21st Street, and from 22nd Street to 23rd Street; 18th and 19th Streets, from Washington Avenue to Collins Avenue; 20th and 21st Streets, from Washington Avenue to Collins Avenue; 22nd Street, from Washington Court to Collins Avenue; Washington Court; Washington Avenue, from Lincoln Road to Collins Canal; Alton Road, from 19th Street, to 63rd Street, and 63rd Street, from Alton Road to Indian Creek Drive; Collins Avenue, from 44th Street to 63rd Street; Normandy Drive, from Bay Drive at easterly end of Isle of Normandy to Bay Drive at westerly end of Isle of Normandy; 67th Street, from Collins Avenue to Harding Avenue, $831,000.00. Series 1 shall be in the principal amount of $650,000.00; shall be known as "Storm Sewer Bonds" and shall be numbered and mature as follows: Amount Maturity August 1 Numbered $ 3,000.00 1950 1 to 1,000.00 1951 5,000.00 1952 5,000.00 1953 10 to 1414 18,000.00 1954 15 to 32 13,000.00 19553 to 45 20,000,00 1956 46 to 65 18,000.00 1957 66 to 83 28,000.00 1958 84 to 111 22,000.00 1959 112 to 133 31,000.00 1960 134 to 164 13,000.00 1961 165 to 177 5,000.00 1962 178 to 182 5,000.00 1963 183 to 187 30,000.00 1964 188 to 217 92,000.00 1965 218 to 309 92,000.00 1966 310 to 401 84,000.o0 1967 402 to 485 85,000.00 1968 486 to 570 80,000.00 1969 571 to 650 Series 2 shall be in the principal amount of $831,000.00; shall be known as "White Way Lighting System Bonds" and shall be numbered and mature as follows: Amount Maturity August 1 Numbered $36,000.00 1950 1 to 36 35,000.00 1951 44,000.00 1952 72o 115 45,000.00 1953 116 to 160 42,000.00 1954 161 to 202 42,000.00 1955 203 to 244 42,000.00 1956 245 to 286 42,000.00 1957 287 to 328 42,000.00 1958 3329 to 370 42,000.00 1959 413 to 454 42,000.00 1961 455 to 496 41,000.00 1962 497 to 537 41,000.00 1963538 to 578 42,000.00 196 579 to 620 42,000.00 1965 621 to 662 42,000.00 1966 663 to 704 42,000.00 1967 705 to 746 42,000.00 1968 747 to 788 43,000.00 1969 789 to 831 _ 3 _ 1 _ SECTION 3: That all of the bonds herein authorized and referred to in Section 2 of this Resolution as Series 1 "Storm Sewer 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 dates of maturities and numbers, and the form of said bonds, coupons and registration endorsement, as well as the manner of exe- cution of said bonds and coupons and certificate of validation shall be substantially as follows: No. UNITED STATES OF AMERICA $1,000.00 STATE OF FLORIDA, COUNTY OF DADE CITY OF MIAMI BEACH PUBLIC IMPROVEMENT BOND Series 1, "Storm Sewer Bond" 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 re- ceived, hereby promises to pay to the bearer, or if registered to the registered owner hereof, on the 1st day of August, 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 February and the first day of August in each year, upon the presentation and surrender of the annexed interest coupons as they severally become due. Both the principal and interest of this bond arepayable 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 be- come 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 fur 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 particularly described in Resolution No. 6950 of the City Council of said City, passed and adopted June 15th, 19+9, 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 constitution 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 in- debtedness of said City, including this bond, does not exceed any consti- tutional or statutory limitation 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 August, A. D. 19+9. 11 Mayor City Clerk - 4 _ 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 lawful money of the United States of America, as provided in and for the interest then due on its Public Improvement Bond, Series 1 , dated August 1, 1949, and numbered City Clerk 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 , 1949. 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 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 SECTION 4: That in each year while any of the bonds referred to in Section 2 of this Resolution as Series 1 "Storm Sewer Bonds" shall be outstanding there shall be levied on all of the taxable property within said City, a direct annual tax sufficient to pay the principal and interest falling due in the following year upon said bonds, which tax shall be col- lected as other City taxes and shall be used for no other purpose than the payment of said principal and interest. SECTION 5: That all of the bonds herein authorized and referred to in Section 2 of this Resolution as Series 2"White Way Lighting System Bonds", shall be in the denomination of One Thousand 1,000.00) voLLARs each and shall be designated "Improvement Bonds" followed by a brief description of the purpose as hereinbefore provided, and shall be alike in form except as to dates of maturities and numbers, and the form of said bonds, coupons and registration endorsement, as well as the manner of the exe- cution of said bonds and coupons and certificate of validation shall be substantially as follows: - 5 - No. UNITED STATES OF AMERICA $1,000.00 STATE OF FLORIDA, COUNTY OF DADE CITY OF MIAMI BEACH IMPROVEMENT BOND SERIES 2: "WHITE WAY LIGHTING SYSTEM BOND" 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 re- ceived, hereby promises to pay to the bearer, or if registered to the registered owner hereof, on the 1st day of August, 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 February and the first day of August, in each year, upon the presentation and surrender of the 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 particularly described in Reso- lution No. 6950 of the City Council of said City, passed and adopted June 15th, 1949, under the authority of and in full compliance with the Con- stitution 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 b'e done precedent to and in the issuance of this bond by said charter and the laws and constitution 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 limitation thereof. This bond may be registered as to principal in accordance with the provi- sions 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 signa- ture of said Clerk, all as of the first day of August, A. D . 1949. Mayor City Clerk COUPON NO. $ On 1, 19 , the City of Miami Beach, Florida, will pay to t?ie 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 - 6 - I � Improvement Bond, Series 2, dated August 1, 1949, and numbered City Clerk 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 , 1949. 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 he 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 trans- ferred 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 trans- fer 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 SECTION 6: That in each year while any of said bonds referred to in Section 2 of this Resolution as Series 2 "White Way Lighting System 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 following year upon said bonds, which tax shall be col- lected as other City taxes and shall be used for no other purpose than the payment of said principal and interest. ABCTION 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 authorized 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. - 7 - SECTION 9: That this resolution shall be in force and effect immediately upon its adoption. PASSED and ADOPTED this 15th day of June, A. D. 1949. /j7AA-trUMayor • ATTEST: City Clerk 8 I _J V . I 1 O �