Resolution 8712 RESOLUTION NO. 8712
WHEREAS, the City of Miami Beach, pursuant to
Resolution No . 7127, passed and adopted on the 8th day
of March, 1950, has heretofore issued $1,480,000 .00 Park-
ing Revenue Bonds, Series 1950, and
WHEREAS, the City of Miami Beach, has, by Re-
solution No . 86?7, passed and adopted on the 30th day of
December, 1953, authorized the issuance of $500,000.00
Parking Revenue Bonds, Series 1954, said bonds of the
Series 1954 to be on a parity with the bonds of the
Series of 1950, and
WHEREAS, said Resolution No . 7127 provided,
among other things, that additional bonds could be issue-
ed on a parity with the Series of 1950 only if "there is
sufficient money in the Bond and Interest Redemption Fund,
exclusive of the reserve account, to pay all interest pay-
able therefrom on July 1 of the current sinking fund year
!' and all principal and interest payable therefrom on Jan-
uary 1 of the next succeeding sinking fund year", but con-
tained no provision whereby such money could be paid into
the Bond and Interest Redemption Fund, and further pro-
vided that after the issuance of said $1,480,000 .00 of
bonds "no change, variation or alteration in the provi-
sions" of Resolution No . 7127 could be made, and
WHEREAS, in order to satisfy said requirement
there must be in said Bond and Interest Redemption Fund
at the time of the issuance of the said Series of 1954
bonds, the sum of $ 63,462.50 , thus making it ne-
cessary to deviate from the method set forth in said
Resolution No . 7127 for allocating monies from the
"Surplus Revenue Fund" , and
WHEREAS, there is now only $ 21,258,57
in said fund, and
WHEREAS, the City of Miami Beach desires to
transfer the sum of $ 42,203.93 from the "Surplus
Revenue Fund" described anprovided for in said Re-
solution No . 712( to said "Bond and Interest Redemption
Fund" to meet the condition required by said Resolution
No . 712( for the issuance of the additional bonds des-
! cribed in the second paragraph hereof, thus to further
the extension and improvement of the system,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA that the
Miami Beach First National Bank, the designated de-
positary of the funds derived from the operation of
the said City 's Automobile Parking System, be and it
is hereby requested to transfer the sum of $ 42,203.93
to said Bond and Interest Redemption Fund from the
"Surplus Revenue Fund" described and provided for in
said Resolution No . 7127.
BE IT FURTHER RESOLVED that said depositary
be and it is hereby requested to refrain from making
the monthly transfers to the said Bond and Interest
Redemption Fund as called for under the terms of Re-
solution No . 7127 for the purpose of meeting and pay-
ing the interest due on July 1st, 1954 and the prin-
cipal and interest due on January 1, 1955, which action
will automatically result in reimbursement of the "Sur-
plus Revenue Fund ' for the transferred funds .
OFFICE OF CITY ATTORNEY - CITY HALL - !CAM BEACH 39, FLORIDA
BE IT FURTHER RESOLVED that the said depositary
be and it is hereby relieved of any liability for acceding
to the requests herein contained and shall be held harmless
for so doing .
PASSED and ADOPTED this 21st day of April
A.D. 1954 .
/ m"fre fr
Attest :
C. W. Tomlinson, City Clerk
By
Deputy City C rk
OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA
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