Resolution 9651 Mg . 144RSHAKI;
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RESOLUTION NUMBER 9651 -2413/17
A RESOLUTION PROVIDING FOR THE ISSUANCE
G. 0 0 FI,Asz
OF $1,850,000 PARKING REVENUE BONDS,
SERIES, 1958, OF THE CITY OF MIAMI BEACH,
FLORIDA, PROVIDING FOE THE SALE, SECURITY
AND PAYMENT THEREOF, AND MAKING CERTAIN
COVENANTS AND AGREEMENTS IN THAT CONNECTIOIT.
WHEREAS, pursuant to amendment to the Charter of the City
of Miami Beach enacted by the Legislature of Florida in 1949
(Chapter 26029, Laws of Florida, 1949) , the City of Miami Beach is
authorized to acquire, improve and equip automobile parking facili-
ties in the manner more specifically hereinafter provided, and to
finance the cost thereof through the issuance of revenue bonds ; and
WHEREAS, pursuant to Resolution Number 7127 adopted on
March 8, 1950 by the City Council of the City of Miami Beach, there
have been issued $1,480,000 Parking Revenue Bonds, Series 1950, of
the City of Miami Beach payable from and secured by a first pledge
of the revenues to be derived by the said city from the operation
of its automobile parking facilities , including on-street parking
meters , of which696,000 bonds will be outstanding on January 2,
1958; and
WHEREAS, the improvement and extension of the automobile
Parking facilities of the City are urgently needed for the benefit
and welfare of the inhabitants of the City and the City Council has
caused studies and estimates to be made and has determined that the
revenues to be derived by the City from the operation of its auto-
mobile parking facilities will be sufficient to pay the expenses of
operating and maintaining such facilities and to pay principal of
and interest on the aforementioned Parking Revenue Bonds , Series
1950, and bonds hereinafter authorized and to establish necessary
reserves for contingencies; and
WHEREAS, all of the conditions for the issuance of
additional parity bonds set out in subparagraph 2 of paragraph G
of Section 6 of the aforementioned resolution Number 7127 of
March 8, 1950 for the issuance of additional bonds on a parity
with the bonds authorized in said resolution can be met;
NOW, THEREFORE, 3E TT RESOLVED BY TIIE CITY COUNCIL
OF THE CITY OF A1IAMI BEACH, FLORIDA :
Section 1 : That for the purpose of paying the cost
of acquiring additional parking facilities and of equipping and
improving existing and such additional parking facilities for
the City of Miami Beach, (automobile parking facilities for the
purposes of this resolution being defined as any lot or lots,
buildings and structures, above, at or below the surface of the
street or earth, either on the street or off the street, or both,
including parking meters, equipment, entrances, exits, fencing
and all other accessories necessary or desirable for the regula-
tion, control and the parking of vehicles, either on the street
or off the street ), there are hereby authorized to be issued the
Parking Revenue Bonds, Series 1958, of the City in the aggregate
principal amount of '',10850,000. Said bonds shall be dated
January 1, 1958, shall be in the denomination of 4,000 each,
shall be numbered 1 to 1850, inclusive, shall bear interest until
paid at a rate or rates of interest not greater than six per
cent (6%) per annum as may be hereafter fixed by resolution,
which interest shall be payable semi-annually on the first days
of January and July of each year, and shall be payable as to
both principal and interest in lawful money of the United States
of America at Chemical Corn Exchange Bank, New York, New York,
and shall mature serially in numerical order on January 1 of
each of the years as follows :
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Bond Numbers Amount Year
1 to 90 090,000 1959
91 to 180 90,000 1960
181 to 270 90,000 1961
271 to 360 90,000 1962
361 to 14.50 90,000 1963
451 to 540 90,000 1964
514.1 to 630 90,000 1965
631 to 720 90,000 1966
721 to 810 90,000 1967
811 to 900 90,000 1968
901 to 995 95,000 1969
996 to 1090 95, 000 1970
1091 to 1185 95,000 1971
1186 to 1280 95,000 1972
1281 to 1375 95, 000 1973
1376 to 1470 95,000 1974
566 to 11 to 660 95, 000 19000 76
1661 to 1755 95, 000 1977
1756 to 1850 95,000 1978
After all of the Parking Revenue Bonds, Series 1950
(hereinafter sometimes referred to as the "1950 Bonds" ) have
been retired, the bonds herein authorized shall be callable for
redemption at the option of the City, either in inverse numerical
order from time to time on any interest payment date from reve-
nues derived from the operation of the City's automobile parking
facilities, or as a whole from any available funds, on January 1,
1963, and on any interest payment date thereafter. Any bond
so redeemed from revenues derived from the operation of parking
facilities shall be redeemable at the principal amount thereof
plus accrued interest and a premium of 4s40 if so redeemed on or
prior to January 1, 1965, ?;30 if so redeemed thereafter on or
prior to January 1, 1968, $>20 if so redeemed thereafter on or
prior to January 1, 1971, 0.0 if so redeemed thereafter on or
prior to January 1, 1974, and thereafter without the payment of
premium. Any bond so redeemed from other available funds shall
be redeemable at the principal amount thereof and accrued
interest and a premium of .50 if so redeemed on or prior to
January 1, 1965, $,40 if so redeemed thereafter on or prior to
July 1, 1966, 00 if so redeemed thereafter on or prior to
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January 1, 1968, X20 if so redeemed thereafter on or prior to January
1, 1971, $10 if so redeemed thereafter on or prior to January 1, 1974
and thereafter without the payment of premium. Notice of the intend-
ed redemption of any bond shall be given by ,registered mail to the
paying agent, to the registered holder of each bond so called for
redemption which is then registered as to principal and to the orig-
inal purchasers of the bonds, and by publication one time in a finan-
cial newspaper or journal published in the City of New York, New York,
or Chicago, Illinois , which notice shall be so mailed and published
not less than thirty days prior to the date fixed for redemption. If
all of the bonds so called for redemption on any interest payment
date are registered as to principal, thirty days ' notice shall be
given to the registered holders by registered mail at the addresses
shown on the Registrar ' s registration books , and in that event no
other notice need be given.
Section 2: That the bonds shall be signed by the Mayor of
the City and attested by the City Clerk, and shall have impressed
thereon the corporate seal of the City. The aforementioned Mayor
is hereby authorized to cause said bonds to be executed
with his facsimile signature , and any bond otherwise fully executed
which bears his facsimile signature shall be deemed fully executed
in all respects. Interest falling due on the bonds on and prior to
maturity thereof shall be represented by appropriate interest coupons
to be attached to the bonds, which coupons shall be signed with the
facsimile signatures of the Mayor and the City Clerk.
The bonds shall be registrable as to principal in the
manner for which provision is made in the next section hereof.
Section 3: That the bonds and the coupons to be thereto
attached and the endorsement to appear on the back thereof shall be
in substantially the followingform:
(Form of Bond )
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
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PARKING REVENUE BOND
SER TF S 1958
Number $1,000
The City of Miami Beaoh in Dade County, Florida, for
value received, hereby promises to pay to bearer, or if this bond
is registered as to principal then to the registered holder
hereof, solely from the revenues hereinafter specified, the sum
of One Thousand Dollars (4, 000) on the first day of January,
19 , and to pay, solely from said revenues, interest on said
sum until paid at the rate of per cent
( %) per annum, payable semi-annually on the first days
of January and July of each year, with interest due on and prior
to the maturity hereof payable only upon presentation and
surrender of the annexed interest coupons as they severally become
due . Both principal hereof and interest hereon are payable in
lawful money of the United States of America at Chemical Corn
Exchange Bank, in the City of New York, New York.
After all of the Parking Revenue Bonds, Series 1950,
of the City of Miami Beach have been retired, the bonds of the
issue of which this is one will be callable for redemption at
the option of the City, either in inverse numerical order from
time to time on any interest payment date from revenues derived
from the operation of the City's automobile parking facilities,
or as a whole from any available funds on January 1, 1963 and
on any interest payment date thereafter. Any bond so redeemed
from revenues derived from the operation of parking facilities
shall be redeemable at the principal amount thereof plus accrued
interest and a premium of :';40 if so redeemed on or prior to
January 1, 1965, 30 if so redeemed thereafter on or prior to
January 1, 1968, x';20 if so redeemed thereafter on or prior to
January 1, 1971, 40 if so redeemed thereafter on or prior to
January 1, 1974, and thereafter without the payment of premium.
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Any bond so redeemed from other available funds shall be redeemable
at the principal amount thereof and accrued interest and a premium
of x;50 if so redeemed on or prior to January 1, 1965, ..0 if so
redeemed thereafter on or prior to July 1, 1966, 030if so redeemed
thereafter on or prior to January 1, 1968, X20 if so redeemed
thereafter on or prior to January 1, 1971, }$10 if so redeemed
thereafter on or prior to January 1, 19714. and thereafter without
the payment of premium. Notice of the intended redemption of any
bond is to be given by registered mail to the paying agent, to
the registered holder of each bond so called for redemption which
is then registered as to principal and to the original purchasers
of the bonds, and by publication one time in a financial newspaper
or journal published in the City of New York, New York, or Chicano,
Illinois, which notice is to be so mailed and published not
less than thirty days prior to the date fixed for redemption. If
all of the bonds so called for redemption on any interest payment
date are registered as to principal, thirty days ' notice is to
be given to the registered holders by registered mail at the
addresses shown on the Registrar's registration books, and in
that event no other notice need be given.
This bond is one of an issue of $1,850,000 of like
tenor and effect, except as to maturity (and interest rate)
issued pursuant to the Constitution and Laws of Florida and a
resolution adopted by the City Council of said City on
December 18 , 1957, for the purposes of acquiring additional
parking facilities and equipping and improving existing and such
additional parking facilities for the City of Miami Beach. This
bond and the issue of which it is a part, together with certain
presently outstanding Parking Revenue Bonds, Series 1950, and
any other bonds which may be hereafter issued on ‘a parity, are
payable solely, as to both principal and interest, from the
revenues derived by the City from the operation of its automobile
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parking facilities, including both off-street parking and metered
on-street parking, and it is provided in said resolution that the
City shall fix and maintain rates and collect charges for the use of
its off-street and on-street parking facilities which will be fully
sufficient at all times to pay the expenses of operating and main-
taining such facilities, to provide a sinking fund sufficient to
assure the prompt payment of principal of and interest on the bonds
as each falls due, to provide such reasonable fund for contingencies
as is required by the resolution authorizing this bond and to provide
an adequate depreciation fund .
This bond is fully negotiable for all purposes but may be
registered as to principal in the manner and with the effect for
which provision appears on the back hereof.
It is hereby certified and recited that all acts, condi-
tions and things required by the Constitution and Laws of Florida
and by the charter of the City to happen, exist and be performed
precedent to and in the issuance of this bond have happened, exist
and have been performed as so required . This bond does not consti-
tute an indebtedness or pledge of the general credit of the City of
Miami Beach within the meaning of any constitutional or statutory
provision limiting the incurring of indebtedness .
This bond is one of a series of bonds which were validated
end confirmed by decree of the Circuit Court of the Eleventh Judicial
Circuit of the State of Florida in and for Dade County rendered on
, 1958.
IN WITNESS WHEREOF, the City of Miami Beach has caused this
bond to be executed by its Mayor and attested by its City Clerk, the
signature of the Mayor being by duly authorized
and adopted facsimile, has caused the corporate seal of said City to
be hereunto affixed and has caused the interest coupons hereto at-
tached to be executed by said officials by their facsimile signa-
tures, all as of the first day of January, 1958.
Attested: Mayor
City Clerk
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(Form of Coupon)
Number 4
On the first day of _ , 19 , unless the
hereinafter mentioned bond shall have been theretofore properly
called for redemption, the City of Miami Beach, Dade County,
Florida, will pay to bearer, solely out of the revenues specified
in the hereinafter mentioned bond, the sum of
Dollars ( ) ) in lawful -coney of the
United States of America at Chemical Corn Exchange Bank, New York,
New York, being interest due that day on its Parking Revenue Bond,
Series 1958, dated January 1, 1958, and numbered
Mayor
Attest :
City Clerk
(Provision for Registration)
The within bond may be registered in the name of the holder
as to principal only on books to be kept by the City Clerk of the
City of Miami Beach, as Registrar, such registration to be noted
hereon in the registration blank below, after which no transfer shall
be valid unless made on said books by the registered holder or his
attorney thereunto duly authorized and similarly noted in said
registration blank below, but this bond may be discharged from
registration by being transferred to bearer, after which it shall be
transferable by delivery but may be again registered as before.
Such registration shall not impair the negotiability by delivery of
the coupons attached to the bond.
(No writing in this blank except by the Registrar. )
Date of Name of Signature
Registration Registered Holder of Registrar
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FLOW OF FUNDS
Section 4: That from and after the issuance of any of
the bonds herein authorized (hereinafter sometimes referred to
simply as "the bonds" ) all income and revenue of every nature
derived from the operation of the system, including specifically,
in addition to direct fees and charges made for parking, all in-
direct revenues received through the supplying of any other auto-
mobile services legally sunpliable by the City to users of the
system, and all rents received by the City from the rental of
space comprising any part of the system, including receipts from
concessionaires, but excluding any revenues derived from the sale
of advertising privileges, (which income and revenue are here-
inafter sometimes referred to as "the revenues" ) are to the ex-
tent necessary therefor hereby pledged for the payment and security
of the bonds herein authorized as well as the 1950 bonds in the
manner contemplated by and subject to the terms of Resolution
Number 7127, and after having been first paid to the Depositary
from day to day as received as herein provided, shall be by the
Depositary periodically paid into the funds specified in said
resolution and this resolution. For the purpose of this resolution
reference to "the system" shall be understood to refer to all
automobile parking facilities (as automobile parking facilities
are defined in Section 1 above ) owned, leased or operated by the
City at any time while any of the bonds herein authorized may be
outstanding and unpaid, including specifically but without
limitation, all parking meters or other equipment, machinery or
devices for obtaining revenue from street parking, parking lots,
garages, buildings and other facilities, equipment and accessories
used or useful in connection therewith which provide public
parking, and all intangible property of every nature used in
connection with the operation of such automobile parking
facilities, including franchises, licenses, leases, contracts
and agreements .
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So long as any of the bonds herein authorized remains out-
standing, the revenues shall continue to be set aside and applied
and distributed in the manner required by the aforementioned Jesolu-
tion Number 7127, authorizin@ the issuance of the 1950 Bonds . All
of the covenants in said resolution relating to said revenues are
hereby incorporated by reference herein and made a part hereof to
the same extent as if set out herein in full.
The provisions in said resolution with respect to the Re-
newal and Replacement Fund shall inure to the benefit of and shall
be enforceable by the holders of the bonds herein authorized to the
same extent as with respect to the holders of the 1950 Bonds.
The bonds herein authorized shell be payable as to princi-
pal and interest to the same extent as the 1950 Bonds from the money
in the Pond and Interest Redemption Fund, including the Reserve Ac-
count therein, established by the terms of said Resolution Number
7127. In order to prevent the dilution of said Reserve Account
throue-h the issuance of the bonds herein authorized and any parity
bonds which may be hereafter issued, and in order to assure for• the
continued protection of the bonds now outstanding an adequate reserve
as contemplated by the resolution authorizing such bonds , the pay-
ments required to be made into said Reserve Account shall be increas-
ed from >2,500 per month to ` 5,000 per month and the amount which
must have been accumulated and preserved in said Reserve iccount be-
fore any surplus over such amount may be used to retire bonds in ad-
vance of maturity shell be increased from ' 150,000 to x$210,000; pro-
vided , however, that during the period while any of the 1950 Bonds
remain outstanding the accumulations of the original monthly deposits
of $2,500 over the original minimum balance of `p 150,000 shall contin-
ue to be used for the redemption of the 1950 Bonds in the manner
required by the aforementioned Resolution Number 7127; after all of
the 1950 Bonds have been retired, the accumulations of the monthly
deposits of $5,000 over the minimum balance of y$210,000 shall be used
for the redemption of the 1958 Bonds and any bonds issued thereafter
on a parity therewith. Future bonds so issued on a parity with the
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bonds herein authorized shall be made payable from the Bond Fund and
Provision may be made in the proceedings authorizing such bonds for
such reasonable increases in the amount of the Leserve Account and
in the amount of the monthly payments into the reserve Account as
may be considered necessary to prevent the dilution of said Reserve
Account .
The moneys regarded as surplus revenues under the terms of
Section 4 of said Resolution Number 7127 shall continue to be treat-
ed as recuired by said resolution until all of the 1950 Bonds have
been retired . In retiring in advance of maturity the bonds payable
from the Bond Fund pursuant to that part of Section 4 of said reso-
lution which deals with surplus revenues , the City shall not retire
any of the bonds herein authorized until all of the 1950 Bonds have
been retired. The holder of each of the bonds herein authorized
shall be deemed to consent to the postponement of the application of
the surplus revenues of the system to the retirement prior• to matur-
ity of his bond until all of the 1950 Bonds have been retired . After•
said 1950 Bonds have been retired , 33-1/3? of such surplus revenues
shall be used for the purpose of retiring in advance of maturity the
bonds herein authorized and such bonds as may hereafter be author-
ized on a parity therewith. The call for tenders and call for re-
demption shall be made as provided in Resolution Number 7127 but if
at any. time when bonds are not callable for redemption, no tender is
made at a price deemed reasonable by the City Council, the aforemen-
tioned 33-1/3j of surplus shall be accumulated until either such
tenders shall be made at a price deemed reasonable by the City Coun-
cil or until said bonds are callable for redemption. Any moneys so
accumulated may be invested in direct obligations of the United
States maturing no later than the date upon which the next bonds
redeemable therewith become redeemable .
To the extent permissible under the terms of the aforemen-
tioned Resolution Number 7127, and to the full extent permitted by
law after the retirement of all of the 1950 Bonds , the City may re-
quire the Depositary to invest all or any part of the money in the
reserve Account in the Bond Fund and in the Renewal and Replacement
Fund and all money held as surplus in direct obligations of the
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United States of America. The Depositary shall hold seic invest-
ments pursuant to the same restrictions and requirements as set out
in Resolution Number 7127 for the investment of moneys in the Renew-
al and Replacement Fund.
P11 money held by the Depositary in excess of the amount
guaranteed by the Federal Deposit Insurance Corporation shall be
continuously secured by lodging with the trust department of the
Depositary or with some other depositary approved by the City, as
collateral security, direct obligations of the United States of
America, having a market value (exclusive of accrued interest ) at
least equal to the amount of such deposit.
The City Council may at any time after July 1 of any sink-
ing fund year direct the Depositary to pay from the revenues into
the Operation and :-taintenance Fund the entire amount budgeted for
the then current sinking fund year, then to pay into the Lond Fund ,
including the Feserve Account, all sums which will be required to be
paid into said fund during such sinking fund year and then to com-
plete all required payments for the sinking fund year into the
Renewal and Replacement Fund. After all such payments for the en-
tire sinking fund year have been made, the City Council may by reso-
lution estimate the amount of surplus to become available at the end
of the sinking fund year for the redemption or retirement prior to
maturity of bonds payable from the Bond Fund . Based on such esti-
mate, the City shall cause to be published a cell for tenders in the
manner contemplated by Section 4 of the aforementioned Resolution
Number 7127. If by November 15 of the same sinking fund year, in-
sufficient tenders have been received at a price equal to or lower
than the redemption price, the City Council shall then call for
redemption so many of the bonds payable from the Bond Fund (with
preference given to the 1950 Bonds ) as may be redeemed from the
estimated money available . Such estimate may be revised between
the time of the call for tenders and the time of the call for re-
demption.
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Covenants
Section 5: That the covenants contained in the aforemen-
tioned Resolution Number 7127 with respect to the Depositary, the
consulting engineers, the budget, the maintenance, operation and
collection of rates and charges for the use of the system, the pro-
hibition against free parking or service, the keeping of proper books
of record and account, the insurance, the sale, lease or disposal of
the system or any substantial part thereof, the issuance of refunding
bonds and additional parity bonds, the change of location of parking
meters, the change, variation or alteration of the provisions of
said resolution and the bonding of officials and employees shall
inure to the benefit of the holders of the bonds herein authorized
and shall be enforceable by said holders to the same extent as with
respect to the holders of the 1950 Bonds.
Obligation of this Resolution
Section 6: That the provisions of this resolution shall
constitute a contract between the City and the holder or holders from
time to time of the bonds herein authorized end after the issuance of
any of such bonds no change, variation. or alteration in the provi-
sions of this resolution may be made . The provisions of such con-
tract shall be enforceable by appropriate proceedings to be taken by
such holder or holders either at law or in equity.
Sale
Section 7: That the bonds herein authorized shall be sold
at one time or in blocks from time to time pursuant to such provision
therefor as may be made in resolution or resolutions to be adopted
by the City Council, provided that no such sale shall be made at less
than par and accrued interest. The bonds so sold shall be prepared
and executed as soon as may be after sale and shall be thereupon
delivered to said purchasers upon payment in accordance with the
terms of sale. The proceeds of sale shall, to the amount necessary
to assure the proper application thereof to the purposes for which
the bonds are herein authorized , be deposited in a special account
or accounts in one or more banks and be paid out of such account or
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accounts only when the requisition therefor shall have been made by
the City Manager, a check for the amount drawn on the account in the
manner required for the drawing of checks on general city funds , the
requisition accompanied by a certificate by the City Engineer and
the City Attorney approving the making of the payment and in cases
where the requisition is for the payment for purchase of real estate
the requisition is also accompanied by a legal opinion by the City
Attorney certifying that the City either has obtained or will obtain
simultaneously with the making of the payment good and merchantable
title to the real estate so purchased .
Publication
Section 8: That this resolution be published immediately
after its adoption in the Miami Beach Sun, a newspaper published in
the City of Miami Beach, Florida. For a period of thirty days from
the date of such publication any person in interest shall have the
right to institute litigation questioning the proceedings for the
bonds herein authorized or the legality of such bonds or• the sources
of revenue from which such bonds are payable.
Severability
Section 9: That if any one or more sections, paragraphs ,
clauses, or provisions of this resolution shall be held to be
invalid for any reason, such invalidity shall not affect the valid-
ity
or enforceability of any of the remaining provisions hereof.
If it should be found that any provision hereof conflicts with any
provision of the aforementioned Resolution Number 7127, the provi-
sions of said Resolution Number 7127 shall govern until all of the
1950 Bonds have been retired . Thereupon, the provisions of this
resolution shall take precedence over the provisions of said Reso-
1 lution Number 7127.
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Precedence
Section 10: That all other resolutions and orders or
parts thereof in conflict herewith are to the extent of such
conflict repealed, and this resolution shall be in full force
and effect immediately after its adoption.
PASSED and ADOPTED this 18th day of December, 1957.
Mayor
ATTEST:
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