Resolution 9681 RESOLUTION NO. 9681
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 Parking
Revenue Bonds, Series 1950; and
WHEREAS, the City of Miami Beach has, by Resolution
No. 9651, passed and adopted on the 18th day of December, 1957,
authorized the issuance of $1,850,000.00 Parking Revenue Bonds,
Series 1958, said bonds of the Series 1958 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 issued 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 payable therefrom on July 1 of the
current sinking fund year and all principal and interest payable
therefrom on January 1 of the next succeeding sinking fund year" ,
but contained no provision whereby such money could be paid into
the Bond and Interest Redemption Fund, and further provided that
after the issuance of said $1,480,000.00 of bonds "no change,
variation or alteration in the provisions" 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 1958 bonds, the sum of
$45,880.00, thus making it necessary 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 $3,823.33 in said fund; and
WHEREAS, the City of Miami Beach desires to transfer
the sum of $42,056.67 from the "Surplus Revenue Fund" described
and provided for in said Resolution No. 7127 to said "Bond and
Interest Redemption Fund" to meet the condition required by said
Resolution No. 7127 for the issuance of the additional bonds
described 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 depositary 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 $42,056.67
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 Resolution No . 7127 for the purpose of meeting and
paying the interest due on July 1st, 1958 and the principal
and interest due on January 1, 1959, which action will automatically
result in reimbursement of the "Surplus Revenue Fund" for the
} transferred funds , provided, however, that, notwithstanding
the provisions hereof, the said depositary shall transfer to
the Bond and Interest Redemption Fund in each month a sum equivalent
to one-twelfth (1/12th) of the aggregate amount of principal and
interest on all Series of 1958 Bonds falling due on July 1 of the
current sinking fund year and on January 1 of the next succeeding
sinking fund year.
- 1 -
I
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 22nd day of January, A. D.
1958.
%2EMayor
ATTEST :
�� ,,1 /
,'LLA
y C er /
ii
a �o
•
•
CO
z
H4-tc o
H Z cw
0 Z
o
H ()
H 4-4
a
0
w Ef
a)