Resolution 12504 f
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RESOLUTION NO. 2504
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING THE ISSUANCE OF NEGOTIABLE
COUPON BONDS IN AMOUNT $4,700, 000.00
FOR THE PURPOSE AUTHORIZED AT AN
ELECTION HELD ON MAY 28, 1968.
WHEREAS, the City Council )f the City of Miami Beach,
Florida, by Resolution No. 12405, adopted on the 17th day
of April, 1968, authorized the issuance of negotiable
coupon bonds of the City of Miami Beach for the purpose
and. in the amount therein stated, in amount $4, 700,000.00
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 resolution
directed to be held on May 28, 1968; and
WHEREAS the said City Council on May 29, 1968 canvassed
the returns of the aforesaid special election and found
that the issuance of said bonds in the aggregate amount of
$4, 700,000.00 had been approved by a majority of the votes
cast in said election, in which a majority of the free-
holders who were cfualified electors residing in said City
participated, and declared and recorded, in the manner
prescribed by law, the result of said Election and canvass,
approved as aforesaid was as follows:
3. Shall the City of Miami Beach, Florida,
issue negotiable c )upon bonds in the
amount of $4,700,000.00 with interest
at a rate to be hereafter determined,
not exceeding 6% per annum, for the
purpose of ACQUIRING FROM THE DADE COUNTY
BOARD OF PUBLIC INSTRUCTION THE FOLLO)ING
DESCRIBED SCHOOL PROPERTIES: South Beach
Elementary; Feinberg Elementary; Ida M.
Fisher Junior High; Nautilus Junior High;
North Beach Elementary Teacherage;
Biscayne Elementary:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1 : That pursuant to said election $4, 700, 000.00
of negotiable coupon bonds if the City of Miami
Beach, Florida, be issued bearing date Tugust
1, 1968, and bearing interest at a rate to be
hereafter determined, not exceeding 6% per
annum, payable semi-annually, on the first
day of February and August of each year, which
interest shall be evidenced by coupons attached.
to the principal bonds, and both principal and
interest
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shall be payable in lawful money of the
United States of America at the Chemical
Bank New York Trust Company in New York
City, New York, which bonds shall be
registrable as to principal in accordance
with the endorsement which this resolution
directs to be printed on said bonds and
that the City Clerk and Finance Director
of said City is hereby designated Registrar
for that purpose.
SECTION 2: Said bonds shall be issued in Series #1 and
in amounts as follows:
SERIES 1: For the purpose of acquiring from the Dade
County Board of Public Instruction the
Following Described School Properties:
South Beach Elementary; Feinberg Elementary;
Ida M. Fisher Junior High; Nautilus Junior
High; North Beach Elementary TeacherEge;
Biscayne Elementary: $4,700,000.00
SERIES 1 shall be in the principal amount of
$4,700,000.00, shall be known as "1953 School Property
Acquisition Bonds" and shall be numbered and mature as
follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 150,000 1970 1 - 30
155,000 1971 31 - 51
165,000 1972 62 - 94
170,000 1973 95 -12.8
180,000 1974 129 -154
185,000 1975 155 -201
195,000 1975 2.02 -240
205,000 1977 241 -231
215,000 1978 282. -324
225,000 1979 325 -359
230,000 1980 370 -415
245,000 1931 416 -454
255,000 1982 465 -515
265,000 1933 516 -563
275,000 1934 569 -623
290,000 1985 624 -531
305,000 1985 632 -742
315,000 1987 743 -805
330,000 1938 806 -371
345,000 1989 872 -940
SECTION 3: That bonds maturing in the years 1970 to 1979
both inclusive, shall not be redeemable prior
to their respective dates of maturity. Bonds
maturing in the years 1980 to 1909, both
inclusive, shall be redeemable prior to their
respective stated dates of maturity, at the
option of the City of Miami Beach, in whole
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or in part, but in inverse order of maturities
and by lot within maturities, if less than all,
on February 1, 1979, or on any interest payment
date thereafter, at the price of par and accrued
interest, plus the following premiums, expressed
in percentages of the par value thereof, if
redeemed in the following years : Three per
centum (3%) in the years 1979 - 1982, both
inclusive; two per centum (2%) in the years
1983 - 1986, both inclusive; and one per
centum (1%) in the years 1987 - 1989, both
inclusive. A notice of the redemption of said
bonds shall be published at least once at least
30 days prior to the date of redemption in a
financial newspaper published in the City of
New York, New York. Interest shall cease to
accrue upon any of said bonds so duly called
for redemption prior to maturity, provided
payment thereof has been duly provided for.
SECTION 4. That all of the bonds herein authorized and
referred to in Section 2 of this resolution
shall be in the denomination of $5, 000. 00
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 the statement of
series, purpose and the dates of maturities and
numbers, and the form of said bonds, coupons
and registration endorsement, as well as the
manner of execution of. said bonds and coupons
and certificates of validation shall be sub-
stantially as follows :
No. UNITED STATES OF AFRICA $5 ,000.00
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
(here insert Series No. and Statement of Purpose)
KNOW ALL MEN BY THESE PRESENTS that the City of
Miami Beach in the County of Dade and State of Florida, is
justly indebted, and for value received, hereby promises to
pay to the bearer, or if registered, to the registered owner
hereof, on the 1st day of February, 19 , the principal
sum of
FIVE THOUSAND DOLLARS
with interest thereon at the rate of per cent per
annum, payable semi-annually, on the first day of February
and the first day of August in each year, upon the
presentation and surrender of the annexed interest coupons
as they severally become due. Both the principal and interest
of this bond are payable, in lawful money of the United States
of America , at the office of Chemical Bank New York Trust
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Company in the City of New York. For the prompt payment
hereof, both principal and interest, as the same shall
become due, the full faith, credit and resources of said
City of Miami Beach are hereby irrevocably pledged.
This bond is one of a series of like tenor, date
and amount, but maturing at different times, issued by said
City for the purpose of paying the cost of certain public
improvements in the City of Miami Beach, Florida, as stated
in the caption hereof and more particularly described in
Resolution No. 12405 , passed and adopted Zpril 17,: 190$ under
the authority and in full compliance with the Constitution
and Statutes of the State of Florida, including Chapter 100,
Florida Statutes, and the City Charter, being Chapter 7672
of the Laws of Florida of 1917 , and Acts emendatory thereof
and supplemental thereto, and has been duly authorized and
approved by a. maj.ority of the votes cast in an election in
which a majortiy of the freeholders who were 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.
Bonds maturing in the years 1970 to 1979, both
inclusive, shall not be redeemable prior to their respective
dates of maturity. Bonds maturing in the years 1930 - 1989
both inclusive, shall be redeemable prior to their respective
stated dates of maturity, at the option of the City, in
whole or in part, but in inverse order of maturities and by
lot within maturities , if less than all, on February 1, 1979,
or on any interest payment date thereafter, at the price
of par and accrued interest, plus the following premiums ,
expressed in percentages of the par value thereof, if
redeemed in the following years: Three per centum (3%) in
the years 1979 to 1932, both inclusive; two per centum (2%)
in the years 1933 to 1936, both inclusive; and one per
centum (1%) in the years 1937 to 1939, both inclusive.
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
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 provisions endorsed hereon.
IN WITNESS WHEREOF, the said City of Miami Beach,
Florida, has caused this bond to be executed by its Mayor
and attested by its City Clerk (the facsimile signatures
of said Mayor and City Clerk being imprinted or reproduced
on this bond, and on the validation legend appearing hereon,
provided that at least one of said officers shall manually
apply his signature on said bond) ; and the corporate seal
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of said City has been impressed or imprinted hereon, and
the interest coupons hereto attached executed by said
officials by their facsimile signatures, all as of the
1st day of August, 1968.
Mayor
Attest:
City Clerk & Finance Director
{Form of Coupon)
No. $
On the 1st day of , 19 , the City of
Miami Beach, Florida, will pay to the bearer at the
Chemical Ban"- New York Trust Company, New York City,
New York, 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 Bonds, Series l , dated the 1st day of
August, 1968 and numbered
Mayor
Attest:
City Clerk & Finance Director
ENDORSEMENT CONCERNING
VALIDATION
This bond is one of a series of bonds which
were validated and confirmed by decree of the Circuit
Court of the Eleventh Judicial Circuit of the State of
Florida in and for Dade County, rendered on
196
Mayor
Attest:
City Clerk & Finance Director
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ENDORSEMENT CONCERNING REGISTRATION
This Bond may be registered in the name of the holder
on the books to be kept by the Chemical Bank New York Trust
Company, as Registrar, or such other Registrar as may hereafter
be duly appointed, as to principal only, such registration
being noted hereon by such Registrar in the registration blank
below after which no transfer shall be valid unless made on
said books by the registered holder or his attorney duly
authorized and similarly noted in the registration blank below,
but it may be discharged from registration by being transferred
to bearer after which it shall be transferable by delivery,
but it may again be registered as before. The registration of
this Bond as to principal shall not restrain the negotiability
of the coupons by delivery merely, but the coupons may be sur-
rendered and the interest made payable only to the registered
holder, in which event the Registrar shall note in the regis-
tration blank below that this Bond is registered as to interest
as well as principal and thereafter the interest will be
remitted by mail to the registered holder. TTith the consent
of the holder and of the City of Miami Beach, this Bond when
converted into a coupon Bond and again converted into a Bond
registered as to both principal and interest as hereinabove
provided. Upon reconversion of the Bond, when registered as
to principal and interest into a coupon Bond, coupons repre-
senting the interest to accrue upon this Bond to date of
maturity shall be attached hereto by the Registrar. The .
Registrar shall nate in the registration blank below whether
this Bond is registered as to principal only or payable to
bearer.
Date of Registration Name of Registered Owner Registrar
SECTION 5. That in each year while any of the bonds referred
to in Section 2 of this resolution shall be out-
standing, 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 collected as other City taxes
are collected and shall be used for no other
purpose than the payment of said principal and
interest.
SECTION 6. That the City Attorney is hereby authorized and
directed to proceed in the name of said City to
have said bonds validated by the Circuit Court of
Dade County, Florida.
SECTION 7 . That the Mayor and the City Clerk and. Finance
Director are hereby authorized and directed to
execute the said bonds under the seal of said
City, which shall be impressed or imprinted
thereon. The facsimile signatures of said Mayor
and City Clerk and Finance Director may be im-
printed. or reproduced on said bonds, and on the
validation legend appearing thereon, provided
that at least one of said officers shall manually
apply his signature on said bonds. The coupons
affixed to said bonds shall be executed by the
facsimile. signatures of said Mayor and City Clerk
and Finance Director. The Mayor, the City Clerk
and Finance Director and the City Attorh y arc
hereby authorized and directed to take such steps
as may be necessary to effect an early sale and
delivery of said bonds.
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SECTION 3: That this resolution shall be in force and
effect immediately upon its adoption.
PASSED and ADOPTED this 21st day of Auqustj 1963.
Iviayor
Attest:
City Clerk & Finance Director
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