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Resolution 81-16537 • • RESOLUTION NO. 81-16537 A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $2 ,500 ,000 PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE IS- SUANCE OF NOT LESS THAN $2 ,500 ,000 CITY OF MIAMI BEACH, FLORIDA, PUBLIC IMPROVEMENT BONDS, SERIES 1979 , AUTHORIZED BY RESOLUTION, FOR THE PURPOSE OF FINANCING ALL OR A PORTION OF THE COST OF CONSTRUCTION OF VARIOUS CAPITAL IMPROVEMENTS IN AND FOR THE CITY OF MIAMI BEACH, FLORIDA, PROVIDING FOR THEIR TERMS AND PAYMENT AND THE RIGHTS, SECURITY AND REMEDIES OF THE HOLDERS THEREOF. BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: WHEREAS, by resolution duly adopted on August 2 , 1978 , the City Commission of the City of Miami beach, Florida (the "City") , ordered and provided for a special bond election to be held on October 5 , 1978 , within the City, on the question of the issuance of the City 's Bonds in the amount of $2 ,500 ,000 to fi- nance all or a portion of the cost of construction of various capi- tal improvements, including paving, sidewalks, curb and gutter, storm sewer , lighting, landscaping, canopy structures, bus shel- ters, signage, ornamental structures, and other structures on pub- lic right-of-way, and acquiring land required for the plan of re- construction of the following area: Arthur Godfrey Road from Bis- cayne Bay to the Atlantic Ocean; Indian Creek Drive from 39th Street to 44th Street; and Collins Avenue from 44th Street to 46th Street (all said purposes to be hereinafter referred to as the "Project") ; and WHEREAS, pursuant to the Constitution and statutes of the State of Florida, the question of the issuance of $2 ,500 ,000 Bonds, for the purpose of financing the cost of construction of various capital improvements in the City, was duly submitted to the qualified electors residing in the City at an election held on October 5 , 1978 , and at said election the issuance of said $2 ,500 ,000 Bonds for the construction of various capital improve- ments in the City was duly approved by a majority of the votes cast in said election; and -1- OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139 WHEREAS, by resolution duly adopted on February 7 , 1979 , as amended in March 7 , 1979 (the "Resolution" ) , the City Commis- sion of the City of Miami Beach, Florida, authorized the issuance of $2 ,500 ,000 Public Improvement Bonds, Series 1979 (the "Bonds") to finance the Project; said Bonds to be payable from and secured by a levy of a direct annual tax on all taxable property within the City, which, together with collections theretofore made from special improvement assessments made against abutting property, shall be sufficient to pay the principal of and interest on said Bonds as the same shall mature and become due and payable, 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; and WHEREAS, it is deemed necessary and advisable and in the best financial interest of the City to finance temporarily the cost of the Project; and WHEREAS, it is necessary and essential for the economic welfare of the City that it borrow from time to time not more than the sum of $2 ,500 ,000 , to be used for the purpose of temporarily financing the Project; and WHEREAS, the temporary financing shall be represented by Public Improvement Bond Anticipation Notes (the "Notes") ; and WHEREAS, the borrowing of said $2 ,500 ,000 by the City in anticipation of the issuance of the Bonds and the issuance of the Notes for all such monies so borrowed is authorized by Section 215. 431, Florida Statutes, and the $2 ,500 ,000 to be borrowed is within the authorized maximum amount of said Bonds and shall be paid within the period prescribed in said Section 215. 431, Florida Statutes, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: SECTION 1. That for the purpose of temporarily financ- ing the cost of the Project, a provided in the Resolution, there -2- OFFICE OF THE CITY ATTORNEY - 1700 CONVENTION CENTER DRIVE -MIAMI BEACH, FLORIDA 33139 is hereby authorized to be issued and sold Notes from time to time in an aggregate principal amount of $2 ,500 ,000 . SECTION 2. That the Notes shall be dated, may be issued as coupon Notes in the denominations of $5 ,000 or any multi- ple thereof; shall bear interest not exceeding 7 1/2% per annum, may be payable semi-annually on such dates, at such place or places of payment within or without the State of Florida; shall mature, and may be redeemable prior to maturity; all as provided for by subsequent resolution of the City. SECTION 3. That said Notes shall be signed and exe- cuted in the same manner as provided in the Resolution for the Bonds. Said Notes shall be in substantially the following form: No. $ UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF DADE CITY OF MIAMI BEACH PUBLIC IMPROVEMENT BOND ANTICIPATION NOTE KNOW ALL MEN BY THESE PRESENTS, that the City of Miami Beach, a political subdivision of the State of Florida, for value received, hereby promises to pay to the bearer of this note or , if this note be registered, to the registered holder as herein pro- vided, on the first day of , , solely from the -3- OFFICE OF THE CITY ATTORNEY -1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139 moneys hereinafter referred to, the sum of . Thousand Dollars ( $ ) , on the day of 19 , in lawful money of the United States of America, at the with interest thereon at the rate of per centum ( %) per annum payable semi- annually on the first day of and the first day of of each year, commencing 1, 1981, upon the pre- sentation and surrender of the annexed coupons as they severally fall due. Both principal of and interest on this Note are payable at in lawful money of the United States of America. This note is one of an authorized issue of Notes in the aggregate principal amount of $ of like date, tenor and effect , except as to number and interest rate, issued in anticipation of the issuance by the City of Miami Beach, Florida, of Public Improvement Bonds , Series 1979 (hereinafter referred to as the "Bonds" ) , authorized to be issued by said City for the purpose of paying the cost of certain public improvements in the City of Miami Beach, Florida, under the authority of and in full compliance with -- - -. :tituti on and statutes of the State of F for is , _ _cludi: : Chapter 100 , Florida Statutes , and the City Charter , being Chapter 7672 of the Laws of Florida, Acts of 1917, and Acts amenda- tory thereof and supplemental thereto, and pursuant to the approval of the qualified electors residing in said City at an election duly called and held, pursuant to a resolution duly adopted by the City Commission of said City,. Both principal of and interest on this note, unless paid from the proceeds of the Bonds authorized to be issued, are secured by a pledge of and first lien on (i) the levy of a direct annual tax on all taxable property within the City, together with collections theretofore made from special improvement assessments made against abutting property (the "Tax Revenues") and ( ii ) the first proceeds derived from the sale of said Bonds as -4- provided in the Resolution. The Tax Revenues are irrevocably pledged to the payment of the principal of and interest on this note, as the same become due and payable. This note may be registered as to principal only, or as to both principal and interest, by the Clerk of the City of Miami Beach, Florida, as Registrar , or by such other Registrar as may hereinafter be duly appointed, in accordance with the provisions endorsed hereon. This note, and the coupons appertaining hereto, is and has all the qualities of and incidents of a negotiable instrument under the law merchant and the Uniform Commercial Code - Investment Securities Law of the State of Florida, and the original holder and each successive holder of this note, or of the coupons appertaining hereto, shall be conclusively deemed by his acceptance thereof to have agreed that this note and the coupons appertaining hereto shall be and have all the qualities and incidents of negotiable instruments under the law merchant and the Uniform Commercial Code - Investment Securities Law of the State of Florida. It is hereby certified and recited that all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of this note, exist, have happened and have been performed in regular and due form and time as required by the Constitution and laws of the State of Florida applicable thereto, and that the issuance of this note does not violate any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Miami Beach, a political subdivision of the State of Florida, has caused this note to be signed by its Mayor either manually or with his facsimile signature, and the seal of said City to be affixed hereto or imprinted or reproduced hereon, and attested by the City Clerk, either manually or with his facsimile signature, and the coupons attached to be executed with the facsimile signatures of said Mayor -5- OFFICE OF THE CITY ATTORNEY•1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139 and City Clerk, and this note to be dated the th day of , 1981. Mayor ATTEST: City Clerk JAR:ab -6- OFFICE OF THE CITY ATTORNEY- 1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139 FORM OF COUPON City of Miami Beach, Florida Public Improvement Bond Anticipation Note No. $ City of Miami Beach, a political subdivision of the State of Florida, for value received hereby promises to pay to the bearer of this note on the first day of , at the solely from the revenues described in the note to which this coupon was attached, the sum shown hereon being the semi-annual interest then due on its Public Improvement Bond Anticipation Note, dated , 1981 and Numbered City Clerk Mayor • PROVISIONS FOR REGISTRATION This note may be registered in the name of the holder on the books to be kept by the Clerk of the City of Miami Beach, Florida, as Registrar, or by such other officer or agent as may be designated Registrar by resolution of the governing body of said City, as to principal only, such registration being noted hereon by such Registrar in the registration blank below, after which no trans- fer shall be valid unless made on said books by the registered holder or his attorney or representative duly authorized and similarly noted in the registration blank below, but may be discharged from registra- tion by being transferred to bearer , after which it shall be trans- ferable by delivery, but it may be again registered as before. The registration of this note as to principal shall not restrain the negotiability of the coupons by delivery merely, but the coupons may be surrendered and the interest made payable only to the registered holder , in which event the Registrar shall note in the registration blank below that this note is registered as to interest as well as principal , and thereafter the interest will be remitted by mail to the registered holder . With the consent of the holder and of the City C—iidNien of the City of i,iami beach, Florida, this note, Wien converted into a note registered as to both principal and interest, may be reconverted into a coupon note and again converted into a note registered as to both principal and interest as hereinabove provided. Upon reconversion of this note , when registered as to principal and interest into a coupon note, coupons representing the interest to accrue upon this note to date of maturity shall be attached thereto by the Registrar and the Registrar shall note in the registration blank below whether this note is registered as to prin- cipal only or payable to bearer . • Date of In Whose Name Manner of : Signature of Registration : Registered Registration Registrar -9- • . • SECTION 4. That the payment of principal and interest on the Notes shall be secured by a pledge of and a first lien on (i) the Tax Revenues and (ii) the first proceeds derived from the -sale Of the Bonds . The Tax Revenues and the first proceeds derived from the sale of the Bonds are irrevocably pledged to the payment of the principal of and interest on the Notes , as the same become due and payable. (For the purposes of this resolution the term "first proceeds derived from the sale of the Bonds " shall be deemed to be exclusive of accrued interest. ) SECTION 5. That the City does hereby further covenant and agree that it will pay and retire all the principal of and interest on the Notes from the first proceeds of the Bonds, when the same have been sold and delivered and that none of the proceeds of the sale of the Bonds shall be used for any other purpose whatsoever until all the principal of and interest on the Notes herein authorized to be issued have been fully paid. Such proceeds, in an amount sufficient to pay the principal of and interest on the Notes at maturity, shall be deposited in a special fund to be held by the City and shall be =ic= _ - on the Notes . Such proceeds shall be invested and reinvested in direct obligations of the United S_E-_,Lesof America, in obligations fully guaranteed by the United States of America, or in Certificates of Deposit fully secured by direct obligations of the United States of America . Five (5) days before the date of maturity of the Notes, the City shall transfer a sufficient amount necessary to pay the princi- pal of and interest on the Notes to the paying agent. Any excess remaining in such special funds from the investment and reinvestment of such proceeds shall be used by the City to pay principal of or interest on the Bonds . • SECTION 6 . That the proceeds derived from the sale of the Notes shall be deposited in the "Construction Trust Fund" hereby created and established and shall for the purposes of Section A and B hereof, be simultaneously disbursed therefrom as follows: A. The accrued interest derived from the sale of the Notes, if any, shall be held separate and apart from other funds of the City in the Construction Trust Fund and used for the pur- pose of paying the interest becoming due and payable on the Notes. B. The balance of Note proceeds shall remain in the Construction Trust Fund and applied as provided in the Resolution. SECTION 7 . That the City has the authority to renew the Notes herein authorized for such periods of time as are authorized by Section 215. 431, Florida Statutes, and the City does hereby cove- nant that it will issue Bonds in an amount sufficient to pay the principal of and interest on the Notes. SECTION 8 . The Notes may be registered at the option of the holder as to both principal and interest as provided herein. SECTION 9 . The Notes shall be issued and sold from time to time at such price or prices consistent with the pro- visions and requirements of the Resolution as the City shall hereafter determine by resolution. SECTION 10. This resolution shall take effect upon its passage in the manner provided by law. PASSED and ADOPTED this 27th day of January , 1981. a , Ma '� ATTEST: J€e City Cl rk APPROVED LEGAL DEPT. Date /ii -11- OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139 • • + . • STATE OF FLORIDA COUNTY OF DADE Elaine Matthews I , , Clerk of the City of Miami Beach, in and for the County of Dade, State of Florida, do hereby certify that the foregoing is a true copy of a RESOLUTION adopted by the City Commission of the City of Miami Beach in session on the 27th day of January, 1981 . WITNESS My Hand and Official Seal this 5th day of February 1981 in the City of Miami Beach, Florida. 22 Cit -Clerk (SEAL) ORIGINAL , RESOLUTION NO. 81-1653; (Authorizing issuance of not exceeding $2,500,000 Public Improvement Bond Antici- pation Notes in anticipation of the issuance of not less than $2,500,000 City of Miami Beach Public Improvement Bonds, , Series 1979, authorized by Resolution, for the purpose of financing all or a , * •• portion of the cost of construction of • various capital improvements in an for the CMB; providing for their terms and f I+ payment and the rights, security and `' N remedies of the holders thereof) (`r V Y3" Y Ai I