RESOLUTION 85-18058 RESOLUTION NO. 85-18058
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
SALE OF GENERAL OBLIGATION BONDS IN THE AMOUNT
OF $9 ,800,000 FOR THE PURPOSE OF FINANCING THE
CONSTRUCTION, RECONSTRUCTION, REPLACEMENT, AND
IMPROVEMENT OF WATER AND SEWER FACILITIES,
STREETS AND LIGHTING, LANDSCAPING AND PROPERTY
ACQUISITION, IN FURTHERANCE OF THE REDEVELOP-
MENT PLAN FOR THE AREA SOUTH OF SIXTH STREET
IN SAID CITY, AUTHORIZED AT AN ELECTION HELD
ON MARCH 13, 1984; FIXING MATURITY DATES;
APPOINTING A PAYING AGENT AND REGISTRAR;
APPROVING THE FORM OF PRELIMINARY OFFICIAL
STATEMENT AND NOTICE OF SALE; AUTHORIZING
ADVERTISEMENT OF THE SALE OF THE BONDS;
SETTING THE SALE DATE AS APRIL 17 , 1985; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission ( the "Commission" ) of the
City of Miami Beach, Florida ( the "City" ) , on the 24th day of
January, 1984 , adopted Resolution No. 84-17609 , deeming it
advisable and in the best interest of the City and its citizens
to issue general obligation bonds in an aggregate principal
amount not to exceed Nine Million Eight Hundred Thousand Dollars
($9,800 , 000) for the municipal purpose of financing the con-
struction, reconstruction, replacement and improvement of water
and sewer facilities, streets and lighting, landscaping and
property acquisition, in furtherance of the redevelopment plan,
adopted by the Commission, on February 15, 1984 ( the "Redevelop-
ment Plan" ) , for the area south of Sixth Street in said City ( the
"Project" ) , subject to the authorization of the duly registered
and qualified voters of said City therein participating in the
election held on March 13, 1984 ; and
WHEREAS, the Commission on April 4 , 1984 , provided for
the canvassing of the returns of the aforesaid election and found
that the issuance of said bonds in an aggregate principal amount
not to exceed Nine Million Eight Hundred Thousand Dollars
($9 ,800 , 000) had been approved by a majority of the votes cast in
said election, in which the qualified electors residing in said
City participated, and declared and recorded, in the manner
prescribed by law, the result of said election and canvass; and
WHEREAS, the Commission on April 4, 1984 adopted
Resolution No. 84-17693 ( the "Bond Resolution" ) authorizing the
issuance of said general obligation bonds in an amount not to
exceed Nine Million Eight Hundred Thousand Dollars ($9 ,800 , 000 )
for such purpose (any and all of said bonds to be issued under
and pursuant to Resolution No. 84-17693 being referred to herein
as the "Bonds" ) ; and
WHEREAS, it is now necessary and desirable to issue,
sell and deliver the Bonds in order to finance the cost of the
Project .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA THAT:
SECTION 1 . Pursuant to said election, $9 ,800 , 000 of
general obligation bonds of the City of Miami Beach, Florida,
shall be issued in fully registered form, bearing the date of
April 1, 1985, and bearing interest at a rate per annum to be
hereinafter determined, not to exceed the maximum rate permitted
by applicable law, payable semiannually on each September 1 and
March 1, commencing September 1, 1985. The principal of and the
interest and redemption premium, if any, on the Bonds shall be
paid in any coin or currency of the United States of America
which, at the respective times of payment, is legal tender for
the payment of public and private debts. The interest on the
Bonds shall be payable by check or draft mailed to the registered
owners thereof drawn on the hereinafter designated paying agent
( the "Paying Agent" ) and the principal thereof and the premium,
if any, payable upon redemption shall be payable upon
presentation and surrender thereof , at the principal corporate
trust office of the Paying Agent, or at the principal corporate
trust office of its successor as Paying Agent .
SECTION 2 . The Bonds shall be designated "City of Miami
Beach, Florida, General Obligation Bonds ( South Pointe Redevelop-
ment Project ) , Series 1985" and shall mature as follows :
-2-
DUE
SEPTEMBER 1 AMOUNT
1986 $150,000
1987 200 ,000
1988 200,000
1989 250 ,000
1990 250 ,000
1991 300 , 000
1992 300, 000
1993 350,000
1994 400 ,000
1995 400,000
1996 450 ,000
1997 500,000
1998 500 ,000
1999 600 ,000
2000 650 ,000
2001 700,000
2002 800,000
2003 850,000
2004 900,000
2005 1,050,000
SECTION 3 . The Bonds maturing in the years 1986 to
1995, inclusive, shall not be subject to redemption prior to
their stated dates of maturity. The Bonds maturing in the years
1996 to 2005, both inclusive, shall be redeemable prior to their
stated dates of maturity, at the option of the City, from any
funds legally available for such purpose on or after September 1,
1995 ( i ) as a whole at any time, and ( ii ) in part , from time to
time on any interest payment date, in inverse order of maturity
and by lot within each maturity at the principal amount thereof
and accrued interest to the date of redemption, plus the follow-
ing premiums, expressed in percentages of the principal amount of
the Bonds to be redeemed, if redeemed in the following periods:
PERIOD REDEMPTION
(both dates inclusive) PREMIUM
September 1, 1995 to August 31, 1998 2%
September 1, 1998 to August 31 , 2001 1%
September 1, 2001 and thereafter 0%
SECTION 4 . The Bonds herein authorized and referred to
in Section 2 of this Resolution shall be in the denomination of
$5 , 000 each or any integral multiple thereof and shall be alike
in form, except as to maturity dates, interest rates and
numbers. The Bonds shall be lettered "B" and bear the last two
-3-
digits of the year of maturity of such Bonds. All Bonds of the
same year of maturity shall be numbered consecutively from one
( 1) upwards in order of issuance. If more than one fully-
registered bond of a series is issued in a simultaneous trans-
action, such bonds shall be numbered in such manner , consistent
with the above, as the hereinafter mentioned Registrar shall
determine.
SECTION 5 . Chemical Bank is hereby appointed Registrar
and Paying Agent for the Bonds.
SECTION 6. The Commission hereby approves the form of
preliminary Official Statement with respect to the Bonds, subject
to such changes as may be approved by the City Attorney, and the
Notice of Sale presented to it at this meeting and authorizes
advertisement of the sale of the Bonds and release, distribution
and use of the preliminary Official Statement.
SECTION 7 . The Commission hereby determines that the
Bonds shall be sold on April 17, 1985 .
SECTION 8. That this Resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 3rd day of April, 1985 .
Lam'^/� •
Mayor
Attest :
' 14 \-/
City Clerk
( SEAL)
*Time of bond sale is 11:00 a.m.
FORM APPROVED
LEGAL DEP
By
o�te 3 'n- k5
-4-
STATE OF FLORIDA )
SS:
COUNTY OF DADE )
I , Elaine M. Baker , City Clerk of the City of Miami
Beach, Florida, do hereby certify that the above and foregoing is
a true and correct copy of Resolution No. 85-18058 , duly
passedadoptedby
and the City Commission of the City of Miami
Beach at a regular meeting duly held and convened on the 3rd day
of April, 1985 and that said resolution is in full force and
effect, without amendment, on the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of the City of Miami Beach, Florida this i0X day
of April, 1985.
• PtItZ4;11. 577 • alsAt"
City Clerk
-5-
ORIGINAL
RESOLUTION NO. 85-1805.8
(Authorizing the sale of general obligation
bonds in the amount of $9,800,000 for the
purpose of financing the construction, re-
consitruction, replacement, and improve-
ment of water and sewer facilities,
streets and lighting, landscaping and pro-
perty acquisition, in furtherance of the
Redevelopment Plan for the area south of
sixth street in said City, authorized at ai
election held on March 13, 1984' fixing
maturity dates; appointing a paying agent
and registrar; approving the form of pre-
liminary official statement and notice of
sale; authorizing advertisement of the
Sale of the Bonds; setting the sale date a;
April 17, 1985 at 11:00 am)