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83-17248 RESOLUTION NO. 83-]7248 A RESOLUTION OF THE CITY CO~~1ISSIONOF THE CITY OF MIAMI BEACH, FLORIDA AMENDING RESOLUTION NO. 82-16901 WHICH PROVIDES FOR THE ISSUANCE OF $1,500,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY (THE "BONDS"), BY AMENDING SAID RESOLUTION, IN ORDER, AMONG OTHER THINGS, TO AMEND CERTAIN PROVISIONS REGARDING NEGOTIABILITY OF THE BONDS, AND TO ADD CERTAIN PROVISIONS REGARDING REDEMPTION, TEMPORARY BONDS AND AUTHORIZED INVESTMENTS. WHEREAS, the City Commission (the "Commission") of the City of Miami Beach, Florida,. on the 20th day of January, 1982, passed and adopted Resolution No. 82-16901 (the "Resolution") authorizing the issuance of negotiable coupon bonds in the sum of One Million Five Hundred Thousand Dollars ($1,500,000) for the purpose of developing and building promenade structures, dune crossovers, dune landscaping, site furnishings, lighting, and related facilities on the oceanfront property east of Collins Avenue between 21st Street and 46th Street for park purposes; WHEREAS, the Commission has determined and does hereby determine that it is necessary to amend the Resolution, in GLder, among other things, to amend certain provisions regarding negotiability of the Bonds, and to add certain provisions regarding redemption, temporary bonds and authorized investments. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA that: SECTION 1. Resolution No. 82-16901 of the City Commission of the City of Miami Beach, Florida, passed and adopted on January 20, 1982 be and it hereby is amended by amending Section 4 of said Resolution entitled "Negotiability and Registration" to add the following sentence of the end of said Section 4: • RESOLUTION NO. 83-17248 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA AMENDING RESOLUTION NO. 82-16901 WHICH PROVIDES FOR THE ISSUANCE OF $1, 500, 000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY (THE "BONDS" ) , BY AMENDING SAID RESOLUTION, IN ORDER, AMONG OTHER THINGS , TO AMEND CERTAIN PROVISIONS REGARDING NEGOTIABILITY OF THE BONDS, AND TO ADD CERTAIN PROVISIONS REGARDING REDEMPTION, TEMPORARY BONDS AND AUTHORIZED INVESTMENTS. WHEREAS, the City Commission (the "Commission") of the City of Miami Beach, Florida, on the 20th day of January, 1982, passed and adopted Resolution No. 82-16901 (the "Resolution" ) authorizing the issuance of negotiable coupon bonds in the sum of One Million Five Hundred Thousand Dollars ($1, 500, 000) for the purpose of developing and building promenade structures, dune crossovers, dune landscaping, site furnishings, lighting, and related facilities on the oceanfront property east of Collins Avenue between 21st Street and 46th Street for park purposes; WHEREAS, the Commission has determined and does hereby determine that it is necessary to amend the Resolution, in cider , 4 among other things , to amend certain provisions regarding negotiability of the Bonds, and to add certain provisions regarding redemption, temporary bonds and authorized investments. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA that: SECTION 1. Resolution No. 82-16901 of the City Commission of the City of Miami Beach, Florida, passed and adopted on January 20, 1982 be and it hereby is amended by amending Section 4 of said Resolution entitled "Negotiability and Registration" to add the following sentence of the end of said Section 4: No charge shall be made to any Bondholder for the privilege of registration and transfer hereinabove granted, but any Bondholder requesting any such registration or transfer shall pay any tax or other governmental charge required to be paid with respect thereto. SECTION 2. Section 5 of said entitled Resolution "Form of Bonds" is hereby amended to read as follows: SECTION 5. FORM OF BONDS. The form of the Bonds, coupons and registration endorsement, as well as the manner of execution of Bonds, coupons and certificate of validation shall be substantially as follows: Bond No. $5,000.00 UNITED STATES OF AMERICA STATE OF FLORIDA, COUNTY OF DADE CITY OF MIAMI BEACH PUBLIC IMPROVEMENT BOND SERIES 1983 [Statement of Purpose of Bond] 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 this bond be registered as to principal, to the registered owner hereof, on the ____ day of the principal sum of FIVE THOUSAND DOLLARS with interest thereon at the rate of percent ( %) per annum, payable semi- annually, on the day of and the day of 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 (the "Fiscal Agent"). 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. -2- , . This bond is one of a series of said bonds, each of like date, amount and tenor (except as to date of maturity, rate of interest and provision for redemption), issued by said City for the purpose of financing municipal improvements in the City of Miami Beach, Florida, as stated in the caption hereof and more particularly described in Resolution No. of the City Commission of said City, passed and adopted on under the authority of and in full compliance with the Constitution and statutes of the state of Florida, including Chapter 100, Florida Statutes, and other applicable provisions of law, and has been duly authorized and approved by a majority of the votes cast in an election in which the 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. The Bonds shall be redeemable prior to their respective stated dates of maturity, at the option of the City, in whole or in part, in inverse order of maturities, and by lot within maturities (if less than all of the Bonds of anyone maturity shall be called for redemption) on , 198 , or on any interest payment date thereafter,-at the redemption prices (expressed as percentages of principal amount), plus accrued interest to he redemption date, as follows: (insert redemption price schedule) Any such redemption, either in whole or in part, shall be made upon at least thirty (30) days' prior notice by publication and otherwise as provided in Resolution and shall be made in the manner and under the terms and conditions provided in the Resolution. On the date designated for redemption, notice having been published and filed and moneys for pay- ment of the redemption price held by the Fiscal Agent, all as provided in the Reso- lution, the Bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such Bonds on such date, interest on such bonds so called for redemption shall cease to accrue, coupons maturing after such date shall -3- be void, such Bonds shall cease to be entitled to any lien, benefit or security under the Resolution and the holders or registered owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof. This bond, until registered, shall pass by delivery but may at any time be registered as to principal in the Bond Registry of said City to be kept for that purpose at the office of (the "Registrar") and such registry shall be made thereon and by enforcement on the back hereof by the Regis- trar, after which this bond shall be trans- ferable only upon said books at said office by the registered holder in person or by duly authorized attorney; provided, however, that this bond may be transferred to bearer at the option of the holder or holders hereof and negotiability thereby restored and shall continue subject to registration or transfer to bearer at the option of the holder or holders for the time being, but no such registration of principal shall affect the negotiability of the coupons hereto attached, which shall continue to be transferable by delivery. To the extent permitted and as provided in the Resolution authorizing the issuance of the bonds, modification of the contract created by said Resolution and of the rights of the holders of the bonds thereunder may be made with the consent of the holders of not less than sixty-seven percent (67%) in principal amount of the bonds then outstand- ing; provided, however, that no such modification or amendment shall permit a change in the maturity of any bonds or a reduction in the rate of interest thereon, or in the amount of the principal obligation or affect the unconditional promise of the City to pay the principal of and interest on the bonds as the same shall become due, or reduce such percentage of holders of such bonds, required for consent to such modifications or amendments, without the consent of the holders of all of the bonds. The City and the Fiscal Agent may deem and treat the bearer of this bond, or the person in whose name this bond is registered, if registered as to principal, as the absolute owner hereof for the purpose of receiving -4- payment of, or on account of, the principal of, interest on and redemption premium (if any) due hereon, and for all other purposes other than to receive payment of interest represented by outstanding coupons, and may deem and treat the bearer of each coupon appertaining hereto as the absolute owner thereof for the purpose of receiving payment therefor, and neither the City nor the Fiscal Agent shall be affected by any notice to the contrary. It is hereby certified and recited that all acts, conditions and things required to happen, to exist and to be done precedent to and in the issuance of this bond have happened, do exist, and have been performed in regular and due form and time as required by the Laws and Constitution of the state of Florida applicable thereto, and that the issuance of this bond, and the issue of bonds, of which this bond is one, does not violate any constitutional or statutory limitations or provisions; that the issuance of this bond and the issuance of bonds of which it is a part have been approved under the provisions of Chapter 80-98, Laws of Florida; that provision has been made for the levy and collection of a direct annual tax upon all taxable property within said City, without limitation as to rate or amount, 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 limita- tion 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 signed by its Mayor, under its seal, and has caused the facsimile of the signature of the City Clerk to appear hereon and the interest coupons attached hereto to be signed -5- with the facsimile signature of said clerk, all as of the ___ day of , 198 . Mayor City Clerk COUPON NO. $ On , 19 , unless the Bond hereinafter mentioned shall be redeemable and shall have been duly called for earlier redemption and payment of the redemption price, together with unpaid interest accrued to the dated fixed for redemption, made or provided for, the City of Miami Beach, Florida, will pay the amount shown hereon in lawful money of the United States of America, as provided in and for the interest then due on its Public Improvements Bond, Series 1983 dated 1, 1983 and numbered City Clerk ENDORSEMENT CONCERNING VALIDATION Validated and confirmed by decree of the Circuit Court for the Eleventh Judicial Cir- cuit of the State of Florida, in and for Dade County, on , 198 (Facsimile signature of Mayor) Mayor -6- '" ." . ENDORSEMENT CONCERNING REGISTRATION This bond may be registered as to principal in the Bond Registry of said City, notation of such registration to be made hereon by the City Finance Director, or by such other officer or agent as may be desig- nated Registrar by resolution of the governing body of said City and may thereafter be trans- ferred on such register by the registered owner in person, or by attorney, upon the presentation to the Bond Registrar, accom- panied by delivery of a written instrument of transfer in a form approved by the Bond Registrar and executed by the registered owner; such transfer may be to bearer, after which this bond shall be subject to successive registration and transfer as before. Notwithstanding the registration of this bond, the coupons shall remain payable to bearer and shall be transferable by delivery. Date of Registration Name of Registered Owner Registrary SECTION 3. Said Resolution is hereby amended by adding six (6) new sections after Section 21 to be designated Sections 22, 23, 24, 25, 26 and 27 and the Section presently designated Section 22 in said Resolution is hereby redesignated Section 28. Said new Sections 22, 23, 24, 25, 26 and 27 shall read as follows: SECTION 22. TEMPORARY BONDS. Until definitive bonds are ready for delivery, there may be executed, and the Finance Director shall deliver, in lieu of definitive Bonds and subject to the same limitations and condi- tions, except as to identifying numbers, temporary printed, engraved, lithographed or typewritten Bonds in the denomination of Five Thousand Dollars ($5,000) or any multiple -7- thereof, substantially of the tenor herein- above set forth, with or without coupons, and with or without the privilege of registration as to principal, and with appropriate omis- sions, insertions and variations as may be required. The city shall cause the definitive Bonds to be prepared and to be executed and delivered to the Finance Director, and the Finance Director, upon presentation to him of any temporary Bond accompanied by all unmatured coupons, if any, shall cancel the same and authenticate and deliver, in exchange therefor, at the price designated by the holder, without expense to the holder, a definitive Bond or Bonds in the same aggregate principal amount, maturing on the same date and bearing interest at the same rate as the temporary Bond surrendered. upon any such exchange, all coupons appertaining to the definitive Bonds and representing interest theretofore paid shall be detached and can- celled by the Finance Director. Until so exchanged, the temporary Bonds shall be entitled in all respects, including the privilege of registration if so provided, to the same benefit of this Resolution as the definitive Bonds to be issued and authenti- cated hereunder, and interest on such temporary Bonds, when payable, if the definitive Bonds with interest coupons shall not be ready for exchange, shall be paid on presentation of such temporary Bonds and notation of such payment shall be endorsed thereon or such interest shall be paid upon the surrender of the appropriate coupons if coupons representing such interest shall be attached to such temporary Bonds. SECTION 23. REDEMPTION OF BONDS. The Bonds shall be redeemable prior to their respective dates of maturity, at the option of the City, in whole or in part, upon such terms and conditions as may be approved by subse- quent resolution of the Commission. SECTION 24. REDEMPTION NOTICE. At least thirty (30) days before the redemption date, a notice of any such redemption, either in whole or in part, signed by the Finance Director, (a) shall be published once in a Daily News- paper of general circulation or a financial journal published in the Borough of Manhattan, City and State of New York, (b) shall be filed with the Fiscal Agent and any paying agent, and (c) shall be mailed, postage prepaid, to -8- all registered owners of Bonds to be redeemed at their addresses as they appear on the registration books herein provided for, but failure so to mail any such notice shall not affect the validity of the proceedings for such redemption. Each such notice shall set forth the date fixed for redemption, the redemption price to be paid and, if less than all of the Bonds then outstanding shall be called for redemption, the numbers of such Bonds. SECTION 25. EFFECT OF CALLING FOR REDEMPTION. On the date so designated for redemption, notice having been published and filed in the manner and under the conditions hereinabove provided and moneys for payment of the redemption price being held in a separate escrowed account, the Bonds so called for redemption shall become and be due and payable at the redemption price provided for redemp- tion of such Bonds on such date, interest on the Bonds so called for redemption shall cease to accrue, the coupons for interest thereon payable subsequent to the redemption date shall be void, such Bonds shall cease to be entitled to any lien, benefit or security under this Resolution, and the holders or registered owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof. All unpaid interest coupons which apper- tain to Bonds called for redemption and which shall have become payable on or prior to the date of redemption shall continue to be pay- able to the bearers severally and respectively upon the presentation and surrender of such coupons. Bonds called for redemption and all unmatured coupons appertaining thereto shall be cancelled upon the surrender thereof. SECTION 26. BONDS CALLED FOR REDEMPTION OR PAYMENT PROVIDED THEREFOR NOT OUTSTAND- ING. Bonds which have been duly called for redemption under the provisions of this Resolution and for the payment of the redemp- tion price of which and the interest to accrue thereon to the date fixed for redemption sufficient moneys, or obligations in such amounts, bearing interest at such rates and maturing at such dates that the proceeds thereof and the interest thereon will provide -9- t such moneys, shall be held in a separate escrowed account, shall not be deemed to be outstanding under the provisions of this Resolution. SECTION 27. INVESTMENT OF BOND PRO- CEEDS. The proceeds of the Bonds shall be invested and reinvested by the Finance Director of the City in any investment which is a permitted investment for public funds under Florida law which shall mature, or which shall be subject to redemption by the holder thereof at the option of such holder, not later than the date when the moneys held for the credit of the Construction Fund or the Sinking Fund will be required for the purposes stipulated therein. Investments so purchased for the credit of either of the aforementioned Funds shall be deemed at all times to be a part of said Funds. Interest accruing on obligations so purchased as an investment of moneys in any Fund shall be credited to such Fund. The Finance Director shall sell at the best price obtainable or present for redemp- tion any obligations so purchased whenever it shall be necessary, in the sole judgment of the Finance Director, to do so in order to provide moneys to meet any payment or transfer from any Fund. The Finance Director shall not be liable or responsible for any depreciation in the value of any such obligations or for any loss resulting from the sale thereof. SECTION 4. That in all other respects, said Resolution No. 82-l690l be and the same is readopted. PASSED AND ADOPTED this 19t~..:~;~y ..Of January, /ZU~ . Mayor 1983. Attest: \..... ~rA~~~ City Clerk [:"''- r'" \--, ~' _ ", I' \.0; r"~ .: 1 ,.......,...'.. , '. . L. .~~~ _1JJ.1:.- ---. ..--..----.,.------.- , l-l~"i'3 ~..: iIG ~...~-.~..--.,...-"'...~.---.-".".,.:-~ -10-