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RESOL,ITION NO . authorizing -T-wa+k-try Thousand
( :Sii°,uu.vu) Dollars Improvement Bonds, Series B, dated
December 1st , 1919, under Section 30 of the City Charter
of the City of Miami Beach, Florida,
WHEREAS; Section 30 of the City Charter of the City
of Miami Beach, Florida,authorizes the City Council, by ord-
inance or resolution, to issue bonds of the city for payment
of the costs of any one or more highway or sidewalk improve-
ments, or any part of said costs, and for the re imbursement
of any fund of the city from which any part of said cost has
theretofore been paid, in an amount not greater than the con- .
tract price a the estimated cost of incidental_ expenses, and
WHEREAS, the City Council of the City of Miami Beach
by Resolution No. 1 duly adopted May 9, 1919, and duly con-
e
firmed by Resolution No . 3, duly adopted dune 20, 1919, has
heretofore ordered the construction of Highway Improvement
No . 2, Highway District No. 2, by grading and paving with
broken stone and bituminous surf=a of sand and oil to the
width of thirty (30) feet, Fifth Street from Alton Road to
Miami Avenue, as described in said Resolution No . 1, and
„HI EAS, the City Council of the City of Miami Beach
by Resolution No . 1 duly adopted May 9, 1919, and duly con-
firmed by Resolution No. 3, duly adopted Mine 20,1919, has
heretofore ordered the construction of Highway Improvement
No. 3, Highway District No. 3, by grading and paving with
broken. stone and bituminous surface of sand and oil to the
width of Seventeen (17) feet, Fifth Street from Miami Avenue
to 133.5 feet east of Ocean Drive, as described in said
Resolution No. 1, and
THhREAS, the City Council of the City of Miami Beach
by Resolution No. ',duly adopted May 9,1919 and duly con-
firmed by Resolution No. 3, duly adopted June -20,191;3, has
heretofore ordered the construction of Sidewa1k Improvement
V
No. 2, Sidd.walk District No. 2, by constructing a sidewalk
of concrete five (5) feet in width along and upon the streets
and highways described in said Re solution No. 1, and
W'HER ;AS, the City Council of the City of Miami Beach
by Resolution No. 1 duly adopted May 9, 1919, and duly con-
0ffi1,
firmed June 5Q,1919, has he etofonre` ordered the construction
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f a concrete curb and gutter on the streets and highways
described in said Resolution No. 1, and also a concrete side-
walk four and one-half (4k) feet in width on the streets and
highways described in said Resolution No. 1, and
We AS, after due advertisement in accordance with
the City Charter, the work of constructing said improvements
was awarded on the unit basis and contracts therefor were
duly made, and that as computed by the City Engineer the
amount of the city ' s obligation thereunder is 417,5-3 -2, • ); and
Wii -_LAS,. the computation by the City Engineer of the
amount of the city r s obligation hac been confirmed by the City
Council; and
7HERT,AS, the City Engineer has duly reported to the
City Council his estimate of the incidental expenses of each
and all of said improvements and therein has estimated as
such expenses the aggregate 4il.l d of $ i 17 2 . 6-Z
NOW, T i FO_i , be it resolved by the City Council
of the City of Miami Beach, Florida;
Section 1; that for the purpose of paying a portion
of the cost of said improvements and the incidental expenses
therefor, there be issued the negotiable coupon bonds of the
City of Miami Beach, Florida, in the aggregate amount of
Thousand ( £ ,000.00) Dollars, said bonds to be denom-
l-t I$
inated "Series B", and to consist of th enty (W) bonds of
One Thousand Dollars (. 1,Oe0.00) each, numbered from one (1)
to tefe ( ) , both inclusive, which said bonds shall bear
date of December 1, 1919) and carry interest at the rate of
six per centum (6%) per annum, payable semi-annually on the
first days of June and December of each year, such interest
is to be evidenced by coupons attached to said bones, both
principal and interest to be payable in gold coin of the
United States of America, of the preseft standard of weight
and fineness, at the office of the United States Mortgage
-N-
& Trust Company, in the City of New York, and shall mature and
be payable as follows:
Bonds numbered 1 to 5, aggregating 5,Ue0 Dec.1,1921
6 " 10 " 5,000 " 1,1922
11 " 15 " ,0o0 " 1,1923
" " 16 " " 43,000 " 1,1924
Section N. Said bonds shall be signed by the ::.mayor
anti City Clerk, attested by the City Auditor and sealed with
the corporate seal of the city of iuiiami Beach, Florida, and
the coupons attached thereto dha11 be signed by the city
clef k, whose signature upon such coupons may be in f ac-simile,
and the form of said bond., and coupons shall be substantially
as follows:
(1,0u0.00 Uig IT: D STATES OF AMERICA No.
State of Florida,. County of Dade,
City of Miami Beach
Improvement Bond
Series B
Issued under Section 30, City Charter.
KNOW ALT, '':EN BY T1„ ': PRESENTS: That th:_° City of Hiami
Beach, in the County of Dade and 'tate of Florida, is justly in-
debted. and for value received hereby promises to pay to the
bearer on th" 1st day of December, 19 , tile principal sum of
ONe THOUI;AITD DOLLARS, with inter:;st thereon at the rate of
siz per cent (6%) per annum, payable semi-annually on the
first days of December and June in each year, upon the pre-
sentation and surrender of the annexed interest coupons as
they severally become due. Both principal and interest of
this bond are payaele, in gold coin of the United States at
the present standard �eeight and fineness at the United States
Mortgage and Trust C mpany, in the City of New York, and
State of New York.
' ...x
This bond is orte ofy a series of ty (2s) bonds of
like date ag ' =gat ing T.4,0a4y Thousand (; '? ,000.uU) Dollars
and is issued for the purpose of paying a portion of the
cost of the improvement known as Highway Improvement No. 2,
consisting of the gradin; and paving of certain streets within
said Cityof Miami Beach as described in and authorized by
Resolution No. 1, Highway Improveieent eo. 2, adopted May 9,
1910, and confirmed by Resolution No. 3, Highway Improvement
No. 2 adopted June 20,1919; and of the improvement known as
Highway Improvement No. 3 cons .st ins of the grading and paving
of certain streets within said City of Miami Beach as described
in and authorized by Resolution No. 1, Highway Improvement No 3
adopted May 9,1919 and confirmed by Resolution No. 3, Highway
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Improvement No. 3 adopted June 20,1919, and of the improvement
Known as Sidewalk Improvement No. 2 consisting of the con-
struction of sidewalks on certain streets within said City
of Miami Beach as described in and authorized by Resolution
No. 1, Sidewalk Impove:iment No. 2 adopted May 9,191:3, and
confiemed by Resolution No. 3, Sidev ;l.k Improvement No. 2
-
adoptca June--20,1919; and for the improvement known as Side-
walk Improvement No. 3 consisting of the construclation of con-
crete sidewalks, curb and gutter on certain streets within
said City of Miami Beach as described in and authorized by
Resolution No. 1, Sidewalk Improvement No. 3 adopted May 9,
1915, and confirmed by Resolution No. 3, Sidewalk Improvement
No. 3 adopted June 20,1919. This bond is issued under the
authority and within the limitations of and in full compliance
with the charter of the said city, and in particular Section 30
thereof, and Reeol>>tion No. duly adopted 7t-C"rt' f` t
1919, The full faith, credit and resources of said city
of Miami Beach are irrevocably pledged to the prompt pay-
ment of the principal and interest thereof as the same shall
fall due, and to the application bo said payment of all assess
ments heretofore or hereafter made upon property within said •
city for any part of the cost of said improvement . It is here-
by certified and recited that all acts, conditions and things
required to exist or to be done precedent to and in the is-
suance of this bond by said charter and the laws and constitu-
tion of said state, have duly happened and been pefformed; that
provision has been made for the levy and collection of a direct
annual tax upon all taxable prop irty within said city sufficient
to pay tna interest and principal of this bond as the same shall
become due ; and that the total indebtedness of said city, in-
cluding this bond, does not exceed any constitutional or stat-
utory limitation.
IN WITNESS WH RM)F, -said City of Miami Beach has
caused this bond to be signed by its mayor and clerk, under
its corporate seal, and attested by its auditor, and the
interest coupons hereto attached to be signed with the fac-
simile
ac-simile signature of said clerk, all as of the day
of 1:;
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Mayor
City Clerk
Attest:
City A ditor
COUPON
No. On_ _.._._. On 19 $
CITY OF MIAII BEACH,FLORIDA.
will pay the bearer at the United States Mortgage & Trust
Corin-any, New York City, the sum of Dollars
in gold coin, as provided in and for the interest. than due
on its Improvement Bond dated and num-
bered
City Clerk
Section 3. That for the purpose of paying the
principal and interest of the said bonds as the same shall
fall due, there shall be and hereby is levied upon all the
taxable property within said city of Miami Beach, a direct
annual tax in each year while any of said bonds shall be
outstanding, sufficient to meet the payment of the interest
and principal the eof maturing in the following year, fthe
proceeds of which taxes, after the payment of accrulAg in-
tc gest upon said bonds, shall be paid into a fund which is
hereby created and denominated "Local Improvement Bond Fund"
which shall be used for no other purpose than for the payment
of the princIi al of such bonds as they mature; provided,
however, that the amount of such annual tax may be reduced
by the aiounteolltained in said Local Isprovement Bond Fund
at the time of such levy, and by the amount of assessments
actually collected and then remaining in any special assess-
ment fund or fund.; applicable to the payment of said bonds,
Section 4. That there is hereby created a fund to
be denominated "Improvement Fund No. 2" into which shall
be placed all accrued interest feceived upon said bonds for
the period between their date and their date of delivery,
and into which fund shall also be placed the principal and
interest of ail aesescr ents made pursuant to the city charter
for said Improvements, and the said fund shall be used for
no other purpose than for the payment of tne principal and
interest of said bonds until all thereof shall have been re-
deemdd and paid.
Section 5. This resolution shall be in force and
effect on and after its passage and approval.
Passed and adopted this 19th day of 1'overeber,A.D. ,191 9.
•
President City Council
ATTEST:
City Clerk.
Approved. this 19th day of Novernber,, A.D. ,1919.
• Mayor,
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