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Resolution 7 4 2�-/ 2• o �t eft. tee-- ? 0-‘,..4 '" 0-/eie./ 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 g � � "x �Y� 0 2t erVt '"E, ✓'� / �ttue &.k f .Z4�,2 .�, )1 e. 3 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 -3- • • , 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:; -8- • 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, • tvitt • /-0 e ft "At> I / ••v Z Q . * 4 wrt ®1 1 94 )