Resolution 106 {�t�,J 1 RESOLUTION NO. /D
ATV'THORIZING 02,000.00 IIYJ.,[RlOVE.= JON.L.S
"SERIES C", LATE SEPTEMBEll 1, 1920, UTA,,
SECTION 30, OF TEE CITY CBARTTIR OF THE CITY
OF MIAIZ BEACH, FLORI..
WHEREAS, Section 30 of the City Charter of
the City of Iaiiami Beach authorizes the City Council, by ordinance
or resolution to issue bonds of the city for the payment of the
cost of any one or more street improvements, or any part of such
cost, and for the reimbursement of any fund of the city from which
any part of such cyst has theretofore been paid in an amount not
greater than the contract price, and the estimated amount of in-
cidental expenses; and
WHEREAS, the City Council has heretofore passed
resolutions ordering local improvements under Section 29 of the
City Charter, which resolutions were thereafter duly confirmed by
the City Council after advertisement published in accordance with
the Charter and due hearing thereon, and
WHEREAS the City Engineer duly :Filed his esti-
mates prior to the publication of such notices, of the cost of
each of said improvements and of the incidental expenses thereunto
appertaining, and
WHEREAS contracts have been duly let after
public advertisement in accord_nce with the City Charter for the
construction of all of the said improvements, and
WBEREAS the following is a list of the improve-
ments hereinaiove referred to, and of the dates of passage of the
several resolutions authorizing the same, and of the dates of con-
firmation of said resolutions with the amounts of said engineer' s
estimates as to the incidentals, together with the amounts of the
contract price computed by the engineer and confirmed by the City
Council, in all cases in which contracts have been let:
IMP. ORdering Res. Confirming Res. Contract . rice Incic
Highwa: No . 5. May 5, 1920. July 7, 1920. 03,063.75 )4, 787 .
Highway No. 6. May 5, 1920. July 7, 1920 . 1,3 88.38 9 ' .(
Highway No. 8. May 5, 1920. July 7, 1920 . 10, 759. 8 705.E
Highway -Lie. 9. ay 5, 1920. July 7, 1920 . 1, 561.93 100.E
NOW, TEE :EPO-RE, BE IT RESOLVED BY TIE CITY COUNCIL
OF TEE CITY OF MIANI BEACH, FLORI.isA:
SECTION 1. That for the purpose of paying a portion
of the cost of said improvements and the incidental expenses thereof
there be issued the negotiable coupon bonds of the City of Miami
Beach, Florida, in the aggregate amount of Ninety-two Thousand
and no/100ths (492,000.00) Collars, said bonds to be denominated
"Series C", and to consist of Ninety-two (92) bonds of One Thousand
( 1,000.00) ollars each, numbered from One (1) to Ninety-two (92)
both inclusive , which said bonds shall bear date of September 1,
1920 , and carry interest at the rate of six per centum ( 6 5) per
annum, payable semi-annually on the first days of March and Septem-
ber of each year, such interest to be evidenced by coupons attached
to said bonds, both principal and interest to be payable in gold.
coin of the United States of America, of the present standard of
weight and fineness, at the office of the United States Mortgage
and Trust Company, in the City of New York, and shall mature and
be payable as follows:
Bonds numbered 1 to 9 aggregating 9 ,000.00, Sept. 1, 1922.
" II " 18 " 9 ,000.00, Sept . 1, 1923.
TT " 19 " 27 " 9 ,000.00, Sept . 1, 1924.
TT TT 28 tT 36 " 9 ,000.00, Sept . 1, 1925.
" " 37 " 45 it 9 ,000.00, Sept . 1, 1926.
IT
" 46 " 54 IT
9 ,000.00, Sept . 1, 1927.
'T IT
55 " 63 " 9,000.00, Sept . 1, 1928.
It " 6a " 72 " 9 ,000.00, Sept. 1, 1929 .
II " 73 " 82 " 10,000.00, Sept . 1, 1930.
111T " 83 " 92 TT 10,000.00, Sept. 1, 1931.
SECTION 2. Said bonds shall be signed by the Liayor
and City Clerk, attested by the City Auditor and sealed with the
corporate seal of the City of Miami Beach , Florida, and the coupons
attached thereto shall be signed by the City Clerk, whose signature
upon such coupons may be in fac-simile , and the form of said bonds
and coupons shall be substantially as follows:
0.,000.00 UNITE,i STATES OF Al,:ERICA NO.
State of F,loriwa, County of :jade
City of Miami Bench,
Impro7emert -ond ,
"Series C".
Issued under Section 30, City Charter.
_ _ _
r
KL 0'w< ALL LEN BY THESE PRESENTS: That the City
of Miami Leach, in the County of Lade and State of Florida, is justly
indebted and for value received , hereby promises to pay to the bearer
on the day of 19 , the principal sum of ONE
THOUSA L .LOLLARS, with interest thereon at the rate of six per centum
( 6%) per annum, payable semi-annually on the
in each year , upon the presentation and surrender of the annexed
interest coupons as they severally become due . Both principal and
interest of this bond are payable in gold coin of the United ntates
of the present standard of weight and fineness at the United States
Mortgage and Trust Company, in the City of New York, and state of
New York.
This bond is one of a series of ninety two
(92) bonds of like date, aggregating Ninety Two Thousand 'dollars
and is issued for the purpose of paying a portion of the cost of
the improvements known as EiEhway Improvements Nos. 5, 6, 8 and 9;
Highway Listricts Nos . 5, 6, 8 and 9, consisting of the grading
and paving of certain streets within said City of Miami Beach , as
described in and authorized b;,7 Resolution, adopted May 5, 1920,
and confirmed by Resolution, adopted July 7, 1920. This bond is
issued under the authority and within the limitations of and in full
compliance with the Ch rter of the said City, and in particular Section
30 thereof, and Resolution No. J o (0 , duly adoptedC� l 3 ,
The full faith", credit and resources of said City of ami Beach
are irrevocably pledged to the prompt payment of the principal and
interest thereof as the same shall fall due , and to the application
to said payment of all assessments heretofore or hereafter made upon
property within said city for any part of the cost of said improve-
ment . It is hereby certified and recited that all acts, conditions
and things required to exist or to be done precedent to and in the
issuance of this bond by said charter and the laws and constitution
of said State, have duly happened and been performed. That provision
has been made for the levy and collection of a direct annual tax
upon all taxable property within said city, 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 limitation.
IN :[ITNESS WHEREOF, said City of ,_.rami Beach
has caused this bond to be signed by its Mayor and Clerk, under its
.corporate seal, and attested by its .euditor, and the interest coupons
hereto attached to be signed with the fac-simile signature of said.
Clerk, all as of the day of
ATTEST. City Clerk.
City .i ud itor
C O U P O N
No. On
THN CITY OF MI.L: BEACH, FLORIIA
will pay the bearer at the united States Mortgage & Trust Company,
New York City, the sum of iollars in goi. coin as provided
in and for tr interest then due on its Improvement Bond, Series C,
dated September 1, 1920.
City Clerk.
SEC ION 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 aid principal thereof , maturing in the fol-
lowing year, the proceeds of which taxes, after the payment of
accruing interest upon said bonds, shall be paid into a Lund which is
I hereby created and denominated "Local Improvement bond. Fund No . 3",
which shall be used for no other purpose than for the payment of the
principal of such bonds as they mature ; provided, however, that the
amount of such annual tax levy may be reduced by the amount contained
in said Local Improvement Bond Fund No. 3, at the time of such levy,
and by the amount of assessments, actually collected and then re-
maining in any special assessment fund or funds applicable to the
payment of said bonds.
SECTION 4. That there is hereby created a
fund to be denominated "Improvement r'und No . 3" , into which shall be
placed all accrued interest received 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 all assessments
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 the principal and interest of said bonds until all thereof shall
have been redeemed and paid .
SECTION 5. i'his resolution shall be in force
and effect on and after its passage and approval.
it
Passed and adopted this /o3 da:y of i .�
A. ie. 1920 . i . /
, Al '
President, ity Council
ATTEST; , ' �' .'"--(-0.....„..,,.._
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0 -: : , .c. ,,..„..z...„..._.
:;ity Clerk.
Approved this/ - day of �``-� iieA. :�. 1920.
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