Resolution 291 sea 00111 mellt
RESOLUTION NUMBER 2 1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH, ' FLORIDA, AUTHORIZING THE ISSUANCE OF $93,000.00
OF IMPROVEMENT BONDS IN ONE SERIES, WHICH SERIES SHALL
BE 'KNOWN AND DESIGNATED AS "SERIES E" FOR THE COST OF
MORE THAN ONE HIGH3AY IMPROVEMENT, AND WHICH SHALL BE
ISSUED UNDER THE AUTHORITY CONFERRED IN SECTION 30 OF
THE CHARTER OF SAID CITY, AND REPEALING RESOLUTION NUM-
BER 287 AUTHORIZING THE ISSUANCE OF $107,000000 OF IM-
PROVEMENT BONDS, WHICH RESOLUTION WAS PASSED AND ADOPTED
AUGUST 2, 1922.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
Section ].. That whereas Section 30 of the Charter of the City of
Miami Beach, Florida, authorizes the City Council of said City to
issue bonds for the payment of the cost of any two or more improve-
ments or any part of such cost, and for the reimbursement of any
fund of said City from which any part of said cost has heretofore
been paid in an amount not greater than the estimate of cost, in-
t eluding the estimate of the cost of incidental expenses, and not
in excess of the contract price and the estimated cost of such
incidental expenses, and
Section 2. WHEREAS the said City Council has heretofore passed and
adopted resolutions ordering local improvements under Section 29
of said Charter and directing the City Engineer to prepare and file
with the City Clerk plans and specifications of said improvements
and an estimate of the cost thereof, including an estimate of the
cost of the incidental expenses, and
Section 3. WHEREAS the said engineer has, pursuant to said reso-
lutions, filed his estimates of the cost of said improvements, in-
cluding the estimate of the cost of incidental expenses, and
Section 4. WHEREAS subsequent to the filing of said estimates
of cost said City Council adopted resolutions that the City Clerk
cause to be posted in accord with law a notice stating that at a
meeting therein specified the City Council would hear remonstrances
of all persons interested to the confirmation of said several re-
solutions ordering said improvements, and
Section 5. WHEREAS said resolutions order said improvements were,
r
mem 10110
after advertisement in accord with law that said City Council
would hear the remonstrances of all interested persons to the
confirmation of said resolutions, and after a due hearing thereon,
confirmed by the said City Council, and
Section 6. WHEREAS contracts have been let for the construction of
all of said improvements ordered by said resolutions, said bonds
not yet having been delivered or sold or advertised for sale, and
WHEREAS no one of said improvements to which r eference is above
or hereafter made is a sanitary sewer improvement, and
Section 7. WRRREAS the following is a list of improvements ordered
and to which reference is hereinabove made, which list embraces
the designation by which said resolutions ordering the same are
known, the dates of the passage of said resolutions order the
same, the dates of confirmation of said several resolutions order-
ing said improvements and the amount of the contract price of said
several improvements, including the estimates of cost of incidental
expenses of each of said several improvements:
DESIGNATION OF : DATES OF RESOLUTIONS: DATE OF RESOLU- :CONTRACT : ESTIMATE
IMPROVEMENT : ORDERING THE SAME : TION CONFIRMING : PRICE : INCIDENTAL
COST
District H-13,
Highway Improve-
ment H-13 August 17, 1921 July 21, 1922 $6,823.24 $ 707.93
District H-14,
Highway Improve-
ment H-14 " " " tt " ft 11, 660.68 1,377.17
District H-15,
Highway Improve-
ment H-15 " " " `t " " 6,980.18 779.01
" It !t " " "
4 477 27 5 7
District H-1709. 0
Highway Improve-
ment H-17
District H-18,
Highway Improve-
ment H-18 " " " " " " 2,544.18 288.90
District H-19,
Highway Improvement
H-19 " " " If " " 1,466.82 168.50
District H-21,
Highway Improve-
ment H=21 Sept. 21, 1921 " -- " " 4,722.00 513.00
District H-22,
Highway Improve-
ment H-22 September 21, 1921 July 21, 1922
1,851.82 $ 204.65
District H-12,
Highway Improve-
ment H-12 June 7, 1922 " " " 7,357.59 890.35
District H-16,
Highway Improve-
ment H-16 July 5, 1922 " " " 14,177.64 2,149.18
TOTAL $62, 061.82 $7, 588.39
The aforesaid improvementsare embraced in one contract.
District SK-6,
Sidewalk Improve-
ment SK-6 June 6, 1922- July 5, 1922 1,624.99 $ 168.75
District SK»7,
Sidewalk Improve-
ment SK-7 If " " " " " 6,376.25 662.22
TOTAL 8,001.24 830.97
The last two aforesaid improvements are embraced in one contract.
District SR-7,
Sewer Improve-
ment SR-7 June 6, 1922 July 5, 1922 $13,480.00 $1,301.92
Section 8. That for the purpose of paying a part 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 $93,000.00, which bonds shall be designated
"IM1ROVEM.1ENT BONDS, SR IES E", and shall consist of 93 bonus of the
denomination of $1000.00 each, numbered from 1 to 93, both inclusive,
which bonds shall bear the date of July 1, A.D. , 1922, and which shall
bear interest at the rate of 6 per cent. per annum, which interest
shall be payable semi-annually on the First days of January and July
of each year and such interest shall be evidenced by coupons attached
to said bonds and both principal and interest of said bonds shall he
payable in gold coin of the United States of the present standard of
weight and fineness at the office of the United States Mortgage &
Trust Company in the City of New York, and said bonds shall mature
and be payable as follows:
Bonds numbered 1 to 8, inclusive, aggregating $8000.00 on July 1, 1924
Bonds " 9 to 16, " " 8000.00 " " " 1925
Bonds " 17 to 24 " I? 8000.00 " " " 1926
i
Bonds numbered 25 to 33,inclusive, aggregating $ 9000.00 on July 1, 1927
Bonds " 34 to 42, " " 9000.00 " " " 1928
Bonds " 43 to 52, " " 10,000.00 " " " 1929
Bonds " 53 to 62, " " 10,000.00 " " " 1930
Bonds " 63 to 72, " " 10,000.00 " " " 1931
Bonds If
73 to 83, " " 11,000.00 " " " 1932
Bonds " 84 to 93, " " 10,000.00 " " " 1933
Section 9. That each of said bonds shall be signed by the Mayor
and Clerk, and attested by the Auditor of the City of Miami Beach,
Florida, and shall be sealed with the seal of said City and the cou-
pons attached thereto shall be signed by the City Clerk, whose signa-
ture upon such coupons may be in facsimile and in none of said bonds
shall any option of prior redemption be reserved.
Section 10. The form of said bonds and coupons shall be substantially
as follows:
UNITED STATES OF AMERICA
State of Florida, County of Dade
City of Miami Beach,
Improvement Bond
"Series E"
Issued under Section 30, City Charter
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 hearer on the
first day of July, 19 , the principal sum of
ONE THOUSAND DOLLARS
lith interest thereon at the rate of six per centum per annum, payable
semi-annually on the first days of January and July 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 States of the present standard of
weight and fineness at the United States Mortgage & Trust Company, in
the City of New York and State of New York.
This bond is one of a series of 93 bonds of like date
and amount, aggregating $93,000.00, and is issued for the purpose of
paying a portion of the cost of Highway Improvements numbered 12 to
19, inclusive, and 21 and 22, Sidewalk Improvements numbered 6 and 7,
and a Storm Sewer Improvement numbered 7, within and for said City,
and under the authority and within the limitations of and in full corn..
pliance with the Charter of said City, and in particular Section 30
thereof, and Resolutions duly adopted by the City Council. The full
faith, credit and resources of said City of Miami Beach are hereby
irrevocably pledged to the prompt payment of the principal and in-
terest hereof as the same shall fall due. It is hereby certified
and recited that all acts, condition and things required to happen,
exist or be performed precedent to and in the issuance of this bond
by said charter and the laws and constitution of Florida, have
happened, exist and have been performed as so required; 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 fall due; and
that the total indebtedness of said City, including this bond, does
not exceed any constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, 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 facsimile signature of said Clerk,
all as of the first day of July, 1922.
MAYOR
ATTEST: CITY CLERK
CITY AUDITOR
COUPON
No. $30.00
On 1, 19
THE CITY OF MIAMI BEACH, FLORIDA,
Will pay the bearer at the United States Mortgage &
Trust Company, New York City, the sum of Thirty
Dollars in gold coin as provided in and for the
interest then due on its Improvement Bond,
Series IT, dated July 1, 1922, No.
CITY CLERK
Section 11. That for the purpose of paying the principal and
interest of said bonds as the same shall become due, there shall
be and is hereby levied upon all taxable property within the City
of Miami Beach, Florida, a direct annual tax in each year while any
of said bonds shall be outstanding sufficient to meet the payment
of the principal and interest thereof maturing in the following
year, the proceeds of which taxes, after payment of accruing in-
terest upon said bonds, shall be paid into a fund which is
hereby created and denominated " Local Improvement Bond Fund,
Number Five ", which shall be used for no other purpose than for
the payment of principal of such bonds as they mature, provided,
however, that the amount of such annual tax levied may be reduced
by the amount contained in said Local Improvement Bond Fund and by
the amount of assessment actually collected and then remaining in
any special assessment fund or funds applicable to said bonds.
Section 12. That there is hereby created a fund to be denomi.
rated "Improvement Fund No. 5", into which shall be placed all
accrued interest received upon said bonds for the period between
their date and the date of their delivery, and into which fund
shall also be placed the principal and interest of all assessments
made pursuant to the city charter for the improvements specified
in this resolution, and the said fund shall be used for no other
purpose than for the payment of the principal and interest of the
bonds hereby authorized until all thereof shall have been redeemed
and paid.
Section 13. This resolution shall be in force and effect
immediately upon its passage and approval.
Section 14. That s« id bonds be sold as early as possible
according to law.
Section 15. That .esolution iso. 23'7 , passed < nd adopted August
2, 1922, in rel.' tion to .:107,000 Improve lent Bonds, series be
and is hereby repealed and rescinded.
PASSED AND ADOPTED this 13thday of Bepterzber,
. D. 1'222. NO 4;* 4040,11"41011W
President of—City Council
CityClerk _._:_.. .
APPROVED this 13th day of Septeuber, A• .U. 1922.
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