Resolution 371 RESOLUTION NO. 371
A RESOLUTION OF THE CITY COUNCIL 01? TNF:
CITY or 11iALl BEACH, r'LO!UUDA, AUTHUttl2-
iliG THE ISSUANCE OF ;290,000.00 OF la-
ITOVEMENT BONDS 1N u1L SERIES, WHICH
SERIES SHALL bE T.NUWN AND DESIGNATED AS
"SERIES r", r'OR Taw. COST OF ii0i +' i't1AN
UNE HIGHWAY TNPROVEMENT , SAID t30NDS TO
BE DATED APRIL 1 , 1923, AND 1SSuU i ui\WER
Tii1i AUThuHlTY UO ur'ERiiED 13Y AJND UUNT'AINED
IN SEC'i'tuii 30 OF THE UHAR:i'i x Ur' THE CITY
OP MIAiv11 BEACH, r'LORIDA, CONTAINED 1D
UHAPTI R 7672 U1 'Tti ;A:TS OF ThE LEGISLA-
TURE or i LORiDA IN THE YEAR 1917.
HE IT RESOLVED 'TY THE UIWY' COUNCIL Or 'Tii ; Ui'w'Y UV i,i1 ALLl E UH, FLORID A:
Section 1 : That , WHEREAS Section 30 of the charter of
the uity of miami beach, rlori da , authorizing the uity uouncil of
said uity, by ordinance or resolution, to issue bonds of said uity
for the payment of the costs of any two or more improvements or any
part of such costs, and for the reimbursement of any fund of said
uity from which any pert of such costs has heretofore been paid
in an amount not greater than the estimate of cost , including
the estimate of cost of incidental expenses, and not in excess of
the contract price and the estimated cost of such incidental expen-
ses , and
Section 2: WHEREAS the said uity uouncil has heretofore
passed and adopted resolutions ordering local improvements under
section 29 of the charter, and directing the uity Lngineer to pre-
pare and file with the uity clerk plans and specifications of said
improvements and an estimate of the cost thereof, including an
estimate of the incidental expenses, etc. , and
Section 3: Wil&;AEAS the uity Engineer of said uity has,
pursuant to said resolutions, filed his estimates of the cost of
said improvements, including the estimates of the cost of inci-
dental expenses, and
section 4: WidNAisiAs, subsequent to filing of said es-
timates of cost the said uity uouncil adopted resolutions that
the city clerk cause to have posted, in accord with law, a notice
stating that at a meeting therein Tecified, the uity uouncil
would hear remonstrances of all persons interested, to the con-
firmation of said several resolutions ordering said improvements,
and
section 5: WHEAS thereafter said resolutions order-
ing said improvements were , after said notice and the posting
thereof, in accord with law, that said uity council would hear
the remonstrances as aforesaid, to the confirmation of said reso-
lutions , and after a due hearing thereon, confirmed by the said
uity uouncil, and
section 6: WHEREAS no contract or contracts have been
let or made for the construction of all or any of said improve-
ments ordered by said resolutions , and
Section 7: widER AS said uity uouncil intends to sell or
advertise bonds for sale prior to the making of any contract or
contracts for the construction of all or any of said improvements,
and
Section 8 : WHEREAS certain of said improvements herein-
after designated 6R-8 to SR-12, are for the construction of sani-
tyw sewers, and whereas on April 9, 1923, an election, duly
c led., was held, at which the question was submitted to the duly
re ,iktered and qualified voters of said city, whether the said
S
City s'rould issue negotiable coupon bonds in the sum of 065,000
for the purpose of paying the City' s part of the cost of the con-
struction of sanitary sewers , which bonds were duly authorized to
be issued by the said voters es was found by a canvass of the
returns of said election, which said sum of 365,000 is a suffi-
cient amount to pay the City' s share of the cost of the construc-
tion of said sanitary sewers, the proceeds of which may be used
for that purpose , and whereas the City Auditor has reported, in
writing, to the City Council that said ''65,000 is a sufficient
amount of bonds to pay the City' s share of the cost of the con-
struction of said sanitary sewers, and
Section 9 : WNUAS the following is a list of the im-
provements ordered and to which reference is hereinabove made ,
which list embraces the designation by which said improvements
are known, the dates of the passage of said resolutions ordering
the same , the dates of the confirmation of said several resolu-
tions ordering said improvements, and the amounts of said i,ngi-
neer' s estimates of the cost of said several improvements , in-
cluding the estimates of the cost of incidental expenses of each
of said several improvements.
DESIGNATION OF DATES OF RESOLU- DATES OF RESOLU- ENGINEER' S ESTIMATE OF:
IMPROVEMENT TIONS ORDERING TIONS CONFIRMING Cost of IM- Cost of In-
THE SAPS THE SAS provement cidental ex-
penses
District h-24,
highway im-
provement H-24 March 7 , 1923 April 18 , 1923 4 4,166.25 416.63
District h.-25,
highway im-
provement ti-25 "' " 88 ,366.71 8 ,497.80
District hp26 ,
Highway im-
provement h-26, " " 1 ,266.60 126.67
District H-27,
highway im-
provement h-27 " " 9,998.58 999.86
District H-28 ,
highway im-
provement ti-28 " " 6,084.96 608.49
District h-29 ,
highway Im-
provement H-29 " " 6,880.00 688.00
District H-30,
Highway im-
provement ti-30 "' 2,316.00 231.60
District H-31 ,
Highway im-
provement h-31 " " 26,683.50 2,668.35
District h-32,
highway im-
provement 1i-32 " " 537.39 53.75
District 8R-8 ,
Sewer improve-
ment SR-8 " " 38,552.53 3,855.25
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DESIGNATION OF DATES OF ;SOLU- DATES OF RESOLU- ENGINEER' S ESTIMATE OF:
IL ROVENENT 'TIONS ORDERINU TIONS CONFIRMING Cost of Im- Cost of In-
THE SANE TEE SAME p ro vement ci dent al ex-
penses
District SR-9,
Sewer improve-
ment SR-9 March 7 , 1923 April 18 , 1923 :318 ,415.84 1,841.58
District SR-10 ,
Sewer improve-
ment SR-10 " TT20 ,703.70 2,070.37
District SR-11,
Sewer improve-
ment SR-11 t" " 7 ,683.80 768.38
District SR-12,
Sewer improve-
ment SR-12 " " 5,755.00 575.50
District 6R-13,
Sewer improve-
ment SR-13 " " 22,250.00 2,225.00
District SR-14,
Sewer Improve-
ment SR-14 " " 1,429.00 142.90
DISTRICT SK-8 ,
Sidewalk im-
nrovement T.C..-S April 4. 1923 _ " 3,671.42 367.14
Total y 264,761.28 0 26,137.27
26 ,137.27
Total cost and Expenses 0 290 ,898.55
Section 10: 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 Liami Beach,
Florida, in the aggregate amount of 0290,000 , which bort s shall be
denominated "Improvement Bonds, Series F", and shall consist of
290 bonds of the denomination of 01 ,000, each, numbered from 1 to
290 , both inclusive, which bonds shall bear the date of April 1 ,
A. D. 1923, and shall bear interest at the rate of 6/0 per annum,
which interest shall be payable semi-annually, on the first days
of April tnd October of each year, and which interest shall be
evidenced by coupons attached to said bonds, and both the princi-
pal and interest of said bonds shall 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 Liortgage Cc Trust
Company in the city and state of i'ew York, and said bonds shall
mature and be payable as follows:
Bonds numbered 1 and 2, aggregating 0 2,000 on April 1 , 1925
" " 3 to 6 " 4,000 " 1926
tt t" 7 " 14 Ty 8 ,000 " 1927
I/
It 15 " 23 " 9 ,000 " 1928
rt If 24 " S6 0 13,000 " 1929
" n3 " 50 IT 14,000 IT 1930
t' '" 51 " 70 " 20,000 " 1931
ft t" 71 " 92 " 22,000 " 1932
rt " 93 " 116 " 24,000 " 1933
" " 117 " 140 t' 24,000 If
1934
" tr 141 " 170 " 30 ,000 " 1935
" tt 171 " 200 " 30,000 " 1936
" 't 201 " 230 " 50 ,000 " 1937
t` " 231 " 260 " 30 ,000 " 1938
't " 261 " 290 -$- t" 30,000 If 1939
I
Section 11: That each of said bonds shall be signed by the
Mayor and clerk and attested by the Auditor of the city of :iami
Beach, i'lorida, and shall be sealed with the corporate seal of said
City , and the coupons attached thereto shall be signed by the city
Clerk, whose signature upon such coupons may be in facsimile , and in
none of said bonds shall any option of prior redemption be reserved.
Section 12: That the form of said bonds and coupons shall be
substantially as follows:
$1 ,000. ivo
UNITED STATES OF AMERICA .
STATE OF ELO HIDA, COUNTY OF DADE
CITY OF !JAM]. i3EACH
IMPROVLIOINT BOND
"SERIES F"
ISSUED UNDER SECTION 30, uITY CHAR'T'ER
KNOW ALL LIEN BY THESE PRESENT : That the city of Miami beach,
in the county of Dade, State of Florida, is justly indebged and for
value received hereby promises to pay to the bearer on the first day
of April, 19 , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of six per centum per annum, pay-
able semi-annually on the first days of April and October in each
year, upon the presentation and surrender of the annexed interest
coupons as they severally become due. Moth principal and interest
of this bond are payable in gold coin of the United ;;tater , of the
present standard of weight and fineness , at the office of the United
czilc, iaortaaza M Trust company in the city of .uew York and estate
This bond is one of a series of 290 bonds, of like date
and amount , aggregating 4290,000 , and is issued for the purpose of
paying a portion of the cost of highway improvements , numbered
24 to 32 inclusive , sewer improvements, numbered 8 to 14, inclu-
sive, and sidewalk improvement numbered 8 , within anf for said
City and under the authority and within the limitations of and
in full compliance with the charter of said .1.ty, sad in partic-
ular Section 30 thereof, and resolutions duly adopted by the city
Council. i°he full faith, credit and resources of said city of
Miami Beach are hereby irrivocably pledged to the prompt payment
of the principal and interest hereof as the same shall become
due. it is hereby certified and recited that all acts , conditions,
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 •lorida, 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 proper-
ty within said city, sufficient to pay the interest and principal
of this bond as the same shall fall due; and that the total in-
debtedness of said city, including this bond , does not exceed any
constitutional or statutory limitation thereon.
IN WITNES WHEREOF said city of Miami beach has caused
this bond to be signed by its mayor and clerk, under its corpo-
rate 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 April , 192
7ii4Y(P)r-
Attest :
City clerk
City Auditor
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THE CITY OA` MIA-1411 BEACH, r'LO21DA; 017
w
Will pay to the Bearer, at the united States mortgage & Trust uom
pany, ivew York uity, the sum of
Dollars, in gold coin, as provided in and for the interest then due
on its improvement bond, "Series r", dated April 1 , 1923, Ivo.
City ulerk
Section 13: That for the purpose of paying the principal
and interest of said bonds as the smae shall become due, there
shall be and is hereby levied upon all taxable property within
the uity of aiiami Beach, rlorida, 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 ac-
cruing interest upon said bonds , shall be paid into a fund which
is hereby created and denominated "Local improvement fond r'und
No. 6", 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 levied may be reduced
by the amount contained in said Local improvement bond r'und and
1 tt,% amount of assessment actually collected and then remaining
Section 14: That there is hereby created a fund to be .
denominated "Improvement rand iJo• 6", into which shall be placed
all accruing interest received upon said bonds for the period
between their date and the date of their delivery, and into which
shall also be placed the principal and interest of all assessments
made pursuant to the city uharter 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 re-
deemed and paid.
Section 15 : That the ulerk and uity Attorney take such
steps as may be necessary to effect an early sale and delivery
of said bonds.
Section 16 : This resolution shall be in force and effect
immediately upon its passage and approval.
YASSED and ADOP'i this 18th day of April , A. D. , 1923.
;
Presi• ent ui y' uouncil.
ATTEST: _
City clerk
APPiO vr;D this 18th day of April, A. D. , 1923.
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