Resolution 378 I ■ w A
es o 1 uL{ (or J 3 1 g
A RESOLUTION AUTHORIZING THE ISSUANCE OF
$100,000 WATER BONDS $20,000 STREET LIGHT-
ING FIXTURES BONDS, $7,000 BRIDGE BONDS,
$65,000 SANITARY SEWER BONDS, X18,000 STORM
SEWER BONDS AND $10,000 STREET PAVING BONDS
AND REPEALIJG RESOLUTION NO. 372 AUTHORIZ-
ING BONDS OF THE SAME AGGREGATE AMOUNT,
ADOPTED AND APPROVED APRIL 18, 1223.
WHEREAS, the City Council of the City of Miami Beach,
Florida, passed on March 7, 1923 a resolution authorizing
the issuance of bonds of said City in the sums and for the
purposes hereinafter set forth, subject to the favorable
vote of electors at a special election which said Resolu-
tion directed to be held on April 9, 1923; and
WHEREAS, the said City Council, on April 11, 1923, can-
vassed the returns of the aforesaid election and found that ?
a majority of the votes cast upon the bonds to be issued
for each of said purposes was in favor of such issuance
and declared the result of said election and canvas* accord-
ingly.
NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH,FLORIDA:
Section 1. That pursuant to said election $ 220,000 ne-
gotiable coupon bonds of the City of Miami Beach shall be
issued under date of April 1,1923, bearing interest at a
rate not exceeding six per centum per annum, to be hereafter
determined, which interest shall be payable semi-annually on
the first days of April and October in each year, and both
principal and interest shall be payable in gold coin of the
?United States of the present standard of weight and fineness
at the United States Mortgage & Trust Company in New York
City, such bonds to be registrable as to principal in accord-
ance with the endorsement which this resolution directs to
be printed on said bonds and that the City Clerk is hereby t
designated registrar for that purpose.
Section 2. That the said bonds shall comprise six die-
.
tinct classes, each class distinguished from the remaining
classes by the numbers assigned thereto as hereinafter in
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CN EBT ER B. MABBLICH, COUNSELOR AT LAW, 11`3 BROADW AV, NEW YORE g 4
•
this resolution provided, and that the amount, purpose of
issuance and maturities of each class shall be as follows,
the day and month of all maturities to be the first day
of April in the respective years stated:
For erecting a bridge over the water-way between the
mainland and Belle Isle, $7,000, maturing $1,000 an-
nually 1925 to 1931,both inclusive.
For paving streets within the City, $10,000, maturing
$1,000 annually 1925 to 1934, both inclusive. 4
For constructing storm sewers, $18,000, maturing
$1,000 annually 1925 to 1942, both inclusive.
For constructing and erecting permanent electric light
poles upon streets within the City and equipping the
same with permanent, ornamental electric lamps, $20,000,
maturing $1,000 annually 1925 to 1942, both inclusive,
and $2,000 1943.
For paying the City' s share of the cost of construct-
ing sanitary sewers, $65,000, maturing $1,000 annually
1925 to 1931, $2,000 1932, $4,000 1933 to 1940, and
$8,000 1941 to 1943, all inclusive.
For extending and developing the City' s water works
system, $100,000, maturing $4,000 annually 1925 to
1934, $6,000 annually 1935 to 1937 and $7,000 annual-
ly 1938 to 1943, all inclusive.
Section 3. That all of the bonds herein authorized shall
be in the denomination of $1,000 and shall be designated
"Public Improvement Bonds" and shall be alike in form, ex-
ubl p
cept as to dates of maturities and numbers, and that the
form of said bonds, coupons and registration endorsement
and validation endorsement, as well as the manner of exe-
cution of said bonds and coupons, shall be substantially as
follows:
2CHES -2—
CHESTER
TER B. MASSLICH, COUNSELOR AT LAW. 115 BROADWAY, NEW YORK
No. $1,000
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
The City of Miami Beach, in Dade County Florida, is
justly indebted and for value received, hereby promises to
pay to the bearer, or if registered to the registered own-
er hereof, on the first day of April, 19_-_,, the principal
sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per centum
per annum, payable semi-annually on the first days of April
and October in each year upon the presentation and surrend-
er of the annexed interest coupons as they severally become
due. Both prineipalnand 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. For the prompt
payment hereof, both principal and interest as the same
shall fall due, the full faith, credit and resources of
said City of Miami Beach are hereby irrevocably pledged.
This bond is one of a series issued by said City of
Miami Beach for the purpose of paying the cost of certain
permanent municipal improvements as set forth on the re-
verse of this bond, under the authority of and in full com-
pliance with the City Charter, and has been authorized
by a vote of the majority of the electors of said City
qualified to vote thereupon and voting at an election legal-
ly called and held.
It is hereby certified and recited that all acts, con-
ditions 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 Florida, have duly happened, exist
and have been performed; that provision has been made for
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CHESTER B. MASSLICH. COUNSELOR AT LAW. 115 BROADWAY. NEW YORK
the levy and collection of a direct annual tax upona 11
taxable property within said City sufficient to pay the
interest and principal of this bond as the same shall be-
come due; and that the total indebtedness of said City,
including this bond, does not exceed any constitutional or
statutory limitation thereon.
This bond may be registered as to principal in accord-
ance with the provisions endorsed hereon.
IN WITNESS WHEREOF, said City of Miami Beach has caused
this bond to be signed by its Mayor and City Clerk under
its corporate seal, and attested by its Auditor, and the
interest coupons hereto attached to be signed with the fac-
simile signature of said Clerk, all as of the first day
of April 1923.
Mayor �. _.._.
City Clerk
ATTEST:
City Auditor.
ENDORSEMENT CONCERNING VALIDATION
Validated and confirmed by decree of the Circuit Court
for the Eleventh Judicial Circuit of the State of Florida
in and for Dade County on 1923.
Clerk Circuit Court,
Eleventh Judicial Circuit,
Dade County, Florida.
ENDORSEMENT CONCERNING REGISTRATION
This bond may be registered as to principal in the bond
register of the City of Miami Beach, notation of such
registry to be made hereon by the City Clerk or such other
officer or agent as may be designated Registrar by reso-
lution of the governing body of said City, and may there-
after be transferred on such register by the registered
owner in person or by attorney, upon presentation to the
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CHESTER B. MASSLICH. COUNSELOR AT LAW. 115 BROADWAY. NEW YORK
bond registrar accompanied by delivery of a written in-
strument of transfer in a form approved by the bond regi-
strar and executed by the registered owner. Such trans-
fer may be to bearer, after which this bond shall be sub-
ect to successive registrations and transfers as before.
Notwithstanding the registration of this bond the coupons
will remain payable to bearer and will be transferable
by delivery.
Date of Registry Name of Registered Registrar
Owner
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Section 4. That after the preparation of said bonds,
with proper maturities as provided by this resolution, the
said bonds and coupons annexed thereto shall be stamped
with the numbers 1 to 220, inclusive , in the order of ma-
i
turities, the nine bonds maturing it. 1925 to bear the
numbers 1 to 9 inclusive, and the nine bonds maturing in
1926 to bear the next succeeding numbers, 10 to 18, in-
clusive, and so on; and that thereupon there shall be as-
signed to the bridge bonds the lowest numbers of bonds
having the maturities herein designated for bridge bonds,
after which there shall be assigned to the remaining five
classes of bonds in the order in which said bonds are
described by Section 2 hereof, the lowest available numb-
ers of bonds having the maturities herein designated for
such classes respectively; and on the reverse of each bond
there shall be printed a statement showing the amount and
numbers and maturities of each of such six classes of bonds;
and a copy of such statement shall be recorded in the bond
record of the City; that the purpose of the provision
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r.HESTER B. MASSLICH. COUNSELOR AT LAW. 115 BROADWAY. NEW YORK
_ ,
made by this section is to place said six issues of bonds
in more marketable form and to save the expense that would
be necessitated by printing six different forms of bonds
and to simplify the records of the City, at the same time
preserving complete separation and identification of each
of said six distinct issues of bonds.
Section 5. That in each year while any of sai -bondt
shall be outstanding, there shall be levied upon all taxable
property within the City a direct annual tax sufficient to
pay the principal and interest falling due in the following
year upon each of said six series of bonds, which taxes
shall be collected as other city taxes and shall be used
for no other purpose than the payment of such principal and
interest.
Section 6. That the City Attorney is hereby authorized,
but not required, to proceed to have said bonds validated
by t Circuit Court; but in the event he does not so pro-
ceed, then the validation endorsement hereinbefore provided
to be printed upon said bonds shall not be there printed.
Section 7. That Resolution No. 372, adopted and approv-
. ed on April 18, 1923 and entitled: "A RESOLUTION OF THE CITY
OF MIAMI BEACH,FLORIDA, AUTHORIZING THE ISSUANCE OF $100,000 •
BON S,
WATER WORKS BONDS, $20,000 STREET IMPROVEMENTS, 4;7,000 BRIDGE
BONDS, 65,000 SANITARY SEWER BONDS,$10,000 STREET PAVING
BONDS AND $18,000 STORM SEWER BONDS,AUTHORI ZED BY THE REGIST-
ERED
EGISTERED AND QUALIFIED VOTERS OF SAID CITY AT AN ELECTION HELD
IN SAID CITY APRIL 9, 1923: be and the same is hereby repeal-
ed.
Section 8. That this Resolution shall be in force and
effect at and after its passage and approval.
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CHESTER B. MASE LICH. COUNB ELOR AT LAW, 113 BROADWAY. N. YORK , 4
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