Resolution 379 011ms
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RESOLUTION NO. 3-1 9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA AUTHORIZING THE IS-
SUANCE OF $220,000. OF IMPROVEMENT BONDS IN
ONE SERIES, WHICH SERIES SHALL BE KNOWN AND
DESIGNATED AS SERIES F, FOR THE COST OF MORE
THAN ONE HIGHWAY IMPROVEMENT; FOR PART OF THE
COST OF MORE THAN ONE SANITARY SEWER IMPROVE-
MENT; FOR PART OF THE COST OF TWO STORM SEW-
ER IMPROVEMENTS, AND THE COST OF ONE SIDEWALK
IMPROVEMENT, SAID BONDS TO BE DATED APRIL 1,
1923, AND ISSUED UNDER THE AUTHORITY CONFERRED
BY AND CONTAINED IN SECTION 30 OF THE CHARTER
OF THE CITY OF MIAMI BEACH, FLORIDA, CONTAIN-
ED IN CHAPTER 7672 OF THE ACTS OF THE LEGIS-
LATURE OF FLORIDA IN THE YEAR 1917a-4'A)..p gc.a r�.
'yup- 37, .
BE IT RESOLVED BY THE CITY COUNCIL OF TH2 CITY OF MIIAMI BEACH,FLORIDA:
Section 1. That, WHEREAS Section 30 of the charter of
the City of Miami Beach, Florida, authorizing the City Council of
said City, by ordinance or resolution, to issue bonds of said City
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 City from which any part of such costs has heretofore been
paid, in an amount not greater than the estimate of cost , includ-
ing the estimate of cost of incidental expenses, and not in ex-
cess of the contract price and the estimated cost of such inci-
dental expenses, and
Section 2. WHEREAS the said City Council has heretofore
passed and adopted resolutions oxtring local improvements under
Section 29 of the charter, and directing the City Engineer to pre-
pare and file with the City 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. WHEREAS the City Engineer of said City 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. WHEREAS subsequent to filing of said esti-
mates of cost the said City Council adopted resolutions that the
City Clerk cause to have 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 con-
firmation of said several resolutions ordering said improvements,
and
Section 5. WHEREAS thereafter said resolutions order-
ing said improvements were, after said notice and the posting
thereof, in accord with law, that said City Council would hear
the remonstrances as aforesaid, to the confirmation of said re-
solutions, and after a due hearing thereon, confirmed by the said
City Council, and
Section 6. WHEREAS no contract or contracts have been
let or made Tor the construction of all or any of said improve-
k
ments ordered by said resolutions, and
Section 7. WHEREAS said City Council 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 here-
inafter designated SR-8 to SR-12, inclusive, are for the construc-
tion of sanitary sewers and two of said improvements, desi ,nated
SR-13 and SR-14 are for the construction of storm sewers, and where-
as it is hereby estimated that the share of the abutting property
of the cost of constructing said sanitary sewer improvements is
$40,278.14, the actual cost of such share not having been deter-
mined, and it is also hereby estimated that the share of the cost
of constructing said storm sewer improvements, which is to be es-
ecially assessed upon property in said storm sewer districts is
$16,475. , the actual cost of such share not having been determined,
and whereas on April 9, 1923, an election, duly called, was held
at which the question was submitted to the duly registered and qual-
ified voters of said City whether the said City should issue ne-
gotiable coupon bonds in the sum of $65,000. for the purpose of
paying the City's share of the cost of the construction of sani-
tary sewers and whether the said City should issue negotiable
coupon bonds in the sum of n18,000. for the purpose of paying
the City' s share of the cost of the construction of storm sewers,
which bonds were duly authorized to be issued by said voters, as
was found by a canvass of the returns of said election, which said
sum of $65,000. is a sufficient amount to more than pay the City' s
share of the cost of the construction of said sanitary sewers here-
in contemplated, the proceeds of which may be used for that pur-
pose, 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 construction of said
sanitary sewers.
Section 9. WHEREAS 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 Massage of said resoiations order-
ing the same, the dates of the confirmation of said several reso-
lutions ordering said improvements , and the amounts of said En-
gineer ' 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'1 ENGINEER'S ESTIMATE OF:
IMPROVEMENT TIONS ORDERING 'TIONS CONFIRMING
THE SAME THE SAME
COST OF IM- COST OF INCI-
PROV EMENT DENTAL EXPEN-
4 SES
District H-24
Highway Improve-
ment H-24 March 7, 1923 April 18, 1923 4,166.25 ? 416.63
District H-25
Highway Improve-
ment H-25 " " " " 88,366. 71 8,497.80
District H-27
Highway Improve-
ment
mprove-
ment H-27 IT " " " 9, 998.58 999.86
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DESIGNATION OF DATES OF RESOLU , DATES OF RESOLD, ENGINEER'S ESTIMATE OF:
IMPROVEMENT TIONS ORD 'RING TIONS CONFIRMING
THE SAME THE SAYE COST OF IM- COST OF INCI-
PROVENT DENTAL EXPENSES
District H-28
Highway Improve-
ment H-28 March 7, 1923 April 18, 1923 6,084. 96 3 608.49
District H-29
Highway Improve-
ment H-29 " " " " 6,880.00 688.00
District H-30
Highway Improve-
ment H-30 TT IT IT " 2,316.00 231.60
District H-31
Highway Improve-
ment H-31 " TT T' " 26, 683.50 2, 668.35
District H-32
Highway Improve-
ment H-32 " IT TT " 537.39 53. 73
District SR-8
Sewer Improve-
ment SR-8 T' " " " 38, 552.53 3, 855.25
District SR-9
Sewer Improve-
ment SR-9 T' T' T' " 18,415.84 1,841.58
Jistrict SR-10
Sewer Improve-
ment SR-10 " TT ! " 20, 703. 70 2,070.37
District 3R-11
Sewer Improve-
ment SR-11 " TT " T' 7, 683. 80 768.38
District SR-12
Sewer Improve-
ment SR-12 T' T' TT TT 5, 755.00 576.60
District SR-13
Sewer Improve-
ment SR-13 TT T' " 22, 250.00 2, 225.00
District SR-14
Sewer Improve-
ment SR-14 " T' TT T' 1,429.00 142.90
District SK-8
Sidewalk Improve-
ment SK-8 April 4, 1923 April 18, 1923 3, 671.42 367.14
Total $ 263,494.68 $ 26,010.6
26,010.E
Total cost and expenses $ 289,5O5. ..
Section 10. That for the purpose of paying the cost of
said sidewalk improvement and of all of said highway improvements
and that part of the cost of all of said sanitary sewer improve-
ments which the City Council has so estimated as the share of abutt-
ing property, and such part of the cost of said storm sewer improve-
ments as the City Council has so estimated as the share to be as-
_3_
sessed upon property within said storm sewer district and pay in-
cidental expenses in connection with said sidewalk improvement ,
which the City Council now estimates to be a sum exceeding 310.45
there be issued the negotiable coupon bonds of the City of Miami
Beach, Florida, in the aggregate amount of 3220,000. , which bonds
shall be denominated "Improvement Bonds , Series F" and shall con-
sist of 220 bonds, of the denomination of 31,000. each, numbered
from 1 to 220, both inclusive, bearing date of April 1, 1923,
and bearing interest at a rate to be hereafter determined, not
exceeding 6% per annum, such interest to be payable semi-annually
on the first days of April and October of each year, upon the pre-
sentation and surrender of interest coupons to be attached to said
bonds, both the principal and interest to be payable in gold coin
of the United States, of the present standard of weight and fine-
ness , at the office of the United States Mortgage & Trust Company
in the City and State of New York, said bonds to mature and be
payable as follows :
Bonds numbered 1 to 4, aggregating $4,000. on April 1, 1925
" " 5 to 10, " 6,000. " " 1926
" " 11 to 22 " 12,000. " " 1927
TV
" 23 to 39 It 17,000. " " 1928
" " 40 to 60 " 21,000. " " 1929
11 " 61 to 83 " 23,000. " " 1930
" " 84 to 108 " 25,000. " " 1931
11 " 109 to 134 It 26,000. " " 1932
" " 135 to 161 " 27,000. " " 1933
rt n 162 to 191 " 30,000. " " 1934
rr it 192 to 220 " 29,000. " " 1935
all inclusive, without option of prior payment. Said bonds shall be
registrable as to principal only in accordance with the provisions
which this Resolution directs to be endorsed upon said bonds, and
the City Clerk is" hereby designated Registrar for the purpose of
such registration, and he shall provide proper books for that pur-
pose.
Section 11. 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 corporate seal of said
City, and the coupons attached thereto shall be signed by the City
Clem, 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. No.
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
IMEROVai1ENT BOND
"SERIES F."
ISSUED UDDER SECTION 30,CITY CHARTER
KNOW ALL MEN BY THESE PRESENTS: That the City of Miami
Beach in the County of Dade, State of Florida , is justly indebted
and for value received hereby promises to pay to the bearer, or if
registered, to the registered owner 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,
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Ir.
payable 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. 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
office of 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 220 bonds, of like date
and amount, aggregating $220,000. and is issued for the purpose
of paying a portion of the cost of highway improvements, numbered
H-24, H-25, H-27 to H-32, inclusive, sewer improvements, numbered
SR-8 to SR-14, inclusive, and sidewalk improvement numbered SK-8,
within and for said City and under the authority and within the
limitations of and in full compliance 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 resourses
of said City of Miami Beach are hereby irrevocably 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 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 up-
on 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.
This bond is subject to registration as to the princi-
pal thereof in accordance with the provisions endorsed hereon.
IN WITNESS WHEREOF said City of Miami Beach has caused
this bond to be signed by its Mayor and Clerk, under its corpor-
ate 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, 1923.
Mayor
Attest : City Clerk
City Auditor
COUPON
No.
On 1, 19 , THE CITY OF MIAMI BEACH, FLORIDA,
will pay to the bearer, at the United States Mortgage & Trust Com-
pany, New York City, the sum of
Dollars, in gold coin, as provided in and or the interest then due
on its Improvement Bond, "Series F", dated April 1, 1923, No.
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City Clerk
That on the reverse of each of said bonds shall be printed
the following endorsement : "Registration As To Principal Only.
This bond may be registered as to principal in the bond register
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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 resolution of the governing body of
said City, and may thereafter be transferred on such register by
the registered owner in person or by attorney, upon presentation
to the bond registrar , accompanied by delivery of a written in-
. strument of transfer in a form approved by the bond registrar
and executed by the registered owner. Such transfer may be to
bearer, after which this bond shall be subject to successive re-
gistrations and transfers as before. Notwiths'.anding the regis-
tration of this bond the coupons will remain payable to bearer and
will be transferable by delivery.
Date of Registry Name of Registered Owner Registrar
Section 13. That for the purpose of paying the princi-
pal 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 fol-
lowing year , the proceeds of which taxes, after payment of accru-
ing interest upon said bonds, shall be paid into a fund which is
hereby created and denominated "Local Improvement Bond Fund 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 Fund and by the
amount of assessment actually collected and then remaining in a
special assessment fund or funds applicable to said bonds.
Section 14. That there is hereby created a fund to be
denominated "Improvement Fund No. 6", into which shall be placed
all accruing interest received upon said bonds for the period be-
tween 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 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 redeems
and paid.
Section 15. That the Clerk and City Attorney take such
steps as may be necessary to effect an early sale and delivery of
said bonds.
Section 16. That Resolution No. 374, adopted and approved
April 25, 1923, and entitled:
"A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE IS-
SUANCE OF 222,000 OF IMPROVEMENT BONDS IN
ONE SERIES, WHICH SERIES SHALL BE KNOWN AND
DESIGNATED AS 'SERIES F' , FOR THE COST OF
MORE THAN ONE HIGHWAY IMPROVEMENT; FOR PART
OF THE COST OF MORE THAN ONE SANITARY SEWER
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IMPROVEMENT; FOR PART OF TEE COST OF
TATO STORM SEWER IMIPROV ENTS AND THE
COST OF ONE SIDEWALK IMPROVEMENT, SAID
BONDS TO BE DATED APRIL 1, 1923, AND
ISSUED UNDER THE AUTHORITY CONFERRED
BY AND CONTAINED IN SECTION 30 OF THE
CHARTER OF THE CITY OF MIAMI BEACH,
FLORIDA, CONTAINED IN CHAPTi H 7672
OF THE ACTS OF THE LEGISLATURE OF
FLORIDA, IN TIT YEAR 1917. "
be and the same is hereby repealed.
Section 17. This resolution shall be in force and ef-
fect immediately upon its passage and approval.
PASSED AND ADOPTED this 1$ day of May, A. D. 1923.
/?/7 <
President o City Council
Attest:
City Clerk
ze
APPROVED May / A. D. 1923.
la or /7‘/
STATE OF FLORIDA;
COUN OF ADE;
I, C W. TINSON
H CERTIFY
City Clerk of the City of MiamiBeach,
Florida; DO H
:2EY CERTIFY that the six foregoing pages, together
with this page , is a true and correct copy of a resolution
and adopted by the City Council of the Citypassed
Flor-
ida, on the dayof ?,,Za of Miami Beach,of the meet in of saidy c 923,E as the same appears in the Min-
utesgCity Council of that date.
IN WITNESS WHEREOF I have hereunto set my hand and of-
ficial seal at Miami Be "ch, Florida, this �".
1923. day of Pday, A. D.
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