Resolution 557 RESOLUTION NO. 557 •
A RESOLUTION OF THE CITY COUNCIL 0
THE CITY OF MIAMI BEACH, FLORIDA ,
AUTHORIZING THE ISSUANCE OF $327 ,000.
IMPROVEMENT BONDS DESIGNATED SERIES
H.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. That , WHEREAS , Section 30 of the charter of
the City of Miami Beach, Florida , authorizes 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 coats , and for the re-imbursement 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 , including the estimate of
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 hes hereto-
fore passed and adopted resolutions ordering local improvements un-
der Section 29 of its charter , and directing the City- Engineer to
prepare and file with the City Clerk glans 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 Engineerof said -City has ,
pursuant to said resolutions ,filed his estimates of the cost of
said improvements , including the estimates of• the cost of inciden-
tal expenses , and
Section 4. H1H tiEAS , subsequent to the filing of said
estimates of-FagY7-17e 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 resolutions ordering said improvements , and
Section 5. WHEREAS , thereafter s°-id resolutions order-
ing said improvements were , after said notice and the posting
thereof in accord with law, that said City Council would hear re-
monstrances as aforesaid to the confirmation of said resolutions ,
and after a due hearing thereon, confirmed by the said City Coun-
cil , and
Section o. WHEREAS , no contract or contracts have
been let or made for the construction of all or any of said im-
provements ordered by said resolution, 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 improve-
ments , and
Section 8. WHEREAS , certain of said improvements ,
hereinafter designated SR-18 to SR-20 , inclusive , are for the con-
struction of sanitary sewers , and four of said improvements desig-
nated SR-15 , SR-16 , SR-l7 , and SR-21 are for the construction of
storm sewers , and whereas it is hereby estimated that the share of
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k,,y the abutting property of the cost of constructing said sanitary
. 2. sewer improvements is 35,495.17 , the actual cost of such
share not having been determined , and it is also hereby estimated
t''
that the share of the cost of constructing said storm sewer im-
provements , which is to be especially assessed upon property in
said storm sewer districts , is 40 ,000.00 p y
the actual cost
$ of such share not having been determined , and whereas on February
19 , 1924 , an election, duly called, was held at which the question
was submitted to the duly registered and
City, who are owners of and pay taxes on qualified voters of said
Ar real or personaly pro-
perty within said City , whether the said City should issue nego-
tiable coupon bongs in the sum of 150,000. for the purpose of pay-
ing the City' s share of the cost of the construction of sanitary
sewers and whether the said City should issue negotiable coupon
bonds in the sum of 120,000. 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 050,000.
is a sufficient amount to more than pay the City' s share of the
cost of the construction of said sanitary sewers herein contem-
plated, the proceeds of which may be used for that purpose , and
whereas the City Auditor has reported in writing to the City Coun-
cil th :t said 150,000. is a sufficient amount of bonds toa the
City' s share of the cost of the construction of said sanitary sew-
ers , and
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 passage of said resolutions ordering the
same , the dates of the confirmation of said several resolutions
ordering said improvements , and the amounts of said City Engineer' s
4 ? estimates of the cost of said several improvements , including the
estimates of the cost of incidental expenses of each of said sev-
eral improvements.
DESIGN_4TION OF DATES OF RESOLU- DATES OF RESOLU- CITs'ENGINE R' n
IMPROVIM ENT TIONS ORDERING TIONS CONFIRMING FIAT:.i, O1+,: E` S .STI-
THE SAME. THE SAME.
COST OF ILII- COST OF IN-
PROPI :SENT C IDENTAL
Storm Sewer Dist.
EXPENSES.
SR-15-Storm Sewer
Improvement SR-15 12/ 19/ 23 2/20/ 24
62 ,260.00 3226.00
Storm Sewer Dist.
SR-16 Storm Sewer
Improvement SH-16 "
ft
15 ,414. 75 1541.48
Storm Sewer Dist.
SR-17 Storm Sewer
Improvement SR-17 I1 „
3,337.50 333. 75
Storm Sewer Dist.
SR-21 Storm Sewer
Improvement SR-21 2/ 6/ 24 ,r
3,533.20 353.32
Sanitary Sewer
District SR-18
Sanitary Improve-
ment SR-1812/ 19/ 23
" 32,837.00 3283 . 70
`i
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{
the abutting property of the cost of constructing said sanitary
sewer improvements is $ 35 ,495.17 , the actual cost of such
share not having been determined , and it is also hereby estimated
that the share of the cost of constructing said storm sewer im-
provements , which is to be especially assessed upon property in
said storm sewer districts , is 40,000.00 , the actual cost
of such share not having been determined , and whereas on February
19 , 1924 , an election, duly called, was held at which the question
was submitted to the duly registered and qualified voters of said
City , who are owners of and pay taxes on real or personaly pro-
perty within said City , whether the said City should issue nego-
tiable coupon bonds in the sum of ; 50 ,000. for the purpose of pay-
ing the City' s share of the cost of the construction of sanitary
sewers and whether the said City should issue negotiable coupon
bonds in the sum of $20 ,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 40 ,000.
is a sufficient amount to more than pay the City' s share of the •
cost of the construction of said sanitary sewers herein contem-
plated , the proceeds of which may be used for that purpose , and
whereas the City Auditor has reported in writing to the City Coun-
cil that said $50 ,000. is a sufficient amount of bonds to pay the
City' s share of the cost of the construction of said sanitary sew-
ers , and
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 passage of said resolutions ordering the
same , the dates of the confirmation of said several resolutions
ordering said improvements , and the amounts of said City Enginee±' s
estimates of the cost of said several improvements , including the
estimates of the cost of incidental expenses of each of said sev-
eral improvements.
3IGNATION OF DATES OF RESOLU- DATES OF RESOLU- CITENGINEER' S ESTI-
P?OV 2 ENT TIONS ORDERING TIONS CONFIRMING MATE OF:
THE SAME. THE SAME.
COST OF IM- COST OF IN-
PROVEMENT CIDENTAL
EXPENSES.
orm Sewer Dist.
-15-Storm Sewer
provement SR-15 12/ 19/23 2/20/ 24 62 ,260.00 3226.00
orm Sewer Dist.
-16 Storm Sewer
provement SR-16 " " 15 ,414. 75 1541.48
corm Sewer Dist.
-17 Storm Sewer
provement SR-17 " " 3,337.50 333. 75
form Sewer Dist.
-21 Storm Sewer
provement SR-21 2/ 6/ 24 " 3 ,533.20 353.32
nitary Sewer
strict SR-18
nitary Improve-
nt SR-18 12/ 19/ 23 " 32,837.00 3283 . 70
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omm.
r
SIGNATION OF DATES OF RESOLU- DATES OF RESOLU- CITY ENGINEER' S ESTIMATE
ROVEMNT. TIONS ORDERING TIONS CONFIRMING OF:
THE SAME. THE SAME.
COST OF IM- COST OF INCI-
PROVEMENT DENTAL EXPENSES
nitary Sewer
strict SR-19
nitary Improve-
nt SR-19 12/ 19/ 23 2/ 20/ 24 $ 5,753.00 575.30
nitary Sewer
strict 3R-20
nitary Improve-
nt SR-20 It IV 35 ,315. 10 3531. 51
ghway District H-33
ghway Improvement
33 " ,575.10 557.51
ghway
strict H-34, Highway
tprovement H-34 " 2/ 5/ 24 3 ,465. 69 346. 57 ?i
ighway
Lstrict H-35, Highway
nprovement H-35 " 2/ 20/ 24 12,689.38 1268.94
ghway � 6 Hi ighway
strict H-3�+ g •�
provement H-35 " " 18 ,184.09 1818.41
ghway
strict H-37 . Highway
nprovement H-3'7 " " 3 ,344. 50 334.45
cgt H-38 , Highway
provement H-38 " " 2,882.21 288. 22
ghway Highway
Lstrict H-39 , g y
nprovement H-39 2/ 6/ 24 2/ 20/ 24 84,145.00 8414. 50
Lghway
Lstrict H-40 , Highway
nprovement H-40 12/ 19/ 23 II9,012.43 901.24
i
[ tr�% H-41 , Highway
nprovement H-41 " " 3 ,259. 22 325.92
ighway Highway
Lstrict H-42 ,
nprovement H-4!:, It " 38,141. 95 3814.19
i
t tri 7t H-43 , Highway
nprovement H-43 " " 3 ,281.00 328.10
ighway
Lstrict H-44 , Highway
nprovement H-44 " " 4,985. 88 498. 69
ighway
Lstrict H-45 , Highway
nprovement H-45 " " 513.40 51.34
Lairt H-46 , Highway
nprovement H-46 It " 810. 60 81.06
l tr Td H-47 , Highway
nprovement H-47 " It 8 ,820.00 882.00
L. tr Et H-48 , Highway
nprovement H-48 1/ 2/ 24 9 1,300.00 130.00
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Ii , a_ _
' D??,'SIGNATIOA OF DATES OF RESOLU- .,S OF RL'SOLU= CITY 1
G''I i R a FSTIMA�
IMPROV 7NT TIONS ORDERING TIONS CONFIRMING OF:
THE SAME. THE SAME
COST OF IM- COST OF INCI-
Di gwgY PROV r�,';1ENT DENTAL y.XPENS ES
s rict H-49 ,, - 1g wa'
Improvement H-49 1/ 2/ 24 2/ 20/ 24 16,800.00 1680.00
Highway
District H-50 , Highway
Improvement H-50 " " 890.00 89.00
Sidewalk
District SK-11 ,Sidewalk
Improvement SK-11 12/ 19/ 23 " 10,990.00 1099.00
Total 357 ,552.00 35755.20
35,755.20
Total cost and expenses $ 393,307. 20
Less City' s share of storm and sanitary
sewers 65,811.44
327 ,495. 76
Section 10. That for the purpose of paying the cost . ,
of said sidewalk improvement and 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 $,
abutting property, and such part of the cost of said storm sewer
improvements as the City Council has so estimated as the share
to be assessed upon property within said storm sewer district ,
there be issued the negotiable coupon bonds of the City of Miami
Beach, Florida , in the aggregate amount of $ 27 ,000. , which bonds
shall be denominated "Improvement Bonds , Series H", and shall con-
sist of 327 bonds of the denomination of $1 ,000. each, numbered
from 1 to 327 , both inclusive , bearing date April 1 , 1924, and
bearing interest at the rate of five and one-half per centum per
annum, such interest to be payable semi-annually on the first
days of April and October of each year upon the presentation 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 fineness 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 18 , aggregating $18,000. on April 1, 1926
" " 19 to 36 " 18 ,000. " 1927
'T If 37 to 54 " 18 ,000. " 1928
" " 55 to 72 " 18 ,000. " 1929
" " 73 to 122 " 50,000. " 1930
" " 123 to 172 " 50,000. " 1931
" " 173 to 222 " 50,000. " 1932
" " 223 to 272 " E0 ,000. " 1933
" " 273 to 322 " 50 ,000. " 1934
" " 323 to 327 " 5,000. " 1935
all inclusive , without option of prior payment. Said bonds shall
be registerable as to principal only, in accordance with the pro-
visions which this resolution directs to be endorsed on said bonds ,
and the City Clerk is hereby designated Registrar for the purpose
of such registration, and he shall provide proper books for that
purpose. 61
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
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-
Beach, Florida, and shall be sealed with the corporate seal of
said City , and the coupons thereto attached shall be signed by the
City Clerk, whose signature upon such coupons may be in fac simile ,
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:
No. $1 ,000.
UNITED STATES OF AMERICA
STATE OF FLORIDA , COUNTY OF DADE
CITY OF MIAMI BEACH
IMPROVEMENT BOND
"SERIES H. "
ISSUED UNDER 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 five and one-half per centum
per annum, 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 the
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 8nd State of New York.
This bond is one of a series of 327 bonds of like date
and amount , aggregating $327 ,000. and is issued for the i.urpose of
paying a portion of the cost of sewer improvements numbered SR-lb
to SR-21 , inclusive ; highway improvements numbered H-33 to H-50 ,
inclusive; and sidewalk improvement numbered SK-11 , 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 parti-
cular 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 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 con-
stitution of Florida have happened, exist and have been perbrmed
as so required; that provision has been made for the levy and col-
lection 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.
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
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hereto attached to be signed with the fac simile signature of said
Clerk, all as of the first day of April , 1924.
Mayor.
ATTEST:
City Clerk.
City Auditor .
COUPON.
No. $ 27. 50
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 $27.50 in gold coin, as provided
in and for the interest then due on its Improvement Bond, "Series
H", dated April 1 , 1924, No.
City Clerk.
that on the reverse of each of said bonds shall be printed the
following endorsement:
"REGISTRATI-ON AS TO PRINCIPAL ONLY.
This bond may be registered as to principal in the
bond register of the City of Miami Beach, Florida, notation of
such registration to be made hereon by the City Clerk or such
other officer or agent as may be designated Registrar by resolu-
tion 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 instrument 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 registration and transfers as before. Notwithstand-
ing the registration of this bond the coupons shall remain pay-
able to bearer and will be transferable by delivery.
Date of Registration. Names of Registered Registrar . "
Owner .
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 pay-
ment of the principal and interest thereof , maturing in the follow-
ing year , the proceeds of which taxes , after payment of accruing
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interest upon said bonds , shall be paid into a fund which is here-
by created and denominated "Local Improvement Bond Fund, No. 8"
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
assessments actually collected and then remaining in a special as-
sessment fund or funds applicable to said bonds.
Section 14. That there is hereby created a fund to be
denominated "Improvement Fund No. 8" 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 al-
so be placed the principal and interest of all assessments made pur-
suant to the City chyrter 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 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 10. This resolution shall be in force and ef-
fect immediately upon its passage and approval.
PASSED AND ADOPTED this 20th day of February, A. D.
1924.
Ilr, - /Ove
Presi• ent of CiiY Council.
(f-77-
ATTEST: . c,
J City Clerk.
F