Resolution 593 IOW WOO
RESOLUTION NO. 593
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING THE ISSUANCE OF y$320,000.
OF IMPROVEMENT BONDS OF SAID CITY, 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 bonc.s 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, including the
estimate of the cost of incidental expenses, and not in excess of
the contract price and the estimated price of such incidental ex-
panses, and
Section 2. WHEREAS the City Council has heretofore passed
and adopted resolutions ordering local improvements unaer Section
29 of its Charter, and directing the City Engineer to prepare and
file with the City Qlerk plans and specifications of said improve-
ments and an estimate of the cost thereof, including an estimate
of the cost of incidental expenses, etc. , and
Section 3. WHEREAS the City Engineer of said City has, pur-
suant to said resolutions, filed his estimates of the cost of said
improvements, including the estimates of the cost of incidental
expenses, and
Section 4. WHEREAS subsequent to the filing of said esti-
mates of cost , the said City Council adopted resolutions that the
City Clerk cause to be posted, in accord with law, a notice stat-
ing 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 said resolutions ordering
said improvements were, after said notice and the posting thereof
in accord with law that said City Council would hear remonstrances
as aforesaid to the confirmation of said resolutions, and after a
due hearing thereon, confirmed by the said City Council, and
Section 6. WHEREAS certain of said improvements were for
the improvement of highways and were designated Highway Improve-
ments H-33 to H-50, both inclusive, for which after the date of
such confirmation said City Council caused to be advertised in the
Miami News Metropolis, a newspaper of general circulation in the
said City, a notice calling for sealed bids to be received on a
day not earlier than fifteen days from the date of the first pub-
lication of said notice, pursuant to which bids were received,
the lowest and best of which bids as to all of said improvements
except Highway Improvement H-34 was accepted and the bid as to
Highway Improvement H-34 was rejected because the City Council
determined to construct the local improvement designated Highway
Improvement H-34, itself; and
Section 7 . WHEREAS contracts have been made by said City
Council with contractors for the construction of said highway
improvements designated H-33 and H-35 to H-50 inclusive, the con-
tract price being that hereinafter set forth in Section 11 of
this resolution, for the amount of which and the estimated cost
of incidental expenses with reference thereto , and the amount of
the estimated cost including the estimate of the cost of inci-
dental expenses, for the construction of storm and sanitary sewer
improvements and one sidewalk improvement hereinafter mentioned,
bonds are hereinafter authorized, and
Section 8. WHEREAS ce �i of said improvements designated
Storm Sewer Improvements SR-15;721 and SR-22, were for the
construction of storm sewers; certain of said improvements desig-
nated Sanitary Sewer Improvements SR-23, SR-24 , and SR-25 were
for the construction of Sanitary Sewers, and one of said improve-
ments designated Sidewalk Improvement SK-11 was for the construc-
tion of sidewalks for which no contract or contracts have been
let or made for the construction of .all or any of said storm or
sanitary sewer improvements or said sidewalk improvement ordered
by said resolutions, and
Section 9. WHEREAS said City Council intends to sell or
advertise for sale bonds, prior to the making of any contract or
contracts for the construction of all or any of said sewer im-
provements, or said sidewalk improvement , and
Section 10. WHEREAS certain of said improvements hereinafter
designated SR-15, SR-1'7 , SR-21 and SR-22 are for the construction
of storm sewers, and certain of said improvements hereinafter
designated SR-23, SR-24 and SR-25 are for the construction of
sanitary sewers and whereas it is hereby estimated that the share
of the abutting property of the cost of constructing said sani-
tary sewer improvements is 435 ,495.17 , the actual cost of such
share not having been determined, and it is also estimated that
the share of the cost of constructing said storm sewer improve-
ments, which is to be especially assessed upon property in said
storm sewer districts, is 440,000. , 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 sub-
mitted to the duly registered and qualified voters of said City,
who are owners of and pay taxes on real or personal property with-
in said. City, whether the said City should issue negotiable coupon
bonds in the sum of 450,000. for the purpose of paying the City' s
share of the cost of constructing sanitary sewers, and whether
said City should issue negotiable coupon bonds in the sum of
420,000. for the purpose of paying the City' s share of the eost
of constructing storm sewers, which bonds were duly authorized to
be issued by said voters as was found by a canvass of the re-
turns of said election, which sum of 450,000. is a sufficient amount
to more than pay the City' s share of the cost of the construction
of said sanitary sewers herein contemplated, the proceeds of which
may be used for that purpose; and whereas the City Auditor has re-
ported in writing to the City Council that said 450 ,000. is a suf-
ficient amount of bonds to pay the City' s share of the cost of the
construction of said sanitary sewers, and
Section 11. WHEREAS the following is a list of the improve-
ments ordered and to which reference is hereinabove made, which
list embraces the desig natton 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; the amount of the contract prices or cost of said
highway improvements other than H-34, including the estimates of the
cost of incidental expenses of eachiofesaid
eseseveral
shigh of ay`imhe prove-
ments; the amounts of said City ` i
t
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of said several sewer improvements, and said sidewalk improvement ,
including the estimates of the cost of incidental expenses of each
of said several sewer improvements and said sidewalk improvement.
DESIGNATION OF DATES OF RESO- DATES OF RESO- CITY ENGINEER'S
IMPROVEMENT LUTIONS ORDERING LUTIONS CONFIRM- ESTIMATE OF:
THE SAME. ING THE SAME.
COST OF IM- COST OF IN-
PROVE v1ENT. CIDENTAL EX'
PE"idSES
Storm Sewer Dist.
SR-15, Storm Sewer
Improvement SR-15 Dec. 19, 1923 Feb. 20, 1924 032,260.00 3,226.00
Storm Sewer Dist.
SR-17 , Storm Sewer
Improvement SR-17 " " 3,337.50 333.75
Storm Sewer Dist.
SR-21 , Storm Sewer
Improvement SR-21 Feb. 6, 1924 " 3,533. 20 353.32
Storm Sewer Dist.
SR-22, Storm Sewer
Improvement SR-22 March 19, 1924 March 25, 1924 15,414.75 1,541.48
Sanitary Sewer Dist.
SR-23, Sanitary Sewer
Improvement SR-23 " " 32,837.00 3,283.70
Sanitary Sewer Dist.
SR-24, Sanitary Sewer
Improvement SR-24 " " 5,763.00 576.30
Sanitary Sewer Dist.
SR-25, Sanitary Sewer
Improvement SR-25 " " 35,315.10 3,531.51
Sidewalk Dist. SK-11,
Sidewalk Improvement
SK-11 Dec. 19, 1923 Feb. 20, 1924 10,990.00 1,099.00
Highway Dist. H-33, CONTRACT PRICE
Highway Improvement
H-33 " " 6,049.54 557.51
Highway Dist. H-35 ,
Highway Improvement
H-35 " " 10,959.66 1,268. 94
Highway Dist. H-36,
Highway Improvement
H-36 " " 15,581.23 1,818.41
Highway Dist. H-37 ,
Highway Improvement
H-37 " " 2,904.70 334.45
Highway District
H-38, Highway Improve-
ment H-38 " " 2,502.80 288.22
Highway District H-39,
Highway Improvement
H-39 Feb. 6, 1924 " 88,291.06 8,414. 50
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- _.... — —.
DESIGNATION OF DATES OF RESOLU- DATES OF RESOLU- CONTRACT CITY EN-
L PROVE TENT TIONS ORDERING TIONS CONFIRMING PRICE. GINEER t S
THE SAMR. THE SAME. ESTIMATE OF
COST OF IN-
CIDENTAL =PEN-
SES
Highway District
H-40, Highway Im-
provement H-40 Dec. 19, 1923 Feb. 20, 1924 ; 7 ,869.17 $ 901.24
Highway District
H-41, Highway Im-
provement H-41 " " 2,698.84 325. 92
Highway District
H-42, Highway Im-
provement H-42 " " 40,710.01 3,814.19
Highway District
H-43, Highway Im-
provement H-43 " " 3,445.80 328.10
Highway District H-44,
Highway Improvement [
H-44 " " 4,295.38 498.69
HiEhway District
H-45, Highway Improve-
ment H-45 " " 604.27 51.34
Highway District
H-46, Highway Im-
provement H-46 " " 1,001.89 81.06
Highway District
H-47 , Highway Im-
provement H-47 " " 9,392.54 882.00
Highway District
H-48, Highway Im-
provement H-48 Jan. 2, 1924 " 1 ,179.55 130.00
Highway District
H-49, Highway Im-
provement H-49 " " 13,239.52 1,680.00
Highway District
H-50, Highway Im-
provement H-50 " " 766.34 89.00
$350,942.85435,408.63 a
35,408. 63 ,
Total cost and expenses 4386,851.48 ` °
Less City' s share of storm and
sanitary sewers 65,811.44
$g20,540.04
Section 12. 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 improvements 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
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Council has so estimated as the share to be assessed upon prop-
erty within said storm sewer districts, there be issued the ne-
gotiable coupon bonds of the City of Miami Beach, Florida, in
the aggregate amount of $320,000. which bonds shall be denomi-
nated "Improvement Bonds, Series H" , and shall consist of 320 bonds
of the denomination of gl,000. each, numbered from 1 to 320, 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 stan-
dard 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 17 , aggregating $17 ,000. on April 1, 1926.
" 't 18 to 34, " 17 ,000. " 1927
n " 35 to 51, " 17 ,000. Ti 1928
" " 52 to 68, " 17 ,000. " 1929
" " 69 to 116, " 48,000. " 1930
ti n 117 to 164, " 48,000. " 1931
" " 165 to 212, n 48,000. " 1932
T' n 213 to 260, " 48,000. " 1933
'' " 261 to 308, " 48,000. " 1934
n " 309 to 320, " 12,000. " 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 aid he shall provide proper books for that
purpose.
Section 13. 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 thereto attached 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 re-
served.
Section 14. That the form of said ponds and coupons shall be
substantially as follows:
No. $1,000.
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
II ROVRWJT BONDS
"SERIES H. "
ISSUED UNDER SECTION 30, CITY CHARTER N
KNOWALL ZEN L BY THESE T
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 regis-
tered 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 of each year upon the presentation and surrender of the
annexed interest coupons as they severally become due. Both the
_5_
principal and interest of this bond are payable in gold coin
of the United States, of the present standard of wibight 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 320 bonds of like date and
amount , aggregating 0320,000. and is issued for the purpose of
paying a portion of the cost of sewer improvements numbered SR-15 ,
SR-17 , and SR-21 to SR-25 , inclusive ; highway improvements num-
bered H-33 and H-35 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 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 interest hereof as the same become due. It is here-
by certified and recited that all acts, conditions and things re-
quired to happen, exist or be performed precedent to and in the
issuance of this bond by said charter and the laws and constitu-
tion of Florida have happened, exist and have been performed as
so required; that provision has been made for the levy and collec-
tion 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
slid City, including this bond, does not exceed any constitutional
o statutory limitation thereon.
This bond is subject to registration as to the principal
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 corporate seal
and attested by its Auditor, and the interest coupons hereto at-
tached to be signed with the facsimile signature of said Clerk, all
as of the first day of April, 1924.
Mayor
ATTEST: City Clerk.
City Auditor.
COUPON.
No. 27.50 4
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 027.50 in gold coin, ss 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;
"REGISTRATION AS TO PRINCIPAL ONLY,
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--
This bond may be registered as to principal in the bond
register of the City of Miami Beach, Florida, notation of Bach
registration to be made hereon by the City Clerk or such other
officer or gent as may be designated Registrar by resolution of
the governing body of said Qity, and may thereafter be trans-
ferred 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 sub-
ject to successive registration and transfers as before. Notwith-
standing the registration of this bond the coupons shall remain
payable to bearer and will be transferable by delivery.
Date of Registration. Names of registered Registrar."
Owners.
Section 15. 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 pay-
ment of the principal and interest thereof, maturing in the follow-
ing year, the proceeds of which taxes, after payment of accruing
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 suchbonds 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 16. That there is hereby created a fund to be de-
nominated "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
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 pur-
pose than for the payment of the principal and interest of the
bonds hereby authorized until all thereof shall have been redeemed
and paid.
Section 121_ That the Clerk and City Attorney take such
steps as may be necessary to effect an early sale and delivery of
said bonds.
Section 18. This resolution sha13 be in force and effect
immediately upon its passage and approval .and that Resolution No.
557 adopted February 20, 1924, be repealed.
PASSED AND ADOPTED this 28th day of March, A. D. , 1924.
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