Resolution 670 RESOLUTION NO. 670
A RESOLUTION OF THE CITY .COUNCIL
0
U�,CIL
OF THE CITY OF MIAMI BEACH,: 'LORIDA,
AUTHORIZING THE ISSUANCE OF $125,000.
OF WATER WORKS BONDS; 45000. OF FIRE
2UIPI„ NT BONDS ; y 25,000. OF SANITARY
DEPARTMENT BONDS; 47,000. OF STREET
AND SEWER EQUIPMENT BONDS AND 415,000
OF i:IUNICIPAL BUILDING BONDS
WHEREAS, the City Council of the City of Miami Beach, Florida,
on August 13, 1924, passed a resolution authorizing the issuance of
bonds of said city in the sums and for the purposes hereinafter set
forth, subject to the authorization by the duly registered and quali-
fied voter - � •
of said City who are freeholders therein and who are
owners of and pay taxes upon real or personal property within said
City, at a special election, which said resolution directed to be
held on September 16, 1924, and
WHEREAS, the said City Council on September 17th, 1924, 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 such pur-
poses were in favor of said issue, and declared the result of said
election and canvass accordingly,
0W, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OP TAT-ii
CITY OF MIAMI BEACH, FLORIDA:
Section 1. That pursuant to said election 4177,000. of
negotiable coupon bonds of the City of Mi _mi Beach, Florida, be is-
sued under date of October 1, 1924, bearing interest at the rate
of five and one-half per centum per annum, which intrest shall be
payable semi-annually on the first days of April and October in each
year, and both the principal and interest shall be parable in gold
coin of the United States, of the present standard of weight an_d fine-
ness at the united states Liortgage ac Trust company in New York City,
said bonds to be registerable as to principal in accordance with the
endorsement which this resolution directs to be printed on said bonds,
and that the City Clerk is hereby designated Registrar for that pur-
pose.
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Section 2. That the said bonds shall comprise five dis-
tinct classes, each class distinguished from the remaining classes
by the numbers assigned thereto as hereinafter in 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 maturi-
ties to be the first day in April in the respective years stated;
r'or extending and developing the City' s water works system,
4125,000. maturing 41,000. annually 1926 to 1935, inclusive ;
010,000. annually 1936 to 1940; 416,000. annually 1941 to 1943, in-
clusive,
n-
cla.sive, and 417,000. in 1944.
Por equipping and furnishing its fire stations with hose
and other firefighting equipment, and the installing of fire alarm
boxes, 45 ,000; maturing 41,000. annually 1926 to 1930, inclusive.
. or equipping its unitary Department with a barge, garbage
cans and motor trucks, 425, 000. maturing 45 ,000 annually 1926 to
1930, inclusive.
vor purchasing motor trucks, surveying instruments and .
other equipment for the Street and sewer Departnents of said Uity,
47 ,000. maturing 41,000. annually 1926 to 1932, inclusive.
. or erecting on real estate now owned by said Uity, a
machine shop and storage building for the Street and Sewer Depart-
ments of said Uity, 415,000. maturing 41,000. annually 1926 to
1940, inclusive.
Section 3. That all of the bonds herein authorized shall
be in the denomination of 41,000. and shall be designated "Public
improvement bonds" and shall be alike in form, except as to dates
of maturities and numbers, and that the form of said bonds , coupons,
registration endorsement and validation endorsement, as well as
the manner of execution of said bonds and coupons, shall be sub-
stantially as follows:
6
11
No. $l,OOO.00
UNITED STATE OF AMERICA
STATE OF i'LORIDA,COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC TOUPROVEI NT BONDS
KNOW ALL MEN BY THESE PRESENTS, that the city of Miami
Beach, in the county of Dade and State of Florida, is justly in-
debted 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 DOLLAR.
with interest thereon at the rate of five and one-half per century
per annum, payable semi-annually on the first days of April and
October in each;,mar, 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. .or the prompt payment hereof, both princi-
pal 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 and municipal equipment , as set forth on
the reverse of this bond, under the authority of and in full com-
pliance with the city charter, and has been authorized by the vote
of the majority of the qualified electors of said City who are
freeholders therein and who are owners of and pay taxes on real
or personal property within said City, voting at an election
legally called and held for that purpose.
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
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constitution of Florida, have happened, exist and have been
performed; that provision has been made for the levy and col-
lection of a direct annual tax upon all taxable property with-
in 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.
This bond may be registered as to principal in accord-
ance with the provisions endorsed hereon.
IN WITNESS WHEREOF the 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 facsimile signa-
ture of said Clerk, all as of the first day of October, A. D.
1924.
Ivor
City Clerk
ATTEST.
City Auditor
ENDORSEMENT CONCERNING VALIDATION 4
4
Validated and confirmed by decree of the Circuit Court
for the Eleventh Judicial Circuit of the State of lelorida, in
and for Dade County, on 1924.
Clerk Circuit Court, Eleventh Judi-
cial Circuit, Dade County, riorida.
ENDORSEMENT CONCERNING REGISTRATION
This bond may be registered as to principal in the bozo.
register of the City of Miami Beach, Elorida, notation of such
registration to be made hereon by the City Clerk or such other
officer or agent as may be designated registrar by a resolution
i
of the governing body of said City, and may thereafter be trans-
ferred on such register by the registered owner in person or by
attorney, upon presentation to the Bond -iegistrar, accompanied
by delivery of a written instrument of transfer in a form approv-
ed by the bond ..-�egistrar 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. Eot-
withstanding the registration of this bond the coupons shall re-
main payable to bearer and will be transferable by delivery.
.Date of registration. Name of iiegistered ..iegistrar
Owner.
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
177 , inclusive, in the order of maturities, the nine bonds maturing
in 1926 to bear the numbers 1 to 9 , inclusive, and the nine bonds
maturing in 1927 to bear the next successive numbers , 10 to 18, in-
clusive, and so on, and that thereupon there shall be assined to
the later Works bonds the lowest numbers of bonds having the maturi-
ties herein designated for Water Works bonds , after which there shall
be assigned to the remaining four classes of bonds, in the order in
which said bonds are described in Section 2 hereof, the lowest avail-
able numbers of bonds having the maturities designated for such
classes respectively, and on the reverse of each bond there shall be
printed a statement showing the amounts , numbers and maturities of
such five classes of bonds, and a copy of such statement shall be
recorded in the bond record of said City ; that the purpose of the
provision made by this section is to place said five issues of bonds
in more marketable form and to save the expense that would be neces-
sitated by printing five different forms of bonds, and to simplify
the records of said City, at the same time preserving complete sep-
aration and identification of each of the five distinct issues
of said bonds.
Section 5. That in each year while any of said bonds
shall be outstanding there shall be levied on all taxable prop-
erty within said City a direct annual tax sufficient to pay the
principal and interest falling due in the following year upon
each of the said five classes 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 the
Circuit court , but in the event he does not so proceed then the
validation endorsement herein provided to be printed on said
bonds shall not be there printed.
Section 7 . That this resolution shall be in force and
effect at and after its adoption.
PASSED AND ADOPTED this 17th day of September, A. D. ,
1924.
*resident of City Council pro-temI
ATTEST: —�
.City Clerk
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