Resolution 1020 1
RESOLUTION NO. 1020
A RESOLUTION OF THE CITY COU.fCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF 8655,000 IMPROVEMENT BONDS
OF SAID CITY DESIGNATED "SERIES I" .
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MIAMI BEACH, FLORIDA:
Section 1. That for the purpose of paying the
cost of highway improvements numbered H-55 to H-79 inclusive,
i amounting to $470,510.18, and sidewalk improvements numbered
SK-14 to SK.-37 inclusive, amounting to $56,141.58, and the
property owners' share, being $45,243.65, of the cost of
j sanitary sewer improvements numbered SR-52 to SR-56 mad
j SR-61 to SR-64, all inclusive, the foregoing amounts being
I• the estimates of the City Council based upon estimates of
the City Engineer, and for the purpose of paying $33,464.46
of the cost of storm sewer improvements numbered SR-57 to SR-60
• inclusive, and :$50,230.00 of the cost of bulkhead improvement
numbered BH-1, there shall be issued the negotiable coupon
bonds of the City of Miami Beach, Florida, in the aggregate
amount of $655,000, which bonds shall be designated
"Improvement Bonds, Series I" and shall consist of 655
bonds of the denomination of $1,000 each, numbered 1 to 655
inclusive, dated April 1, 1925, bearing interest at the rate
of 5* per cent per annum, payable semi-annually on the first
days of April and October of each year, and maturing annual-
ly April 1, in numerical order, lowest number first, as
follows: $35,000 1927 to 1929 inclusive, $15,000 1930,
• $34,000 1931 and 1932, $35,000 1933 to 1935 inclusive,
,/ ✓r✓ J 42,/
$45,000 1936 to 1941 inclusive and $23,000 19to 1945,
inclusive, without option of prior payment. Both principal
wItiot
CHESTER B. MASSLICH, COUNSELOR AT LAW, 120 BROADWAY, NEW YORK
■
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and interest shall be payable at the United States Mortgage
and Trust Company in the City of New York, in gold coin of j
the United States of the present standard and weight of fine-
ness. Said bonds shall be registrable as to principal alone,
in accordance with the provisions hereinafter provided
for endorsement upon the said bonds, and the City Clerk is
hereby appointed and designated Bond Registrar for the
purpose of registering said bonds . No charge shall be made
to any bondholder for the privilege of registration herein
granted.
Section 2. That said bonds shall be signed by
1 the Mayor and City Ulerk and attested by the City Auditor
and sealed with the corporate seal of said city, and the
interest coupons thereto attached shall be executed with
the facsimile signature of said City Clerk. Said bonds
and coupons and the provisions for registration to be
endorsed on the back of each bond, shall be in substantially
the following form:
No. 51000
UNITED STATES OF AMERICA
STATE OF FLOKIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
IMPROVEMENT BOND, SERIES I
The City of Miami Beach, in the County of Dade,
State of Florida, for value received, hereby promises to pay
to the bearer, or if this bond be registered to the registered
owner hereof, on the first day of April 19 , the principal
sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of 5-1/4 per
centum per annum, payable semi-annually on the first days
of April and October of each year upon the presentation mad
surrender of the annexed interest coupons as they severally
become due. Both principal and interest hereof are payable
2-CHE -2-
CHESTER
STER B. MASSLICH, COUNSELOR AT LAW, 120 BROADWAY, NEW YORK
at the United States Mortgage and Trust Company in the City
of New York in gold coin of the United States of the present
standard of weight and fineness. For the prompt payment
hereof, both principal and interest as the same become due,
the full faith and credit of said City of Miami Beach are
hereby irrevocably pledged.
This. bond is one of a series of 655 bonds of like
date and amount, aggregating $655,000, issued for the purpose
of paying all or a portion of the cost of highway improve-
ments numbered H-55 to H-79 inclusive, sidewalk improvements
' numbered SK-14 to SK-37 inclusive, storm sewer improvements
numbered SR-57 to SR-60 inclusive, and bulkhead improvement
numbered BH-1, and the share assessable to abutting property
of the cost of sanitary sewer improvements numbered SR-52
' to SR-56 inclusive, and SRi.31 to SR-64 inclusive, within and
for said City, under the authority and within the limitations of
and in full compliance with the Charter of said City and
an act passed at the 1925 session of the Legislature of
± lorida, entitled "An Act to Authorize the City of Miami
Beach to issue Bonds" , and resolutions duly adopted by the
city Council of said City.
It is hereby certified and recited that all acts,
conditions and things required to happen, exist and be
performed, precedent to and in the issuance of this bond,
have happened, e:-ist and have been performed in due time,
form and manner as required by the Charter of said City aid
If
j the laws and Constitution of Florida; that the total indebted-
ness
of said City, including this bond, does not exceed any
constitutional or statutory limitation thereon; and that
provision has been made for the levy and co lection of a
direct annual tax upon all taxable property within said City
sufficient to pay the principal and interest of this bond as
"3"
``,, CHESTER S. MASSLICH, COUNSELOR AT LAW, 120 BROADWAY, NEW YORK
P
the same fall due.
This bond is subject to registration as to the
principal thereof in accordance with the provisions endorsed
hereon.
IN WITNESS WHEREOF, the City of Miami Beach, Florida,
has caused this bond to be signed by its Mayor and City
Clerk under its corporate seal and attested by its City
Auditor, and the interest coupons hereto attached to be
executed with the facsimile signature of said Clerk, all as
of the first day of April, 1925.
Mayor
City Clerk
Attest :
City Auditor
(FORM OF COUPON)
No. $26.25
On the first day of , 19
The City of Miami Beach, Florida, will pay to
bearer at the United States Mortgage & Trust Company, in the
Uity of New York, the sum of Twenty-six and 25/100 Dollars
li
in gold coin, as provided in and for the semi-annual interest
then due upon its Improvement Bond, Series I , dated April 1,
19 25, No.
City Clerk
(ENDORSEMENT CONCERNING REGISTRATION)
This bond may be registered as to principal in
the Bond Register of the City of Miami Beach, Florida,
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
iim -4-
CHESTER B. MASSLICH, COUNSELOR AT LAW, 120 BROADWAY, NEW YORK
* � thereafter be transferred on such Register by the registered
i A 4
owner in person or by attorney, upon presentation to the
1Bond Registrar, accompanied by delivery of a wtitten 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
registrations and transfers as before. Notwithstanding the
1 registration of this bond the coupons shall remain payable
to bearer and shall be transferable by delivery.
DATE NAME Or'
OF REGISTRATION REGISTERED OWNER REGISTRAR
Section 3. 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 on 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 following year, the proceeds of which
taxes, after payment of accrued interest upon said bonds, shall
be paid into a fund which is hereby created and denominated
"Local Improvement Bond Fund No. 9" which shall be used for
no other purpose than for the payment of the principal
pf such bonds as they mature, provided, however, that the
..4
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 coalected and then remaining
in a special assessment fund or funds applicable to said bonds.
CHESTER B. MASSLICH, COUNSELOR AT LAW, 120 BROADWAY, NEW YORK
a
Section 4. That there is hereby created a fund to
be denominated "Improvement Fund No. 9", into which shall
be placed all accrued interest received upon said bonds
for the period between their date and the date of their de-
livery, and 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 said bonds hereby
authorized until all thereof shall have been redeemed and
paid.
Section 5. That Resolution No. 998, adopted by this
City Council March 27th, 1925, be and the same is hereby re-
pealed.
Section 6. This resolution shall be in force and ef-
fect immediately upon its adoption.
PASSED AND ADOPTED this lith day of May, A. D. , 1925.
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