Resolution 1205 lr _
100 mew Nee
_SOLUTION NO. 1205
A RESOLUTION OF THE CITY OF MIATAI BEACH,
FLORIDA, AUTHORIZING THE ISSUANCE OF
$240,000.00 OF IMPROVEMENT BONDS OF SAID
CITY DESIGNATED SERIES "J".
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
SECTION 1 - That , whereas, Section 29 of the Charter
of the City of Miami Beach, Florida, authorizes the City Council
of said City by Resolution to issue bonds of said City for the
payment of the entire cost, or any part thereof, including inci-
dental expenses, and for the reimbursement of any funds of said
City from which any part of such costs shall have theretofore been
paid, in an amount not greater than the estimate of the cost and
incidental expenses and not in excess of the contract prices and
the estimated cost of incidental expenses and,
SECTION 2 - Whereas, the said City Council has here-
tofore passed and adopted resolutions ordering local improvement
bonds pursuant to the provisions of said Section 29 and directing
the City Engineer to prepare and file with the City Council,
plans and specifications of said improvements 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, pursuant to said resolution, filed his estimates of the
costs of said improvements, including the estimates of the cost
of incidental expenses, and,
SECTION 4 - Whereas, subsequent to the filing of said
estimates 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,
i
SECTION 5 - Whereas, thereafter said resolutions or-
dering said improvements were, after the posting of such notice
and after a due hearing thereon, confirmed by said City Councils
and, ,
SECTION 6 - Whereas, certain of said improvements
designated SR-66, SR-67 and SR-68 were and are for the construc-
tion of sanitary sewers for which bids were received pursuant to
the provisions of said Charter and a contract for such construc-
tion made in the sums hereinafter specified, in the awarding of
which contract the said City Council determined to have such
construction done of terra cotta sewer pipe, and two of said im-
provements hereinafter designated SR-81 and SR-85 were also for
the construction of sanitary sewers as to which said City Council,
at the time of the confirmation by it of the resolutions ordering
said improvements, determined to have said construction done of
terra cotta sewer pipe and to have the same done with City forces
without a contract and one of said improvements, SR-88 was and is
for the construction of a storm sewer which said City Council at
the time of the confirmation of the resolution ordering the con-
struction of the same, determined to have done of terra cotta
pipe and done with City forces without a contract and certain of
said improvements hereinafter designated H-81 to H-86, inclusive,
were and are for the construction of highways for which contracts
have been let pursuant to advertisements for bids made in accord
with the provisions of Section 29, and one of said improvements
hereinafter designated H-88 was for the construction of a high-
way improvement which at the time of the confirmation of the re-
solution ordering the same done, said City Council declared its
intention to have the same done with City forces without a con-
tract and, whereas, tais City Council does hereby find and deter-
0
mine that the amount hereinafter set forth as the cost of the
improvements designated H-80 to H-86, inclusive, is the amounts
set opposite such designations and, whereas, it is hereby de-
termined. that the amount of the cost of constructing said sani-
tary sewers to be apportioned to abutting property and the amount
of the cost of said storm sewers to be apportioned to the lots
and parcels of land in said storm sewer district is $30, 737.97,
the City's share of such cost being $8,638.42 and, whereas, on
July 31, 1925, an election, duly called was held at which the
question was submitted to the duly registered and qualified voters
of said City who are free holders therein, whether said City
should issue negotiable coupon bonds in the sum of $134,000.00
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 $66,000.00 for the
purpose of paying the City's share of the cost of construct-
ing 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 and, whereas, $12,000 of said bonds issued to pay such
costs of sanitary sewers and $8,000 of said bonds issued to pay
the costs of storm sewers, is a sufficient amount to pay the City's
share of the cost of construction of said sanitary sewers and said
storm sewer, which bonds said City Council will sell and issue,
the proceeds of which may be issued for that purpose, and
SECTION 7 - Whereas, the following is a list of improve-
ments ordered to which reference is hereinabove made, which list
embraces the designations by which said improvements are known,
the dates of the passage of said resolutions ordering the same,
the dates of the confirmation of said several resolutions order-
Ammimmommtommmommimmomm
ing said improvements, the amounts of said City Engineer' s esti-
mates of the cost of said improvements, which said City Council
has determined to do with City forces without contract, including
his estimates of the cost of incidental expenses in each such
case and the amounts of the contract prices as found by said City
1 Council including the City Engineer' s estimates of the cost of
incidental expenses in those cases where a contract has been let
as to said several improvements.
DESIGNATION DATES OF RESO- DATES OF RESO- CONTRACT ESTIMATED
OF IMPROVE- LUTIONS ORDER- LUTIONS CONFIRM- PRICE COST OF IN-
MENT: ING THE SAME: ING THE SA? : CIDENTAL EX-
PENSES:
s°
14-4',W
Sanitary sew- i ,-;Lo
er Dist. SR-66
Sanitary Sewer
Improvement SR-66 July 29, 1925 Sept. 2, 1925 6'6553.63 568.34
n SR-67 a tt n TI TT " 7746.32 551058 /$
n SR-68 tt tt tt It n " 388.55 32.25
, ,
gighway- -82 July 29, 1925 Sept. 2, 1925 11,204.81 1239.76
District
Imp. Hi ,HR-83 it n tt n tr n 10,644.11 1176.26
IT H-84 tt tt It tt " " 14,726.25 1622.28
tt H.85 n IT IT Ti TT " 23,400.45 2099.72
IT H-86 TT tr tt rt " " 94,836.78 10,490.34
ti H-80 April 29,1925 June 3, 1925 1,097.44 112.74
it H-81 May 20, 1925 June 3, 1925 4,331.86 445.00
CITY'S ENGINEER'S EST I':ATE OF:
COST OF IM COST OF
PROVErENTS: INCIDENTAL
EXPENSES:
Sanitary AIy
�R
sewer dist. ft,�-
SR-81, Sanitary )y
Sewer Imp.
SR-81 July 29, 1925 October 7, 1525 X2784.14 417.62 1.1
n SR-85 Oct. 14, 1925 " 24, 1925 9416.76 1,224.18 ',7
a
Storm sewer Dist.
SR-88, Storm Sewer8577.89 1,115.13
Imp. SR-88 it tt n n n n
•
DESIGNATION OF DATES OF RESOLUTIONS DATES
OF
CON- CITY TIMATE R t SES*
IMPROVEMTT ORDERING THE
FIRMING THE
SALlE
COST OF IM- COST OF IN-
PROVELENT C IDENT AL
EXPENSES
Highway District
H-88, Hihway Sept. 16, 1925 Oct. 7, 1925 $28,173.00 $3,662.49
Improvement 0223,881.99 24,757.69
24,757.69
Less City' s share of the cost of construct- >248,639.68
ing sanitary and storm sewers 8,638.42
$240,001.26
SECTION 8 - That for the purpose of paying the cost of said
highway improvements and that part of the cost of said sanitary and storm
sewer improvements to be apportioned to the abutting property in the
case of sanitary sewers and to be apportioned to the lots and parcels
of lands within said storm sewer district as hereinbefore determined,
there shall be issued the negotiable coupon bonds of the City of
Miami Beach, Florida, in the aggregate amount of 0240,000.00 which
bonds shall be denominated "Improvement Bonds, Series "J" , and
shall consist of 240 bonds of the denomination of 01,000.00 each,
numbered from 1 to 240 both inclusive , bearing date November 1,
1925, and bearing interest at the rate of five per centum per annum,
such interest to be payable semi-annually on the first days of
May and November 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 and Trust Company in the City and State of New York
which bonds shall mature and be payable as follows:
Bonds numbered 1 to 24 aggregating 20,000.00 on May 1, 1927
ri " 21 to 40 " 20,000.00 " " " 1928
t� 20,000.00 " " " 1929
11 T1 4to 60 TI 20,000.00 " " " 1930
" 11 6l1 to 80
AO, 41P lik
Bonds numbered 81 to 100 aggregating : 20,000.00 on May 1, 1931
101 " 120 " '20 ,000.00 " rr " 1932
rr " 121 " 140 " 20,000.00
rr rr "
�T " 1933
141 rT 160 1120 000.00 " " 1934
If rT 161 180 " $20,000.00 000.00 11 11T' 1935
181 " 200 " 20,000.00 " " " 1936
IT 201 " 220 'r §20,000.00 rT rr rr 1937
221 " 240 " 920,000.00 " " " 1938
all inclusive, without option of prior payment. Said bonds shall be
registerable as to principal only in accordance with the provisions
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.
SECTION 9 - That each of said bonds shall be signed by the
Mayor and City Clerk of said City 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 reserved.
SECTION 10 - That the form of said bonds and coupons shall
be substantially as follows:
No. 01,000.00
UNITED STATES OF ATlERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
IEPROVEVFNT BOND
SERIES "J"
ISSUED UNDER SECTION 29, CITY CHARTER
KNOW AIL L N BY THESE PRESENTS: That the City of Miami Beach, Florida,
in the County of Dade and 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 thereof, on the first day of May,192,,
the principal sum of ONE THOUSAND DOLLARS , with interest thereon
at the rate of five per centum per annum, payable semi-annually
on the first day of May and November of each year, upon the pre-
sentation 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 and Trust Company in the City of New York and State of
New York.
This bond is one of a series of 240 bonds of like date
fand amount, aggregating $240,000.00 and is issued for the pur-
pose of paying a portion of the cost of sewer improvements numbered
SR-66, SR-67, SR-68, SR-81, SR-85 and SR-88 and highway improvements
numbered H-80 to H-86, inclusive, and H-88 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
29 thereof and Resolutions duly adopted by the City Council of said
City.
In full faith, credit and resources of said City of Miami
Beach, Florida, are hereby irrevocably pledged to the prompt pay-
ment of the principal and interest thereof as the same 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 performed,
as was 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 constitution
al or statutory limitations thereon.
This bond is subject to registration as to the principal
thereof in accordance with the provisions endorsed thereon.
IN WITNESS WHEREOF the said City has caused this bond
to be signed by its Mayor and City Clerk, under its corporate
seal and the interest coupons hereto attached to be signed with
the facsimile signature of said City Clerk, all as of the first
day of November, A. D. 1925.
Mayor
City Clerk
COUPON
No. X25.00
On 1, 19 , the City of Miami Beach,
Florida, will pay to the bearer, at the United States Mortg%.e
and Trust Company, New York City, the sum of 25.00 in gold coin
as provided in and for the interest then due on its Improvement
Bond, Series "J" , dated November 1, 1925, and numbered
City Clerk.
that on the reverse of each of said bonds shall be printed the fol-
lowing endorsement:
REGISTRATION 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 resolution
of the governing body of said City and may thereafter be trans-
4
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 ap-
proved 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 transfer as be-
fore. Notwithstanding the registration of this bond the coupons
shall remain payable to bearer and shall be transferable by
delivery.
Date of Registration. Nares of Registered Registrar.
Owners.
SECTION 10 - That for the purpose of paying the grin-
cipal and interest of said bonds as the same shall become due and
payable 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
pay the principal and interest thereof, as it shall become due, the
proceeds of which taxes after payment of the accrued interest upon
said bonds shall be placed into a fund which has been heretofore created
and is now known as "Improvement Fund No. 9" which shall be used for
no other purpose than for the payment of the principal and interest
of such bonds as they mature , provided, however, that the amount of
such annual tax levied may be reduced by the amount then contained
in said Improvement Fund No. 9.
s SECTION 11 -- That accrued interest received upon said
bonds for the period between their date and the date of their delivery
and all assessments made on account or because of the aforesaid im-
provements shall be placed in the aforesaid Improvement fund No. 9
';z
and shall be used solely for the purpose of paying the principal
and interest of bonds authorized pursuant to section 29 of the City
Charter and issued since January 1, 1925, as the same shall fall
due and until all thereof shall have been redeemed and paid.
SECTION 12 - That the City Clerk and City Attorney take
such steps as may be necessary to effect an early sale and de-
lievery of said bonds and for that purpose the City Clerk is here-
by authorized and directed to advertise for sealed bids for the
same.
SECTION 13 - This resolution shall be in force and ef-
fect immediately upon its passage.
PASSED AND ADOPTED this 24th day of October, A. D. 1925.
C / President of City Council
ATTEST:
c2.C.(1.
City Clerk
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