Resolution 1299 r,{
0001
RESOLUTION NO. 1299
A RESOLUTION OF THE CITY COUNCIL 0 ' THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZ-
ING THE ISSUANCE OF $469,000.00 OF ThI-
YROVEMENT BONES OF SAID CITY, DESIGNATED
"SERIES J" AND REPEALING RESOLUTION NO.
1205.
BE IT RESOLVED BY 1HE 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 incidental expenses , and for the
reimbursement of any funds of said City from which any part of such
costs shall have heretofore 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 heretofore passed
and adopted resolutions ordering local improvement bonds pursuant to
the provisions of said Section 29, and directing the City ;engineer to
pre7)are 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 estimate of the costs of said improvements,
including the estimates of the cost of incidental expenses, and
Section 4. Whereas, subsequent to the filingof said estimates
said City Council adopted resolutions that the City Qlerk 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 in-
terested, to the confirmation of said several resolutions ordering said
improvements, and
Section 5. Whereas, thereafter said resolutions ordering said im-
provements were, after the posting of such notice and after due hearing
thereon, confirmed by said City Council, and
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Section 6. Whereas , certain of said improvements designated
SR-66 , SR-67 and SR-68 were and are for the construction of sanitary
sewers for which bids were received pursuant to the provisions of
said charter and a contract for such construction 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 improvements 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 dons of terra cotta sewer pipe and to have the same
done with City forces without a contract, and one of said improve-
ments, 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 construction of the same , determined to have done of
terra cotta pipe and done with City forces without a contract ; that
certain of said improvements designated SR-89 to SR-96 inclusive ,
were and are for the construction of sanitary sewers, for the con-
struction of which no bids have been received or contracts let ; and
certain of said improvements hereinafter designated :ti.-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 improve-
ments hereinafter designated t -88 was for the construction of a
highway improvement which at the time of the confirmation of the
resolution ordering the same done, said City Council declared its
intention to have the same done with City forces without a contract,
and whereas this City Council does hereby find and determine that
the amount hereinafter set forth as the cost of the improvements
designated A-80 to H-86, inclusive , is the amount set opposite such
designations, and whereas it is hereby determined that the amount of
the cost of constructing said sanitary sewers to be apportioned to
abutting property and the amo i nt of the cost of constructing said
storm sewers to be apportioned to the lots and parcels of land in
said storm sewer district, as to said sanitary and storm sewer im-
provements other than those designated 3R-89 to SR-96, inclusive,
is 430,737.97 , the City' s share of such cost being 48,638.42, divi-
sible 45,410.41, for sanitary sewers and 43,228.01 for storm sewers,
and the esimated cost of the construction of said sanitary sewer
improvements designated SR-89 to 3R-96, inclusive , is : 351,452.61,
the vity' s share of which cost is 4122,397.94, and whereas on July
31st, 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 freeholders therein, whether said City should issue
negotiable coupon bonds in the sum of 4134,000.00 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 466,000.00 for the purpose of paying the City' s share of the cost
of constructing storm sewers, which bonds were duly authorized to be
issued by said voters, as was determined by a resolution of said City
Council, and which bonds so voted have not been sold or appropriated
to other uses, and whereas 4134,000.00 of said bonds issued to pay
the cost of the City' s share of the construction of sanitary sewers
and 48,000.00 of said bonds issued to pay the cost of the City's
share of the cost of the construction of storm sewers is a sufficient
amount to pay such respective shares of the cost of said sanitary
and storm sewers, which bonds said city Council will sell and issue ,
the proceeds of which may be used for that purpose , and
section 7. 'whereas, the following is a list of im-provements
ordered, to which reference is hereinabove made, which list embraces
the designations by which said improveme_1ts 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 amounts of said City Engineer' s estimates of the cost of said
improvements , which said city Council has determined to do with City
r
forces without contract, including his estimates of the cost of
incidental expenses in each such case, and the amounts of said
City z:ngineer ' s estimate of the cost of improvements, and his es-
timate of the cost of incidental expenses as to those improvements ,
for which no contract has been let, and the amounts of the contract
prices as found by said City 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 COST
OF IMPROVEMENT: LUTIONS ORDER- LUTIONS CONFIRM- PRICE OF INCIDENTAL
ING TEE SAME: ING TRA SAME: EXPENSES:
Sanitary sewer
Dist. SR-66,
Sanitary Sewer
Imp. SR-66 July 29, 1925 Sept. 2, 1925 6,553.63 568.34
SR-67 " 7 ,746.32 551.58
" SR-68 °' n Ti 388.55 32.25
Highway District
H-82 11, 204.81 1,239.76
.r =_ �t "
" H-83 10,644.11 1,176. 26
" H-84 Tt " ► 14,726.25 1,622. 28
H-85 " " 23,400.45 2,099.72
" H-86 ;, " ►i t+ 94,836.78 10,490.34
" H-80 April 29, 1925 June 3, 1925 1,097.44 112.74
"
11-81 May 20, 1925 " 4,331.86 445.00
CITY ENGINEER'S ESTIMATE OF:
COST OF IM- COST OF INCI-
PROVTENTS: DENTAL EXPENSES:
Sanitary Sewer
Dist. SR-81,
Sanitary sewer 417 .62
Imp. SR-81 July 29, 1925 October 7 , 1925 4 2,784.14
" SR-85 Oct. 14, 1925 October 24,1925 9,416.76 1,224.18
Storm Sewer
Dist. SR-88,
Storm Sewer
Imp. SR-88 " " " 8,577.89 1,115.13
Sanitary Sewer
Dist. SR-89,
Sanitary Sewer •
Imp. SR-89 November 18,1925 .February 17,1926 98,437.41 12,796.86
DESIGNATION DATES OP RESO- DATES OF RESO- CITY ENGINEER'S ESTIMATE
OF IMPROVE- LUTIONS ORDER- LUTIONS CONDI - OF:
MENT: ING TH SAME: ING TAA SAME: COST OF ra- COST OF IN-
PROV' tNT: C IDENTAL
EXPENSES:
Sanitary Sewer
Dist, SR-90,
Sanitary sewer
Imp. SR-90 November 18, 1925 . ebruary 17 , 1926 $ 54,175.61 4 7,042.83
" SR-91 rr n rr rr 38,500.29 5,005.04
" SR-92 " " " tt 3,361.39 436.98
" SR-93 ': ►' 48, 271.11 6,275.24
" SR-94 t' '' It " 45 ,584.59 5,926.00
" SR-95 't n tt 5,657.46 735.47
" SR-96 it ►r rr a 17,032.15 2,214.18
Highway Dist.
H-88, highway
Imp. H-88 sept. 16, 1925 Oct. 7 , 1925 28,173.00 3,662.49
$534,901.90 4 65,190.29 i
65,190. 29
Less Uity' s share of the cost of constructing 4660,692.15
sanitary and storm sewers 131,036.36
4‘69:055.83
Section 8. 2hat. for the purpose of paying the cost of said high-
way improvements and that part of the cost of said sanitary and storm
sewer improve;nents to be apportioned to the abutting property in the
case of sanitary sewers and to be apportioned to the lots and parcels
of land within said storm sewer district as hereinbefore determined,
there shall be issued the negotiable coupon bonds of the City of Miami
Beach, elorida, in the aggregate amount of 4469,000.00 which shall be
denominated 'Improvement Bonds, series J", and shall consist of 469 boA3 s
of the denomination of 41,000.00 each, numbered from 1 to 469, both in-
clusive, bearing date March 1, 1926, and bearing interest at a rate to
be hereafter determined, not exceeding 6% per annum, such interest to
be payable semi-annually on the first day of ::larch and September of each
year, upon the presentation and surrender of interest coupons to be at-
tached 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 frust
company in the City and state of New York, which bonds shall mature
and be payable as follows :
$24,000.00 on . larch 1st, in each of the years 1927 to 1944, inc. , and
37,000.00 on iiiarch 1st, 1945.
all inclusive, without option of prior payment. said bonds shall be
registerable as to principal only, in accordance with the provisions
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which this resolution directs to be endorsed on said bonds, and the
City Clerk is hereby appointed 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 cor-
porate seal of said City, and the coupons hereto 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. $1,000.00
UNITED STATES OF AMERICA
STAT.i OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
IMPROVEMENT BOND
SERIES J
ISSUED UNDER SECTION 29, CITY CHARTER
KNOW ALL MEN BY THESE PRESENTS:
That the City of Miami Beach, Florida, in the County of Dade
and State of r`lorida, is justly indebted, and for value received here-
by promises to pay to the bearer, or if registered, to the registered
owner thereof, on the first day of March 192 . , the principal sm of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per centum per annum, payable
semi-annually on the first day of March and September of each year,
upon the presentation and surrender of the annexed interest coupons as
they severally become due. Both the principal and interest of this
. 1 c
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 469 bonds of like date and amount,
aggregating X469,000.00, and is issued for the purpose of paying a
portion of the cost of sewer improvements numbered SR-66, SR-67, SR-68,
SR-81 , SR-85 and SR-88 to SR-96 inc. 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.
The full faith, credit and resources of said City of Miami Beach,
'lorida, are hereby irrevocably pledged to the prompt payment 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 constitution of• Florida
have happened, exist anc have been performed, as was required; that
provision has been made for the levy and collection 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 limitations thereon.
This bond is subject 60 registration as to the principal thereof
in acccr dance with the provisions endorsed thereon.
[N 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 signa-
ture of said City Clerk, all as of the first day of March, A. D. 1926.
Mayor
City Clerk """"'
po7g. si.e ' ":' opi r:! *.;.0 fC c- ,
F
COUPON
No. $25.00
On 1, 19 , the City of Miami Beach, Florida,
will pay to the bearer, at the United States Mortgage and Trust Com-
pany, New York City, the sum of $ in gold coin as provided in
and for the interest then due on its Improvement Bond, Series J, dated
larch 1, 1926, and numbered
City Clerk
That on the reverse of each of said bonds shall be printed the follow-
ing endorsement:
i'GISTRATION 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 Clem or such other officer or agent as
may be designated "Reg.istrar" by resolution 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 he subject to successive registration and transfer as before .
Notwithstanding the registration of this bond the coupons shall remain
payable to bearer and shall be transferable by delivery.
Date of registration Names of Registered registrar.
Owners.
Section 10. 'That for the purpose of paying the principal and in-
terest 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, . lorida, a direct annual tax in each year while any o=
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 'und 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.
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 improvements,
shall be placed in the aforesaid Improvement eund No. 9 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 is-
sued 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 delivery of
said bonds, and for that purpose the City Clerk is hereby authorized
and directed to advertise for sealed bids for the same.
Section 13. That Resolution No. 1205, passed and adopted Octo-
ber 24, 1925, and entitled ' A RESOLUTION OF THE CITY OF MIAMI BEACH,
FLORIDA, AUTHORIZING THE ISSUANCE OF 040,000.00 Or IMPROVEMENT BONDS
OF SAID CITY DESIGNTATED SERIES "J" be and the same is hereby repealed.
•
Section 14. This resolution shall be in force and effect imme-
diately upon its passage.
PASSED AND ADOPTED this 24th day eebruar , A. D. , 1926.
President of City Council
ATTEST:
City Clerk
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