Resolution 1308 h b
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RESOLUTION NO. 1308
A RES OLUT I ON OF TIM C I TY COUNCIL OF ME
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF 4;i2,654,000 OF PUBLIC
II; 'RO VEMENT BONDS.
WHEREAS the City Council of the City of Miami Beach,
Florida, on January 27th , 1926, passed a resolution author-
izing the issuance of said bonds in the sums and for the pur-
poses hereinafter set forth, subject to the authorization of
the duly registered and qualified voters of said City who are
freeholders therein and who are the owners of and pay tax on
real or personal property, at a special election which said
resolution directed to be held on February 26, 1926, and
WHEREAS the said City Council on March 3, 1926,
canvassed the returns of the aforesaid election and found that
the majority of the votes cast upon the bonds to be issued_ for
such purposes, were in favor of said issue and declared the
result of said election and canvass.
NOVI, THEREFORE, BE IT RESOLVED by the City Council
of the City of Miami Beach, Florida:
Section 1- That pursuant to said election, c2, 654,000
Be ch,
of negotiable coupon bonds of the City of Miami, "_'lorida, be
issued bearing date April 1, 1926 and bearing interest at a rate
to be hereafter determined, not exceeding 6f,) per annum, which
interest shall be payable semi-annually on the first days of
April and October in each year and be evidenced by coupons at-
tached to the principal bonds and both principal and interest
shall be payable in sold coin of the United States of the present..
standard of weight and fineness at the United. States Mortgage
Trust Company, in New York City, which bonds shall be registerable
as to principal in accordance with the endorsement which this
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resolution directs to be printed on said bonds and that the
City Clerk of said City is hereby designated Registrar for
that purpose.
Section 2- That said bonds shall comprise ten
• distinct classes, each class distinct from the remaining classes
by the numbers assigned thereto as is 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 maturities to be the first day in April in the
respective years stated.
(a) For purchasing real estate as a site for a fire station
and erecting a fire station thereon, 0100,000, maturing : 5,000
A. D. 1927 to 1946 inclusive.
(b) For equiping and furnishing a fire station with fire
fighting equipment and the installation of fire alarm boxes,
037,000, maturing 02,000 A. D. 1927 to 1944 inclusive and 01,000,
A. D. 1945.
(c ) For constructing bridges across waterways within said
City, 0300,000, maturing >15,000 A. D. 1927 to 1946 inclusive.
(d) For extending and developing its waterworks system,
,.
0750,000, maturing 035,000 A. D. 1927 to 1936 inclusive and
040,000 A. D. 1937 td 1946 inclusive.
(e) For developing and improving its public parks, 047,000
maturing 02,000 A. D. 1927 to 1941 inclusive, 04,000 A. D. 1942
to 1945 inclusive and 01,000, A. D. 1946.
(f) For equiping its sanitary department with a garbage
disposal barge, 460,000, maturing 04,000 A. D. 1927 to 1941
inclusive.
(g) For purchasing real estate for and erecting a garbage
disposal plant thereon, 0_50 ,000 maturing 07,000 A. D. 1927 to
1936 inclusive and 08,000 A. D. 1937 to 1946 inclusive.
(h) For purchasing real estate for and erecting thereon_ a
part of a sanitary disposal plant and the laying of drains and
the installation of pumps, all for the operation and disposal
of sewage,0810,000, maturing 041,000 A. D. 1927 to 1936 in-
k elusive and 040,000 A. D. 1937 to 1946 inclusive .
(i) For paving its . streets, =150,000, maturing 07,000
A. D. 1927 to 1936 inclusive and 08,000 A. D. 1937 to 1946 in-
clusive.
( j ) For constructing docks, a ship channel thereto and
warehouse for the water, sewer, street and sanitary departments ,
v 0250,000, maturing 014,000 A. D. 1927 to 1936 inclusive and
011,000 A. D. 1937 to 1946 inclusive.
Section 3- That all of the bonds herein authorized
shall be in denominations of 01,000 each and shall be designated
"PUBLIC IITROVEMNT BONDS" and shall be alike in form except as
to the date of maturities and numbers, and that the form of
said bonds, coupons and registration endorsement, as well as
the manner of execution of said bonds and coupons and certificate
of validation, shall be substantially as follows:
No. 0 1,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DARE
CITY OF EIAMI BEACH
PUBLIC I PROVED NT BONDS.
KNOW ALL MEN 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 registered to the registered owner thereof,
on the first day of April, A. D. 19 , the principal sum of
ONE THOUSAND DOLLARS, with interest thereon at the rate of
per centum per annum, payable semi-annually on the
first days of April and October in each year, upon the presenta-
tion 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 a Trust Company, in the City of New York.
For the proper payment hereof, both principal and interest, as
the same shall become due, the full faith, credit and resources
of said City of Miami Beach, Florida, are hereby irrevocably
' pledged.
This bond is one of a series issued by said City
for the purpose 'of paying the cost of certain permanent muni-
cipal improvements and municipal ecuipment as is set forth on
the reverse of this bond, under the authority of and in full
compliance with the City charter and has been authorized by a
vote of the majority of the duly registered and qualified
voters of said City who are freeholders therein and who are the
owners of and pay tax 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 ,
conditions and things required to happen, exist or to be done ,
precedent to and in the issuance of this bond by said charter
and the laws and constitution of the State of Florida, have
happened, exist and have been performed; 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 become'
due and that the total indebtedness of said City, including this
bond, does not exceed any constitutional or statuatory limitation,
thereof. This bond may be registered as to principal in ac-
cordance with the provisions endorsed hereon.
In Witness whereof, the said City of Miami Beach,
Florida, has caused this bond to be signed by its Mayor and
City Clerk under its seal and the interest coupons attached
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hereto, to be signed with the facsiraile signature of said Clerk,
all as of the first day of April, A. D. 1926.
Mayor
City Clerk.
COUPON
No.
On 1, 19 , the City of Miami Beach,
Florida, will pay to the bearer. at the United States Mortgage
Trust Company, New York City, the sum of ,
in gold coin as provided in and for the interest then due on
this Public Improvement Bond, dated April 1, 1926, and numbered
City Clerk.
ENDORS IE T CONCERNING VALIDATION
Validated and confirmed by decree of the Circuit Court
for the Eleventh Judicial Circuit of the State of Florida, in
and for Dade County, on 1926.
Clerk of the Circuit Court ,
Eleventh Judicial Circuit,
Dade County, Florida .
ENDORSEMENT CONCERNING REGISTRATION.
This bond may be registered as to principal in the bond
registry of said City, 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 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 in-
strument of transfer in a form approved by the bond registrar
and executed by the registered owner, such transfer nay be to
bearer, after which this bond shall be subject to successful
registration and transfers as before. Notwithstanding the re-
gistration of this bond, the coupons shall remain payable to
bearer and shall be transferable by delivery.
Date of Registration flame of Registered Owner Registrar.
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 2, 654 inclusive, in the order of maturities, the
131 bonds maturing in 1927 to bear the numbers 1 to 131 in-
clusive and the 131 bonds maturing 1928 to bear the next successive
numbers, 132 to 262 inclusive, and so on, and that thereupon there
shall be assigned to the bonds for the purchase of real estate as
a site for a fire station and erecting a fire station thereon,
the lowest numbers of bonds having maturities herein designated
for such bonds, after which there shall be assigned to the re-
maining nine classes of bo3:r.ls in the order in which said bonds
are designated in Section 2 hereof, the lowest available numbers
of bonds having the maturities designated for such classes re-
spectively, and on the reverse of each bond there shall be
printed a statement showing the amounts, numbers and maturities
of such -,en 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 ten issues
of bonds in more marketable form and to save the expense that
would be necessitated by printing ten different forms of bonds
and to simplify the records of said City , at the same time pre-
serving complete separation and identification of each of said
ten distinct issues of bonds.
Section 5- That in each year while any of said bonds
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shall be outstanding, there shall be levied on all the taxable
property within said City, a direct annual tax sufficient to
pay the principal and interest falling due in the following
years upon each of the said ten classes of bonds, which tax shall
be collected as other City taxes and shall be used for no other
purpose than the payment of said principal and interest.
Section 6- That the City Attorney is hereby authorized
but not required to proceed to have said bonds validated in the
name of said City by the Circuit Court of said County, but in
the event he does not so proceed, then the validation endorsement
herein provided to be printed on, said bonds, shall not be printed.
Section 7- That the City Clerk and City Attorney take
such steps as may be necessary to effect anearly sale and de-
livery of said bonds and for that purpose the City Clerk is lereby
authorized and directed to advertise for sealed bids for the same .
Section 8- That this resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this March 3rd , A. D. 1926.
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'resiaen o i y ounce. .
ATTEST:
City Clerk.
4g/i ilph
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