Resolution 1423 S m!
RESOLUTION NO. 1423
A RESOLUTION OF THE CITY COUNCIL CF
THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING THE ISSUANCE OF X488,000.
OF Il`Ng'ROVE= BONDS OF SAID CITY,
DESIGNATED "SERIES K".
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MI ..MI BEACH, FLORIDA:
Section 1. That whereas Section 29 of the charter of
the City of Miami Beach, Florida, authorizes the City Council by
resolution to issue bonds of said City for the payment of the en-
tire cost or any part thereof, including incidental expenses, and
for the reimbursement of any fund 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 price, and the estimated cost of in-
cidental expenses, and
Section 2. Whereas the City Council has heretofore
passed and adopted resolutions ordering local improvements pursu-
ant to the provisions of said Section 29 , and directing the City
Engineer to prepare and file with the City Clerk plans and speci-
fications of each improvement and an estimate of the cost thereof,
including the estimated amount of cost and incidental expense to
be assessed against property, and
Section 3. Whereas the City Engineer of said City has,
pursuant to said resolutions, filed his estimates of the costs of
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improvements, including the estimate of the costs of incidental
expenses, and
Section 4. Whereas subsequent to the filing of said
estimates said City Council adopted resolutions that the City
Clerk post or cause to be posted in accord with law a notice
stating that at a meeting therein specified the City Council would
hear the objections of all persons interested to the confirmation
of said several resolutions ordering said improvements, and
Section 5. Whereas thereafter said resolutions order-
ing said improvements were, after .,the posting of such not ice , a 1.
after a due hearing thereon, confirmed by said City Council, and
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Section 6. Whereas no bids for the construction of
any of said improvements have been received and no contract or
contracts for any or all of said improvements have been awarded,
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 saidimprovements 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, including his esti- .
mates of the cost of incidental expenses in each such case:
CITY ENGINEER'S ESTIMATE OF:
SIGNATION DATES OF RESOLD- DATES OF RESOD' COST OF IT COST OF IN-
IITZ'ROVET,ENT: TIONS ORDERING LUTI ON S C OI`F IRT.- PROVEEENT : CIDENTAL
THE SANE : ING THE SATE: EXPENSES :
ghway District
90, Highway
iprovement H-90 June 11, 1926 June 23, 1926 w 69,125.00 8,986.25
ghway District
91, Highway
tprovement H-91 " " " " 12,506.65 1,625.86
ghway District
92, Highway
iprovement H-92 '1 TI rr " 36,872.12 4, 793.37
ghway District
93, Highway
(provement H-93 " rt it tt 5,256.27 683.32
dewalk District
-39, Sidewalk
,provement SK-39 Feb. 6, 1926 Feb. 17, 1926 1,291.10 167.84
dewalk District
-40 , Sidewalk
Trovement S.K440 June 11, 1926 June 23, 1926 1,037.61 134.89
dewalk District
-41, Sidewalk
provement SK-41 " " if " 1,346.13 174.99
dewalk District
-42, Sidewalk
provement SK-42 " 't 'r it 3,244.50 421.79
ite Way District
-1, White Way
provement WW-1 " " " Ti 22,476.36 2,247.64
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CITY ENGINEER'S ESTIMATE OF
DESIGNATION DATES OF RESOLD- DATES OF RESO- COST OF ISI- COST OF IN-
OF IMPROVEMENT: TIONS ORDERING LUTIONS CONFIRM- PROVEL IdT : CIDENTAL
THE SAME : ING THE SAME : EXPENSES:
White Way District
WW-2 , White Way
Improvement WW-2 June 11, 1926 'Furse 23, 1926 ; 4, 705.45 470.55
White Way District
WW-3, Wh i t e Way
Improvement WW-3 rr rt TT TT 9,090.91 909 .09
White Way District
d';-4, White Way
Improvement 'WW-4 T1 Tr 70, 772.73 7,077.27
Sanitary Sewer
District SR-97. San-
itary Sewer Imp.SR-97 April 21,1926 May 5, 1926 3,843.97 499.70
Sanitary Sewer Dist.
SR-98, Sanitary Sew-
er Imp. SR-98 June 11, 1926 June 23, 1926 82,827.00 10, 767.52
Sanitary Sewer Dist .
SR-99, Sanitary Sew-
er Imp. SR-99 1T TT IT TT 2,121.19 275.75
Sanitary Sewer Dist .
SR-100, Sanitary Sew-
er Imp. SR-100 " tt n " 8,187.48 1,064.37
Sanitary Sewer Dist .
SR-101, Sanitary Sew-
er Imp. SR-101 " " 'r TT 7,913.24 1,028.72
Sanitary Sewer Dist.
SR-102, Sanitary Sew-
er Imp. SR-102 TT Tt TI • tr 40,160.00 5,220.80
Sanitary Sewer Dist.
SR-103, Sanitary Sew-
er Imp. SR-103 Tr rt ►t t' 42,589.00 5,536.55
Sanitary Sewer Dist.
SR-104, Sanitary Sew-
er Imp. SR-104 Tr It IT tt 6,257.54 813.48
Sewer Lateral Dist.
SL-1, Sewer Lateral
Imp. SL-1 TT tT TT rt 1, 776.44 230.94
Sewer Lateral Dist.
SL-2, Sewer Lateral
Imp. SL-2 It rr n tt 1,382.15 179 .68
434, /82.81 53,310.37
53,310.37
7488,093.18
Section 8. That for the purpose of paying the cost
of said several improvements, including the cost of incidental ex-
penses which are a part of the cost of said improvements, there
shall be issued the negotiable coupon bonds of the City of Miami
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Beach, Florida in the aggregate amount of 0488,000. which shall
be denominated "Improvement Bonds, Series I " and shall consist
of 488 bonds of the denomination of 01,000. each, _ numbered from
1 to 488, both inclusive , bearing date July 1, 1926, and bear-
ing interest at the rate of 6 per annum, which interest shall
be payable semi-annually on the first days of January and July
of each .year upon the presentation and surrender of interest
coupons to be attached to said bonds, and both the principal and
interest shall 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 & Trust Company in the City and State of
Ilew York, and the principal of said bonds shall mature and be
payable as follows: 047,000 . July 1, L. D. 1928, and 049,000.
July 1, A. D . 1929 to 1937, both inclusive, the bonds numbered
from 1 to 47 inclusive being the ones maturing Jur 1, 1928, and
those numbered from 48 to 96, inclusive , maturing July 1, 1929
and so on, without option of prior payment . Said bonds shall be
registerable as to principal only in accordance with the provi-
sions which this resolution directs to be endorsed on said bonds,
and the City Clerk is hereby designated Registrar for the pur-
pose 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 up-
on 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
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
INTROVEMENT BOND
"SERIES K"
ISSUED UNDER SECTION 29 , CITY CHARTER
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KNOW ALL MEN BY THESE IRESENTS: That the City of
Miami Beach, 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 there-
of, on the first day of July, A. D . 192 , the principal sum
of
ONE THOUSAND DOLLARS
with interest thereon at the rate of six per cent. per annum,
payable semi-annually on the first days of January and July of
each year, upon the presentation and surrender of the annexed
interest coupons as they severally become due . Both the prin-
cipal 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 and State of New York.
This bond is one of a series of 488 bonds of like
date and amount, aggregating c488,000. and is issued for the
purpose of paying a portion of the cost of Highway Improvements
designated H-90 to H-93, inclusive ; Sidewalk Improvements desig-
nated SK-39 to SK-42, inclusive; White Way Light Improvements
designated WW-1 to WW-4, inclusive; Sanitary Sewer Improvements
designated SR-97 to SR-104, inclusive; and Sewer Lateral Improve-
ments designated SL-1 and SL-2, within and for said City and un-
der the authority and within the limitations of, and in full
compliance with the charter of said City and resolutions duly
adopted by the City Council of said City.
The full faith, credit and resourses of said City
of Miami Beach are hereby irrevocably pledged to the prompt
payment of the principal and interest hereof as the same become
due and it is hereby certified and recited that all acts, condi-
tions and things required to happen, exist or be performed pre-
cedent to and in the issuance of this bond by said charter and
the laws and constitution of Florida have happened, exist and
have been performed as is required; that provision has been made
for the levy and collection of a direct annual tax upon all tax-
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able 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 statutory limitations
thereon.
This bond is subject to registration as to princi-
pal thereof in accordance with the provisions endorsed hereon.
IN WITNESS W=REOF the said City has caused this
bond to be signed by its Mayor and City Clerk and its corporate
seal to be affixed, and the interest coupons hereto attached
to be signed with the facsimile signature of said City Clerk,
all as of the 1st day of July, A. D . 1926.
Mayor.
City Clerk.
COUPON
No. 30.00
On 1, 192 , the City of Miami Beach,
Florida, will pay to the bearer at the United States Mortgage
and Trust Company, New York City, the sum of Thirty Dollars in
gold coin as provided in and for the interest then due on its
Improvement Bond, Series K, dated July 1, 1926, and numbered
City Clerk.
that on the reverse of each of said bonds shall be printed the
following 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 thereon by the City Clerk or such
other officer or agent as may be designated Registrar by resolu-
tion of the governing body of said City, and may thereafter be
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transferred on such register by the registered owner in person
or by attorney, upon presentation to the Bond Registrar, accom-
panied 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 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. Names of Registered Owners. Registrar.
Section 10. That for the purpose of paying the prin-
cipal and interest of said bonds as the same shall become due
there shall be and is hereby levied upon 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 suffici-
ent to pay the principal and interest thereof as it shall become
due , the proceeds of which tax, after payment of the accrued in-
terest on 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 44104. for no other purpose than for the pay-
ment of the principal and interest of such bonds as they mature ,
provided, however, that the amount of such annual tax levy 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 said Im-
provement Fund No. 9 and shall be used solely for "the purpose
of paying the principal and interest of bonds authorized pursu-
ant to Section 29 of the City charter and issued since January
1, 1925 , as the same shall become due , and until all theraf
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shall have been redeemed and paid.
Section 12. That the city Clerk have said bonds
prepared and that the Mayor and City Clerk proceed to execute
the same immediately and to affix the corporate seal of said
City thereto.
Section 13. This resolution shall be in force and
effect immediately upon its passage .
PASSED ED LTD .:ADOPTED this 23rd day of June , A. D .
1926.
Alir
Presiden o i Co ci .
ATTEST:
City Clerk.
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