Resolution 1441 RESOLUTION NO. 1441
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MIAMI I BEACH, FLORIDA, AUTHORIZ-
ING THE ISSUANCE OF $475 ,000.00 OF PUB-
LIC IMPROVEMENT BONDS.
WHEREAS , the City Council of the City of Miami Beach, Florida,
on J'u.ne 30th, 1926 , passed a resolution authorizing the issuance
of said bonds in the sum and for the purpose of developing and
improving its public park, subject to the authorization of the
duly registered and qualified voters of said City who are free-
holders therein and who are the owners of and pay taxes on real
or personal property, at a special election which said resolu-
tion directed to be held on August 3rd, 1926 , and
WHEREAS, the said City Council on August 4th, 1926 , can-
vassed the returns of the aforesaid election and found that the
majority of the votes cast upon the bonds to be issued for such
purpose were in favor of said issue and declared the result of
said election and canvass,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA:
Section 1. That pursuant to said election, $475,000.00
of negotiable coupon bonds of the City of Miami Beach, Florida,
be issued bearing date September 1st , 1926 , and bearing interest
at 6% per annum, which interest shall be payable semi-annually
on the first days of September and March in each year and be
evidenced by coupons attached to the principal bonds , and both
principal and interest shall be payable in gold 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 resolution directs to be printed
on said bonds and that the City Clerk of said Gity is hereby
designated Registrar for that ffitrpose. '"'"'
Section 2. That said bonds shall mature as follows: the
day and month of all maturities to be the first day of September
in the respective years stated: 425 ,000.00 A. D. 1928 to 1946 ,
inclusive.
Section 3. That all of the bonds herein authorized shall
be in denominations of 41,000. each and shall be designated
"public Improvement 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 valida-
tion, shall be substantially as follows:
No. 41,000.00
UNITED STATES OF AMERICA
STATE OF FLOIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT 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 in-
debted ,, and for value received, hereby promises to pay to the
bearer, or if registered, to the registered owner thereof, on the
first day of September, A. D. 19 , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of six per centum per annum, pay-
able semi-annually on the first days of March and September in each
year, upon the presentation and surrender of the annexed interest
coupons as they severally become due . Both the principal and inter-
est 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 & Trust Company, in the City of New York.
For the prompt payment hereof, both principal and interest , as the
same shall be come due, the full faith, credit and resources of said
City of Miami Beach, Florida, are hereby irrevocably pledged.
This bond is one of an issue of 475 bonds of like date , amount
and tenor, except as to maturities , issued by said city for the pur-
pose of developing and improving its public parks, under the @luthor-
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ity 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 taxes on real or personal property with-
in said City, voting at an election regularly 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 collec-
tion 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 indebetedness of said
City , including this bond, does not exceed any constitutional or
statutory limitation thereof. This bond may be registered as to
principal in accordance with the provisions endorsed hereon.
IN udITNESS WHEREOF the said City of Miani Beach, Florida, has
caused this bond to be signed by its Mayor and City Clerk under its
seal and the interest coupons attached hereto to be signed with the
facsimile signature of said Clerk, all as of the first day of Sept-
ember, A. D. 1926.
Mayor .
City Clerk
COUPON
No.-- $ 30,00
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 $ 30.00 , in gold coin as provided in and
for the interest then due on this Public Improvement Bond, dated
September 1, 1926 , and numbered
City Clerk
__
ENDORSEL NT 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.
ENDORSRTMNT CONCERNING REGISTRATION
This bond may be registered as to principal in the bond regis-
try 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, accom-
panied 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 sub-
ject to successive registration and transfer as before. Notwith-
standing the registration of this bond, the coupons shall remain pay-
able to bearer and shall be transferable by delivery.
Date of Registration Name 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 475 inclusive , in the order of maturities.
Section 5. That in each year while any of said bonds shall
•
be outstanding, there shall be levied on all the taxable property
within said City, a direct annual tax sufficient to pay the princi-
pal and interest falling due in the following years upon the said
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.
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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 here-
in provided to be printed on said bonds shall not be printed.
Section 7. That this resolution shall be in force and ef-
fect immediately upon its adoption.
PASSED AND ADOPTED this 4th day of August , A. D. , 1926.
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