Resolution 2004 ,A"44,Arr.
RESOLUTION NO. 2004
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLOR-
IDA, AUTHORIZING. THE ISSUANCE OF
$ 190,000.00 OF IMPROVEMENT BONDS
OF SAID CITY, DESIGNATED " SERIES L .
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 by resolution to issue bonds of said City for
the payment of the entire cost or any part thereof, in-
cluding 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 ex-
penses and not in excess of the contract price, and the
estimated cost of incidental expenseP,and
SECTION 2. Whereas the City Council has heretofore
passed and adopted resolutions ordering local improvements
Pursuant to the provisions of said Section 29 , and direct-
ing the City Engineer to prepare and file with the City
Clerk plans and specifications 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
SECTIOL1. Whereas the City Engineer of said City
has, pursuant to said resolutions , filed his estimates of
the costs of improvements , including thelestimate 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 in-
terested to the confirmation of said several resolutions
ordering said improvements, and
p,..giIDLa. 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 Council, and
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
SECIDEILZ. Whereas the following is a list of im-
provements ordered to which reference is hereinabove made ,
which list embraces the designations by which said improve-
ments are known, the dates of the passage of said resolu-
tions 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 estimates of the cost of
incidental expenses in each such case:
CITY ENGINEER' S ESTIMATE OF
JESIGNATION DATES OF RESO- DATES OF RESOLU- COST OF 1M- COST OF INCI-
OF IMPROVEMENT: LUTIONS ORDER- TIONS CONFIRMING PROVEMENT: DENTAL
In THE SAME: THE SAME: EXPENSES:
District H-102
Highway Improve-
ment H-102 May 1, 1929 May 22 , 1929 $ 38,142.20 $ 3 ,814.22
District H-103
Highway Improve-
ment H-103 22 ,753.70 2,275.37
District H-104
Highway Improve-
ment H-104- 64,965.80 6,496.58
District SK-56
Sidewalk Improve-
ment SK-56 11 6,903 .75 69o.38
CITY ENGINEER' S ESTIMATE OF:
DESIGNATION OF DATES OF RESO- DATES OF RESOLU- COST OF IM- COST OF INCI-
IMPROVEMENT: UNIONS ORDER.- TIONS CONFIRMING PROVEMENT: DENTAL
'NG THE SAME: THE SAME: EXPENSES:
District SK-60
Sidewalk Improve-
ment SK-60 May 1, 1929 May 22, 1929 $ 336.50 $ 33.65
' District SR-126
Sanitary Sewer
Improvement SR-126 " It 40tazg.00 _A-aaiL22
$173 ,479.95 $17,348.00
17,348.00
$190 ,827.95
SECTION 8. That for the purpose of paying the cost
of said several improvements , including the cost of inciden-
, •tal expenses which are a part of the cost of said improve-
,
ments, there shall be issued the negotiable coupon bonds of
the City of Miami Beach, Florida, in the aggregate amount of
$ 190,000.00 which shall be denominated " Improvement Bonds,
Series L" and shall consist of 190 bonds of the denomination
of 4 1,000.00 each, numbered from 1 to 190, both inclusive ,
bearing date July 1, 1929, and bearing interest at a rate to
be hereinafter determined, not exceeding 61/0 per annum, which
interest shall be payable semi-annually on the first days of
January and July of each year Upop. the presentation and sur-
render 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 New York. Said bonds shall
be numbered and the principal of same shall mature and be pay-.
able in accordance with the following, schedule, without option
of prior payment:
MATURITY AND 111.1MBERIN SCHEDULE
70 ,000.00 July 1, A. D. 1930, numbered 1 to 70 , both inclusive
t50,000.00 July 1 , A. D. 1931, numbered 71 to 120, both inclusive
30,000.00 July 1 , A. D. 1932 , numbered 121 to 150, both inclusive
20,000.00 July 1 , A. D. 1933 , numbered151to 170, both inclusive
$ 20,000.00 July 1, A. D. 1934, numbered 171 to 190, both inclusive
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 desig-
nated Registrar for the purpose of such registration and he shall
provide proper books for that purpose.
SI21Iglai . That each of said bonds shall be signed by the
Mayor or in case of sickness, absence or disqualification of the
Mayor , then by the President of the City Council of said City,
and City Clerk of said City and shall be sealed with the corpor-
ate 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. $ 1 ,000.00
UNITED STATES OF AMERICA
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
IMPROVEMENT BOND
" SERIES L"
ISSUED UNDER SECTION 29, CITY CHARTER
KNOW ALL MEN BY THESE PRESENTS: 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. 19 2 the principal sum
of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per cent. per annum ,
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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 190 bonds of like
date and amount , aggregating 4 190,000.00 and is issued for the
purpose of paying a portion of the cost of Highway Improvements
designated H-102 to H-104, inclusive; Sidewalk Improvements de-
signated SK-56 and SK-60, and Sanitary Sewer Improvement desig-
nated SR-126, within and for said City end under 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 resources of said City
of Miami Beach are hereby irrevocably pledged to the prompt
payment of the principal and interest hereof as the same be-
come due and it is hereby certified and recited that all acts,
conditions and things required to happen, exist , or be per-
formed precedent 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 taxable property within 6aid CI sufficient to pay
the interest and principal of this bond as the same shall be-
come due and that the total indebtedness of said City, includ-
ing this bond, does not exceed any constitutional or statutory
limitations thereon.
This bond is subject to registration as to orinci-
pal thereof in accordance with the provisions endorsed hereon.
,
IN WITNESS WHEREOF. the said City has caused this bond
to be signed by its Mayor or President of City Council and.
City Clerk and its corporate seal to be affixed, and the in-
terest coupons hereto attached to be signed with the fac-
simile signature of said City Clerk, all as of the 1st day
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of -4.T.4y,A. D. 1929.
/
Mayor.
President Of City Couracil.
Aw•mvilftWW.
City Clerk.
COUPOR
NO . $
On 1, 19_, 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
Dollars in gold coin as pro-
vided in and for the interest then due on its Improvement
Bond, Series L, dated July 1 , 1929 , and numbered
warts...mmaroomaamemarro •
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 reso-
lution of the governing body of said City , and may thereafter
be transferred on such resister by the registered owner in per-
son or by attorney , upon presentation to the Bond Registrar , ac-
companied by delivery of a written im3trument of transfer in a
form approved by the Bond. Registrar and executed by the regis-
tered owner. Such transfer ray be to bearer, after which this
bond shall be subject to successive registration and transfer
as before. Notwithstanding the registration of this bond the
coupons shall remain payable to bearer and shall be transfer-
able by delivery.
Date of Registration. Names of Registered Owners. Registrar.
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SECTION 11. That for the pdrpose of paying the principal
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 sufficient to
pay the principal and interest thereof as it shall become due ,
the proceeds of which tax, after payment of the accrued interest
on said bonds, shall be placed into a fund which has been hereto-
fore 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 levy may be reduced
H
by the amount then contained in said Improvement Fund No. 9.
SECTION 12. 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 Improvement Fund. 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 issued since January 1 , 1925, as the same shall
become due , and until all thereof shall have been redeemed and paid.
amatal. That the City Clerk have said bonds prepared
and that the proper officers of the City as hereinabove provided
proceed to execute the same immediately and to affix the corpor-
ate seal of said City thereto.
SECTION l . This resolution shall be in force and effect
immediately upon its passage.
PASSED AND ADOPTED this 29th day of May, A. D. 1929.
Air vs'
ATTEST: (-- -resident of City Council
City Clerk
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