Resolution 2045 RESOLUTION NO. 2045
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA:
That the proposal of The First National Bank of
Miami , of Miami , Florida, for the bonds mentioned in
that proposal and which have been authorized by this
City Council , said proposal being in the words and
yj figures following:
''PROPOSAL FOR BONDS
August 12 , 1929.
MR. C. W. TOMLINSON,
City Clerk ,
Miami Beach, Florida.
Dear Sir:
We make the following offer for bonds of the City
of Miami Beach described in the annexed notice , which
is hereby made a part of this bid, the offer being
for each of the following groups separately:
For $125 ,000 Public Improvement Bonds $2 ,000 -
1931 - 2, $16,000 - 1933 - 7, 08 ,000 - 193$ - 9,
$5 ,000 - 1940 , we will pay for 6% Bonds One Hundred
Twenty One Thousand Two Hundred Fifty Dollars - - -
($121,250.00).
In addition thereto we will pay accrued interest
to date of delivery and will accept delivery et
National City Bank in New York at the time stated in
said notice of sale .
We enclose herewith certified check for $2,500.00,
being 2% of the par value of bonds being bid for , pay-
able to the City Clerk of Miami Beach, which enclosure
is to be returned to us if this bid be not accepted,
but otherwise to be deposited by said officer and when
the bonds are delivered and paid for under the terms
of this bid, is to be considered as an advance part
payment therefor, or is to be retained as and for li-
quidated damages in case we fail so to take up and pay
for the bonds.
THE FIRST NATIONAL BANK OF MIAMI
By (Sicned) W. L Culbertson
Vice President
No addition or alteration is to be made to this
proposal and it must not be detached from the annexed
advertisement.
ADVERTISEMENT
$ 344,000
CITY OF MIAMI BEACH, FLORIDA
GOLD BONDS
Sealed bids will be received by the City Council, ad-
dressed to the undersigned, and marked "Proposal for
Bonds" , until 10: 00 o' clock A. M. , August 7th, 1929 , for
the following bonds of the City of Miami Beach:
$300,000 Public Improvement Bonds, dated July l 1929 ,
1931 and 1932, $$16,000
maturing annually July 1 , $2,000
1933 to 1937 , inclusive , and $18 ,000 1938 to 1949 , in-
clusive.
$44,000 Improvement Bonds, Series L, dated July 1,
1929 , maturing annually July 11�3316�,Odoo93�30, $11,000
1931, 7 , 93
No option of prior payment reserved. Bidder to name
interest rate not exceeding six per cent. in a multiple
of one-quarter of one per cent. Principal and semi-
annual interest payable in gold at the Chemical Bank &
Trust Company, New York City. Denomination $1,000;
registerable as to principal only; general city obliga-
tions; unlimited tax levy; subject to validation by de-
cree of Circuit Court.
The Public Improvement Bonds here offered comprise
one issue for the purpose of purchasing a portion of
Flamingo Park , situated within the corporate limits of
the City of Miami Beach.
The $44,000 Improvement Bonds, Series L, are a por-
tion of an authorized issue of $190 ,000 (the balance
of which is not being offered for sale at present) for
street pavement , sidewalk and sanitary sewer improve-
ments , not voted. Bonds for local improvements (the
cost of local improvements is largely paid from special
assessments) , may be issued without an election.
The bonds will be prepared under the supervision of
the Chemical Bank & Trust Company , New York City, which
will certify as to the genuineness of the signatures of
the officials and the seal impressed thereon. The pur-
chaser will be furnished approving legal opinion of
Caldwell and Raymond, New York City.
Bids are required on forms which will be furnished by
said Trust Company or the undersigned and must be en-
closed in a sealed envelope marked "Proposal for Bonds" ,
and be accompanied by a certified check for two per cent.
of the par value of the bonds anbdea�a�id uponfor,
anpayable
the order of the City Clerk
incorpor-
ated bank or trust company. The bonds will be delivered
at place of purchaser' s choice on or about August 31,
1929. The right to reject any and all bids is reserved.
C. W. TOMLINSON,
City Clerk."
be and the same is hereby accepted and the said bonds
are hereby sold at private sale to said The First
National Bank of Miami; and
BE IT FURTHER RESOLVED BY SAID CITY COUNCIL that
by unanimous vote of the members present , we do hereby
resolve to sell the bonds next above described at pri-
vate sale and that the bid of said The First National
Bank of Miami is the best price deemed obtainable for
said bonds; and that such price is not lees than
ninety-seven cents on the dollar and accrued interest
and that said bonds shall bear interest at the rate of
6% per annum.
PASSED AND ADOPTED this 13th day of July, A. D.
1929.
P____ __Z&_____ r
CT resident of City Council
ATTEST:
C. W. TOMLI SON City Clerk
ByI e _
, /Deputy
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