Resolution 2230 4MOMMOVINOMNIP .".
410.4.0.1,10.4.
RESOLUTION NO . 2230
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING THE ISSUANCE OF
$ 698,000.00 OF IMPROVEMENT BONDS
OF SAID CITY, DESIGNATED "SERIES M" .
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
greeter than the estimate of the cost and incidental ex-
penses and not in excess of the contract price, and the
estimated cost of incidental expenses, 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
SECTIaLl. Whereas the City Engineer of said City
has, pursuant to said resolutions, filed his estimates of
the costs of improvements, including the estimate of the
costs of incidental expenses, and
SECTION 1 . 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
SECTION 5. 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
SECTION 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:
DESIGNATION DATE OF RESO- DATE OF RESO- COST OF IM- COST OF IN-
OF IMPROVE- LUTION ORDER- LUTION CONFIRM- PROVEMENT: CIDENTAL
MENT: ING THE SAME: ING THE SAME: EXPENSES:
District H-109
Highway Improve- February
ment H-109
6, 1930 26, 1930 3, 553.25 355.33
Highway Improve- February February
merit H-110 6, 1930 February
26, 1930 $ $.
District H-I10
7, 588.25 758.83
District H-ill
Highway Improve- February March
ment H-111 26, 1930 12, 1930 10, 619.50 1,061.95
District H-112
Highway Improve- February February
ment H-112 6, 1930 26, 1930 1, 817.30 181.73
111111 ik 41
CITY ENGINEER'S ESTIMATE 0
DESIGNATION DATE OF RESO- DATE OF RESO- COST OF ISI- COST OF IN-
OF IMPROVE- LUTION ORDER- LUTIGN CONFIRM- PROVEMENT: CIDENTAL
MENT: ING THE SAME: ING THE SAME: EXPENSES:
District H-I14
Highway Improve- February February
ment H-114 6, 1930 26, 1930 X101, 561.50 $ 10,156.15
District H-115
Highway Improve- February February
ment H-115 6, 1930 26, 1930 39, 946.25 3, 994.63
District H-116
Highway Improve- February February
merit H-116 6, 1930 26, 1930 g0,800.00 9,080.00
District H-117
Highway Improve- February March
ment H-117 6, 1930 5, 1930 27, 580.00 2, 75 .00
District H-318
Highway Improve- February March
�' ment H-llg 26, 1930 12, 1930 6O, 37 .75 6,o37.88
District SK-63
Sidewalk Improve- February February
ment SK-63 6, 1930 26, 1930 6,703.50 670,35
District SK-64
Sidewalk Improve- February March
ment SK-64 6, 1930 5, 1930 1, 200.00 120.00
District SK-65
Sidewalk Improve- February March
ment SK-65 26, 1930 12, 1930 2, 377.50 237.75
District SL-3
Sanitary Sewer
Lateral Improve- February February
merit SL-3 6, 1930 26, 1930 31 .00 31. 0
District SL-4
Sanitary Sewer
Lateral Improve- February February
ment SL-4 6, 1930 26, 1930 6,775.00 677.50
District SL-.5
Sanitary Sewer
Lateral Improve- February March
' ment SL-5 26, 1930 12, 1930 456.00 45.60
District fiR-138
Sanitary Sewer
Improvement February February
SR-138 6, 1930 26, 1930 25, 29 .00 2, 529.80
District SR-139
Sanitary Sewer
Improvement February February
SR-I39 6, 1930 26, 1930 29, 204.75 2, 920.48
CITY ENGINEER'S ESTIMATE CY
DESIGNATION DATE OF RESO- DATE OF RESO- COST OF IM- COST OF IN-
OF IMPROVE- LUTION ORDER- LUTION CONFIRM- PROVEMENT: CIDENTAL
MENT: ING THE SAME: ING THE SAME: EXPENSES:
District SR,142
Sanitary Sewer
Improvement February March
SR-114-2 26, 1930 12, 1930 $ 4, 771. 25 $ 477.13
District BP-3 eV
WaterfrontIm-
provement BP-3 February March
26, 1930 12, 1930 21)±23121.91
$635, 127.80 $63, 512.81
613.5.2, 1
$698, 640.61
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 $ 698,000.00 which shall be denominated "Improvement
Bonds, Series M" and shall consist of 698 bonds of the de-
nomination of $ 1, 000.00 each, numbered from 1 to 698,
both inclusive, bearing date May 1st , 1930, and bearing in-
terest at a rate to be herelJfafter determined, not exceed-
ing 6 per annum, which interest shall be payable semi-
annually on the first days of May and November of each
year upon the presentation and surrender of interest cou-
pons 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 Chemical Bank & Trust Company in the
City and State of New York. Said bonds shall be num-
bered and the principal of same shall mature and be pay-
able in accordance with the following schedule, without
option of prior payment:
,
-- - - ,
MATURITY AND NUMBERING SCHEDULE
108, 000.00 May 1, A. D. 1931, numbered 1 to 108, both inclusive
0 121, 000.00 May 1, A. D. 1932, numbered 109 to 229, both inclusive
0 95, 000.00 May 1, A. D. 1933, numbered 230 to 324, both inclusive
65,000.00 May 1, A. D. 1934, numbered 325 to 389, both inclusive
53, 000.00 May 1, A. D. 1935, numbered 390 to 442, both inclusive
35,000.00 May 1, A. D. 1936, numbered 443 to 477, both inclusive
35,000.00 May 1, A. D. 1937, numbered 478 to 512, both inclusive
32,000.00 May 1, A. D. 1938, numbered 513 to 544, both inclusive
33,000.00 May 1, A. D. 1939, numbered 545 to 577, both inclusive
$ 38,000.00 May 1, A. D. 1940, numbered 578 to 615, both inclusive
1: 16, 000.00 May 1, A. D. 1941, numbered 616 to 631, both inclusive
J6,000.00 May 1, A. D. 1942, numbered 632 to 647, both inclusive
16,000.00 May 1, A. D. 1943, numbered 648 to 663, both inclusive
' 17,000.00 May 1, A. D. 1944, numbered 664 to 680, both inclusive
S 18, 000.00 May 1, A. D. 1945, numbered 681 to 698, both inclusive
Said bonds shall be registerable as to principal only
in accordance with the provisions which this resolution di-
rects to be endorsed on said bonds, and the City Clerk is
hereby designated Registrar for the purpose of such regis-
tration and he shall provide proper books for that purpose .
SECTI01.2. 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 there-
to attached shall be signed by the City Clerk, whose signa-
ture 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 M"
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 oromises to
pay to the bearer, or if registered to the registered owner
hereof, on the first day of May , A. D. 19 , the princi-
pal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per cent . per
annum, payable semi-annually on the first days of May and
November of each year, upon the presentation and surren-
der of the annexed interest coupons as they severally be-
come due. Both the principal and interest of this bond
are payable in gold coin of the United States, of the pre-
sent standard of weight and fineness at the office of the
Chemical Bank & Trust Company in the City and State of
New York.
This bond is one of a series of 698 bonds of like
date and amount, aggregating $ 698,000.00 and is issued for
the purpose of paying the cost of Highway Improvements de-
signated H-109, H-110, H-111, H-112, H-114, H-115, H-116,
H-117 and H-llg; Sidewalk Improvements designated SK-63,
SK-64 and SK-65; Sanitary Sewer Lateral Improvements de-
signated SL-3, SL -- and SL-5; Sanitary Sewer Improvements
k
designated SR-138, SR-139 and SR-1.42, and Waterfront Im-
provement designated BP-3, within and for said City and
under the authority and within the limitations of, and
in full compliance with the charter of said City and re-
solutions 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 become due and it is hereby certified and recited that
all acts, conditions and things required to happen, exist,
or be performed precedent to and in the issuance of this
bond by said charter and the laws and constitution of Flor-
ida have happened, exist and have been performed as is re-
quired; 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 in-
debtedness of said City, including this bond, does not ex-
ceed any constitutional or statutory limitations thereon.
This 'bond is subject to registration as to prin-
cipal thereof in accordance with the provisions endorsed
hereon.
IN WITNESS WHEREOF the said City has caused this
bond to be signed by its Mayor and City Clerk and its cor-
porate 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 May , A. D. 1930.
Mayor.
City Clerk.
COUPON
NO.
1, 19
the City of Miami
Beach, Florida, will pay to the bearer at the Chemical
Bank and Trust Company, New York City, the sum of
Dollars in gold coin as provided
in and for the interest then due on its Improvement Bond,
Series M, dated May 1, 1930, and numbered
City Clerk.
ENDORSEMENT 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 ,
1930.
Clerk of the Circuit Couff-40
the Eleventh Judicial Circuit
for Dade County, Florida.
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, no
tation of such registration to be made thereon '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 presenta-
tion to the Bond Registrar, accompanied 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 before.
Notwithstanding the registration of this bond the counons
shall remain payable to bearer and shall 'be transferable
by delivery.
Date of Registration. Names of Registered Owners. Registrar.
INIMMOMMIMMOOWMP
SECTION 11. That for the purpose 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 with-
in the City of Miami Beach, Florida, a direct annual tax in
each year while any of said bonds shall be outstanding suf-
ficient to nay 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 heretofore created and is now known es "Im-
provement Fund No. 9" which shall 'be used for no other pur-
pose 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 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 be-
cause 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.
SE07T21L11. That the City Attorney is hereby author-
ized, but not required, to proceed to have said bonds vali-
,
dated 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 so printed.
SECTION 14. That the City Clerk have said bonds pre-
pared and that the proper officers of the City as herein-
above provided proceed to execute the same immediately and
to affix the corporate seal of said City thereto, and that
they take such steps as may be necessary to effect an early
sale and delivery of said bonds.
SECTIO115... . This resolution shall 'be in force and
effect immediately upon its passage and adoption.
PASSED AND ADOPTED this 12th day of March, A. D.
1930.
1
- --- President o City Council
ATTEST:
City Clerk -----
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