Resolution 2247 RESOLUTION NO. 22 -7
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA:
SECTION 1. That pursuant to advertisement duly
made calling for bids to be received until ten o 'clock
A. M. May 7th, 1930, for it 69 ,OOO. Improvement Bonds,
"Series M", authorized by Resolution No. 2230 of this
City Council, adopted March 12th, 1930; 145,000.
Public Improvement Bonds authorized by Resolution No.
2231 of this City Council, adopted March 12th,
1930,
and 900,000. Public Improvement Bonds authorized by
Resolution No. 2232 of this City Council, adopted
March 12th, 1930, only one bid was found to have been
filed, said bid being from the First Trust & Savings
Bank, Miami, Florida, and being for the $ 900,000.
Public Improvement Golf Course Bonds only.
SECTION 2. That the proposal of the said First
Trust & Savings Bank for the bonds mentioned therein,
said proposal being in the words and figures following:
"PROPOSAL FOR BONDS
May 6th 1930.
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 69g,000. Improvement Bonds, "Series M, "
we will pay for % Bonds .
Dollars (s. . . . . ) .
For 70,000. Public Improvement (Bridge) Bonds,
we will pa ° Bonds
Dollars (4 ....... . . . . . .. . . . . . . ) .
For $ 75,000. Public Improvement (Waterworks)
Bonds, we will pay for ? . . . . . .% Bonds . . . . . . . . . . . . .
Dollars � . . . . . . . . . . . . . � .
For 900,000. Public Improvement (Golf Course)
Bonds, we will pay for 5 3/4% Blue for all
or part of said bonds . . . . . .
Dollars (s. . . . . ..... .......) .
In addition thereto we will pay accrued interest
to date of delivery and will accept delivery at First
Trust & Savings Bank in Miami, Florida at the time
stated in said notice of sale.
L......------...._...............-......................................................._........................................._.......,............._
We enclose herewith certified check for 0.8,000.00,
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
therefore, or is to be retained as and for liquidated
damages in case we fail so to take up and pay for the
bonds.
FIRST TRUST & SAVINGS BANK,
MIAMI, FLORIDA
BySi
_( gned) A_ 1T_ Rove
Vice President
No addition or alteration is to be made to this
proposal and it must not be detached from the annexed
advertisement.
ADVERTISEMEAT
$ 1,743,000
CITY OF MIAMI BEACH, FLORIDA
GOLD BONDS
Sealed bids will be received by the City Council,
addressed to the undersigned and marked "Proposal for
Bonds, " until 10:00 o 'clock A. M. , May 7th, 1930, for
the following bonds of the City of Miami Beach:
$ 69 ,000.00 Improvement Bonds, "Series M, " ma,
turing annually May 1, as follows:
*lO ,OOO - 1931 53,000 - 1935 3 ,000 - l940
121,000 - 1932 35,000 - 1936-37 16,000 - 1941-43
95,000 - 193 $32,000 - 193 $17,000 - 1944
65,000 - i93� 33,000 - 1939 18,000 - 1945
$ 145,000.00 Public Improvement Bonds, maturing
annually, May 1, as follows:
1,000 - 1931-33 5,000 - 1939-40 12,000 - 1946
2,000 - 193+-35 8,o00 - 1941-42 13,000 - 1947
3,000 - 1936 10,000 - 19+3-44 1 ,000 - 1948
4,000 - 1937-38 il,000 - 1945 15,00o - 1949
ib,000 - 1950
$ 900,040.00 Public Improvement Bonds, maturing
annually, May 1, as follows:
10,000 - 1932 45,000 - 1938 $65,000 - 1946
25,000 - 1933 40,000 - 1939-41 $85,000 - 1947
5,000 - 1934 70,000 - 1942 - 1948
40,o00 - 1935 55,000 - 1943 $75,000
5,o00 - 1949
45,000 - 1936 6 ,000 - 1944 80,000 - 1950
$ 10,000 - 1937 $14.o,000 - 1945
1
No option of prior payment reserved. All bonds
dated May 1, 1930. Bidder to name interest rate not ex-
ceeding 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 and Trust Company, New York
City. Denomination $1,000, registerable as to principal
only; general obligations; unlimited tax levy; subject
to validation by decree of Circuit Court.
All of said bonds of each issue shall bear the same
rate of interest . Comparison of bids will be by taking
the aggregate of interest on all issues at the rates
named in the respective bids and deducting therefrom the
premium bid.
The 69 ,0O0.00 Improvement Bonds, "Series 111 " are
for street pavements, sidewalks, sanitary sewer improve-
ments and beach protection, not voted. Bonds for these
local improvements may be issued under our Charter with-
out an election. The cost of local improvements is large-
ly paid from Special Assessments.
The 1115,000.00 Public Improvement B,nds consist
of two issues separately voted, each bond containing a
recital showing the particular purpose for which it is
issued. Note the following schedule of these issues:
70,000 for the purpose of constructing bridges
across waterways within our City, maturing
$
1,000 1932, 1,000 1934 to 1936, 2,000 1 7
to 19 .0• 4,000 1941-1942, 5,000 1943 to 1945;
. $ 6,000 1946-1947; $ 7,000 19 -8; and $ 8,000
194-9-1950.
$ 75,000 for extending and developing Waterworks
system, maturing 1,000 1931; $ 1,000 1933 to
1935;; 2,000 1936to 1938; $ 3,000 19 9-19 .0;
9 _ � $
$ 4,000 1941-1942, 5,000 1943-1944; 6,000
1945-1946; 7,000 1947 to 19 -9; and $ 8,000
1950.
The $ 900,000.00 Public Improvement Bonds were
voted for the purpose of purchasing a fully developed
118 acre 18 hole Municipal Golf Course, situated in
the heart of our City. This course has been operated
by the City for the past 2i years on a lease and earns
a net profit of approximately 25,000 per year over
cost of operation and maintenance.
These bonds will be prepared under the super-
vision of the International Trust Company, New York
City, which will certify as to the genuineness of the
signatures of the officials and the seal impressed
thereon. Purchaser will be furnished approving legal
opinion of Caldwell and Raymond, New York City.
Bids are required on bidding form printed on
the reverse of this circular. Additional copies of
this bidding form and circular will be furnished by
said trust company or the undersigned. Bids must be
enclosed in a sealed envelope marked "Proposal for
Bonds, " and be accompanied by a certified check for
two per cent , of the par value of bonds being bid for,
payable to the order of the City Clerk and drawn upon
an incorporated bank or trust company. The bonds will
be delivered at place of purchaser ' s choice on or
shortly after June 1, 1930.
The right to reject any and all bids is reserved.
C. W. TOMLINSON,
City Clerk. "
be and the same is hereby accepted and all of the said
* 900,000. Public Improvement Golf Course Bonds are
hereby sold to the said First Trust & Savings Bank,
and,
SECTION 3. BE IT FURTHER RESOLVED that said
$ 900,000. Public Improvement Golf Course Bonds shall
bear interest at the rate of 5 3/14% per annum.
PASSED AND ADOPTED this 7th day of May, A. D.
1930.
•
dippr President o Ci y Council
ATTEST:
City Clerk
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