Resolution 2641 RESOLUTION NO. 26+1
A RESOLUTION AMENDING RESOLUTION
NO. 2607 BY STRIKING OUT THE PRO-
VISION FOR PAYMENT OF CERTAIN BOND
OBLIGATIONS "IN GOLD COIN" AND SUB-
STITUTING THEREFORE PROVISION FOR
PAYMENT OF SAN "IN LAWFUL MONEY" .
WHEREAS, on the 27th day of April, 1933, the City
Council of the City of Miami Beach, Florida, passed and
adopted a Resolution, designated No. 2607, authorizing the
issuance of $2,711,000.00 TWENTY YEAR REFUNDING BONDS, which
resolution contained therein provision for the payment of
those certain bond obligations in "gold coin of the United
States of the present standard of weight and fineness" , and
WHEREAS, under the provisions of a law enacted by the
National Congress, subsequent to the passage of the afore-
mentioned resolution, the so called "gold clause" in con-
tracts is declared "to be against public policy" and
WHEREAS, said law further provides that "no such pro-
vision shall be contained in or made with respect to any ob-
ligation hereafter incurred" ,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA, that by reason of and in
compliance with the provisions of said Law enacted by the
National Congress:
Section 1: That Section 3 of said Resolution No. 2607
be amended by striking out the words "gold coin of the United
States of the present standard of weight and fineness" and
substituting therefor the words "lawful money of the United
States" , so that the said Section 3 when amended shall read
as follows:
"SECTION 3. That said $2,711,000.00 Twenty Year Re-
funding Bonds shall consist of 2,711 bonds of $1,000.00
each, numbered 1 to 2,711, inclusive, dated July 1, 1933,
and the interest thereon shall be payable semi-annually on
r�- the first days of Janttary-and July of each year, and-both
principal and interest of said bonds shall be payable in
f
a .
lawful money of the United States at the Chemical Bank
and Trust Company in the City of New York."
Section 2: That the first paragraph of the form
of bond prescribed in Section 6 of said Resolution No.
2607 be amended by striking out the words "gold coin of
the United States of the present standard of weight and
fineness" and substituting therefor the words "lawful
money of the United States" , so that the said paragraph
when amended shall read as follows:
"No.___ $1,000.
UNITED STATES OF A. ERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
TWENTY YEAR REFUNDING BOND
The City of Miami Beach, in Dade County,
State of Florida, is justly indebted and for value
received, hereby promises to pay to the bearer, or
if this bond be registered, to the registered owner
hereof, on the first day of July, l953, the princi-
pal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of o per annum,
payable semi-annually on the first days of January
and July of each year upon the presentation and sur-
render of the annexed interest coupons as they sever-
ally become due. Both principal and interest of
this bond are payable in lawful money of the United
States at the Chemical Bank and Trust Company in the
City of New York. For the prompt payment hereof and
the interest hereon as the same shall fall due, the
full faith, credit and resources of said City of
Miami Beach are hereby irrevocably pledged."
Section 3: That the form of coupon prescribed in Sec-
tion 6 of said Resolution No. 2607 be amended by striking
therefrom the words "gold coin, as provided in and for"
and substituting therefor the words "lawful money of the
United States" , so that the said form of coupon when amended
shall read as follows:
" (COUPON)
No. _
On the first day of ,19
The City of Miami Beach, Florida, will pay
to the bearer at the Chemical Bank & Trust Company
in the City of New York, the sum of
Dollars in lawful money of the United States, the
interest then due on its Twenty Year Refunding
Bond, dated July 1, 1933, numbered
City Clerk "
Section 4: This resolution shall be in force from
and after its passage.
PASSED AND ADOPTED this 9th day of June, A. D. ,1933.
/171E3„--ri
President of City Council
ATTEST:
City Clerk
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