Resolution 3292 RESOLUTION NO. 3292
A RESOLUTION AUTHORIZING THE ISSUANCE OF
$1,789,000.00 TWENTY YEAR REFUNDING BOND
ISSUE OF 1936.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
SECTION 1. That the said City Council has ascertained and
determined and does hereby declare:
(1) That under date of July 1, 1933, pursuant to the "General
Refunding Act of 1931", being Chapter 15,772 General Laws of Florida,
1931, $2,711,000. "Twenty Year Refunding Bonds" were issued by the
City of Miami Beach for the purpose of refunding all of the then
outstanding bonds of the City maturing between June 30, 1933 and
December 31, 1940, and that $1,789,000. of this issue is still
outstanding and unredeemed. That all of said "Twenty Year Refunding
Bonds" mature on July 1, 1953 but are subject to redemption at the
option of the City of Miami Beach in whole or in part from the sink-
ing fund or the proceeds of Refunding Bonds or from any other moneys
available therefor at par and accrued interest on any interest pay—
ing date prior to maturity.
(2) That all of the bonds hereinabove described were legally
issued and do now constitute valid outstanding indebtedness of the
City of Miami Beach.
SECTION 2. That under authority of the "General Refunding
Act of 1931" being Chapter 15,772 General Laws of Florida, 1931,
there be issued the negotiable coupon bonds of the City of Miami
Beach in the aggregate amount of $1,789,000. designated "Twenty
Year Refunding Bond Issue of 1936" , for the purpose of refunding
all of the above described Twenty Year Refunding Bonds now outstand—
ing and unredeemed.
SECTION 3. That said $1,789,000. "Twenty Year Refunding
Bond Issue of 1936" shall consist of 1,789 bonds of $1,000. each
numbered 1 to 1789, inclusive, dated. January 1, 1936. Said bonds
shall bear interest at a rate hereafter to be determined not ex-
ceeding 4i% per annum payable on the first day of January and July
of each year. Both principal and interest of said bonds shall be
payable in lawful money of the United States at the Chemical Bank and
Trust Company in the City of New York.
SECTION 4. That said bonds shall mature as follows:
Bonds numbered. 1 to 110, both incl. 110,000, January 1, 1947.
n " 111 to 230, " " 120,000, January 1, 1948
231 to 360, " If 130,000, January 1, 1949
361 to 495, " " 135,000, January 1, 1950
ra " 496 to 710, " n 215,000, January 1, 1951
n n 711 to 925, " " 215,000, January 1, 1952
926 to 1140, " " 215,000, January 1, 1953
1141 to 1355, " " 215,000, January 1, 1954
�+ n 1356 to 1570, " " 215,000, January 1, 1955
n " 1571 to 1789, " " 219,000, January 1, 1956.
SECTION 5. That said bonds shall be signed by the Mayor of the
City of Miami Beach, under its corporate seal and attested by the City
Clerk, and the interest coupons thereto attached shall be executed
with the facsimile signature of said City Clerk. Said bonds and coupons
and the provisions for registration to be endorsed on the reverse of
each bond shall be in substantially the following form:
No. $ 1,000.
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
TWENTY YEAR REFUNDING BOND ISSUE OF 1936
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 January, , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of r per annum, 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 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 and
credit of said City of Miami Beach are hereby irrevocably pledged.
This bond is issued by said City under the authority of and in
full compliance with the "General Refunding Act of 1931", being Chapter
15,772, General Laws of Florida, 1931, and pursuant to a resolution
duly passed by the City Council of said City of Miami Beach, for the
purpose of refunding a like amount of "Twenty Year Refunding Bonds"
of said City, dated July 1, 1933.
It is hereby certified and recited that all acts, conditions
and things required to happen, exist and be performed precedent to
and in the issuance of this bond have happened, exist and have been
performed in due time, form and manner as required by the laws and
constitution of Florida; that the total indebtedness of said City,
including this bond, does not exceed, and that the total indebted-
ness of said City at the creation .of the indebtedness refunded hereby,
including said indebtedness, did not then exceed, any constitutional
or statutory limitation thereon; and that provision has been made for
the levy and collection of a direct annual tax upon all taxable prop-
erty within said City sufficient to pay the principal and interest of
this bond as the same shall fall due.
This bond may be registered as to principal in accordance
with the provisions endorsed hereon,
IN WITNESS WHEREOF, said City of Miami Beach has caused this
bond to be signed by its Mayor, under its corporate seal, and attested
by its City Clerk, and the interest coupons hereto attached to be
executed with the facsimile signature of said City Clerk, all as
of the first day of January, 1936.
Mayor
ATTEST:
City Clerk
(ENDORSEMENTS UPON BONDS)
Validated and confirmed by decree of the Circuit Court of
the Eleventh Judicial Circuit of the State of Florida, in and for
Dade County, rendered on , 1935.
Clerk of said Circuit Court
REGISTRATION AS TO PRINCIPAL ONLY
This bond may ne registered as to principal in the bond regis-
ter of said City, notation of such registration to be made hereon
by the City Clerk, or by such other officer or agent as may be desig-
nated 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 the presentation to the Bond
Registrar, accompanied by delivery of a written instrument of trans-
fer 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 coupons
shall remain payable to bearer and shall be transferable by delivery,
Date of Registration. Name of Registered Owner. Registrar.
( COUPON )
No.
On the first day of , 19
The City of Miami Beach, Florida, will pay to the bearer at
the Chemical Bank and Trust Company in the City of New York, the
sum of Dollars in lawful money of the United
States, the interest f e-due on its "Twenty Year Refunding Bond,
Issue of 1936", dated January 1, 1936, numbered
SECTION 6. That said "Twenty Year Refunding Bond Issue of
1936" shall be registerable as to principal only, in accordance
with the provisions hereinabove provided for endorsement upon said
I
bonds, and the City Clerk is hereby designated Registrar for the
purpose of such registration and he shall provide proper books for
that purpose. No charge shall be made to any bondholder for the
privilege of registration herein granted.
SECTION 7. That in each year while any of the "Twenty Year
Refunding Bond Issue of 1936" shall be outstanding, there shall be
levied upon all taxable property within the City of Miami Beach a
tax sufficient to pay the interest and principal of said bonds as
the same shall fall due, and also a sum sufficient to provide for
the estimated failure to collect taxes in such year.
SECTION 8. All moneys collected or received for the interest
and sinking funds shall be forthwith deposited with a city depositary
in the City of Miami Beach which shall have secured such deposit and
shall maintain the security thereof as required by law.
SECTION 9. That the City Clerk is hereby directed to cause bonds
herein authorized to be prepared and executed in the manner and form
hereinabove provided, and that the said City Clerk is further directed
to take such steps as are necessary to effect an early sale and delivery
of said bonds in accordance with the provisions of the "General Refund-
ing_ Act of 1931", and when said bonds shall have been sold to deposit
forthwith the proceeds of such sale with the Chemical Bank and Trust
Company in the City of New York, to be used for the purpose of redeem-
ing "Twenty Year Refunding. Bonds" of the City of Miami Beach, dated
July 1, 1933 and for no other purpose. The City Clerk is further di-
rected, when said bonds shall have been sold, to call for redemption
all of the outstanding "Twenty Year Refunding Bonds" of the City of
Miami Beach, dated July 1, 1933.
SECTION 10. No election shall be called or held for the autho-
rization of said refunding bonds.
SECTION 11. This resolution shall be in force from and after
its passage.
PASSED AND ADOPTED by the City Council of the City of Miami Beach,
Florida, on this the 15th day of Augu A. D. , 2.935.
Or
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President of ity Council
ATTEST:
City Clerk
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