Resolution 5567 RESOLUTION NO. 5567
A RESOLUTION AUTHORIZING THE ISSU-
ANCE OF $233,000.00 REFUNDING BONDS,
ISSUE OF 1943.
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 March 1 1926, pursuant to Section 29 of
the Charter of said City, $469,000.00 67 "Improvement Bonds,
Series J" , were issued by the City of Miami Beach, for the purpose of
paying all or a portion of the cost of certain Local Improvements with-
in and for said City, and that $23,000.00 thereof mature on March 1,
1943.
(2) That under date of March 1, 1926, pursuant to the Charter
of said City $1,055,000.00 5i% Public Improvement Bonds
were issued by the City of Miami Beach for the purpose of paying the
costs of certain permanent municipal improvements and municipal equip-
ment, and that $41,000.00 thereof mature on March 1, 1943.
(3) That under date of March 1, 1926, pursuant to the Charter of
said City, $285,000.00 65 Public Improvement Bonds were
issued by the City of Miami Beach for the purpose of constructing
Jetties for protecting the waterfront on the Atlantic Ocean in said
City, and that $15,000.00 thereof mature on March 1, 1943.
(4) That under date of April 1, 1923, pursuant to the Charter
of said City $220,000.00 5 3/45 Public Improvement Bonds
were issued by the City of Miami Beach for the purpose of paying the
cost of certain permanent municipal improvements, and that $17,000.00
thereof mature on April 1, 1943.
(5) That under date of April 1, 1924, pursuant to the Charter
of said City, $307,000.00 50-Public Improvement Bonds were
issued by the City of Miami Beach for the purpose of paying the cost
of certain permanent municipal improvements, and that $14,000.00 there-
of mature on April 1, 1943.
(6) That under date of October 1, 1924, pursuant to the Charter
of said City, $177,000.00 50 Public Improvement Bonds were
issued by the City of Miami Beach for the purpose of paying the cost
of certain permanent municipal improvements and municipal equipment
and that $16,000.00 thereof mature on April 1, 1943.
(7) That under date of April 1, 1925, pursuant to the Charter
of said City, $284,000.00 5i% Public Improvement Bonds were
issued by the City of Miami Beach for the purpose of paying the cost
of certain permanent municipal improvements, municipal property and
municipal equipment, and that $11,000.00 thereof mature on April 1,
1943.
(8) That under date of April 1, 1925, pursuant to the Charter
of said City and an Act passed at the 1925 Session of the
Legislature of Florida, entitled "An Act to authorize the City of
Miami Beach to issue Bonds", $655,000.00 54% "Improvement Bonds,
Series I" , were issued by the City of Miami Beach, for the purpose of
paying all or a portion of the cost of certain local improvements with-
in and for said City, And that $23,000.00 thereof mature on April 1, 1943.
(9) that under date of lay 1, 1930, pursuant to the Charter of
said City, ',900 ,000.00 5 3/4 Public Improvement Bonds were
issued by the City of kiami Beach for the purpose of paying the cost of
what is known as the Municipal Golf Course, situated in the City of
Miami Beach, and that $55,000.00 thereof mature on Nay 1, 1943.
(10) That under date of May 1, 1930, pursuant to Section 29 of
the Charter of said City, X5698,000.00 6% "Improvement Bonds,
Series M" , were issued by the City of Miami Beach, for the purpose of
paying all or a portion of the cost of certain Local Improvements
within and for said City, and that . 13,000.00 thereof mature on May 1,
1943.
(11) That under date of bay 1,, 1930, pursuant to the Charter of
said City, ; 145,000.00 6% Public Improvement Bonds were
issued by the City of Miami Beach for the purpose of constructing
bridges across waterways and for the purpose of extending and develop-
ing its waterworks system, all within and for said City, and that
; 5,000.00 thereof mature on May 1, 1943.
(12) That all of the 233 bonds hereinabove described mature during
the City fiscal year, November 1, 1942 to October 31, 1943,
and said bonds were legally issued, and on July 29, 1931, did con-
stitute and do now constitute valid outstanding bonded indebtedness
of the City of Liami Beach.
(13) That it would be a hardship and a burden upon the taxpayers of
the City of Miami Beach to levy taxes sufficient to provide
for the payment of the bonds referred to in the preceding clauses
at their respective maturities, and that it is for the best interests
of the City and its inhabitants to extend the times of payment of
said bonds by refunding.
SECTION 2. That, under authority of the "General Refunding Act of
1931, being Chapter 15, 772, General Laws of Florida, 1931,
approved by the Governor on July 29, 1931, there be issued negotiable
coupon bonds of the City of Miami Beach in the aggregate amount of
(,,6233,000.00 designated "Refunding Bond Issue of 1943", for the purpose
of refunding all of the 233 bonds above described as maturing on cer-
tain dates between November 1, 1942 and October 31, 1943, and for no
other purpose.
SECTION 3. That said 0233,000.00 "Refunding Bond Issue of 1943" shall
consist of 233 bonds of •;?1, 000.00 each, numbered 1 to 233,
inclusive, dated larch 1, 1943. Said bonds shall bear interest at a
rate hereafter to be determined, not exceeding 4per annum, payable
on the first day of March and September 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.
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SECTION 4. That said bonds shall mature as follows:
Ponds nambered 1 to 10, both inclusive $ 10,000.00 March 1, 1946
" ° 11 to 20 n " 10,000.00 " 1, 1947
" " " 21 to 30 " " 10,000. 00 " 1, 1948
it IIII 10,000.00 " 1, 1949
II " 1 to 50 r "
0 10,000.00 it1, 1950
n " 51 to 6o " " 10, 000.00 " 1, 1951
" " 61 to 70 " 0 10,000.00 " 1, 1952
" " 71 to 80 " 0 10,000.00 " 1, 1953
H 0 81 to 90 " " 10,000. 00 " 1, 195
" 0 91 to 100 " " 10,000.00 " 1, 1955
O 0 101 to 110 " " 10,000. 00 " 1, 1956
if " 111 to 120 " if 10,000.00 " 1, 1957
" " 121 to 130 " " 10,000.00 " 1, 1958
" " 131 to 150 " " 20,000. 00 " 1, 1959
" " 151 to 170 " " 20,000.00 " 1, 1960
" " 171 to 191 " " 21,000.00 " 1, 1961
" " 192 to 212 " " 21,000.00 " 11962
II " 213 to 233 " " 21,000.00 " 1,, 1963
SECTION 5. That said bonds shall be signed by theMayor of theCity 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
rrovisions for registration to be endorsed on the reverse of each bond
shall be in substantially the following form:
No. v 1000._
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
REFUNDING BOND ISSUE OF 1943
The City of Miami Beach, in Dade County, State of Florida, is
justly indebted and for value received, hereby promisesto pay to the
bearer, or if this bond be registered, to the registered owner hereof
on the first day of March , theprincipal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of % per annum, payable semi-
annually on the first days of March and September 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 pay-
able in lawful money of the United States at theChemical Bank and Trust
Company in theCity of New York. For the prompt payment of both the
principal and interest hereof as the same respectively becomes due and
payable, and for the levy and collection of taxes sufficient therefor,
the full faith, credit and taxing power of said City of Miami Beath are
-,reby irrevocably pledged to the same extent and with like force and
effect es the same were pledged for the payment of the indebtedness
refunded thereby.
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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 valid and legally binding
and outstanding bonded indebtedness of the City of Miami Beach incurred
prior to and outstanding on November 6, 1934, to the payment of which
the full faith and credit of said City is pledged.
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 aue 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 e xceed, and that the total indebtedness of said City at
the creation of the indebtedness refunded hereby, including said in-
debtedness, did not then exceed, any constitutional or statutory
limitation thereon, and that the indebtedness refunded hereby is merged
into this bond with like force and effect as to obligation as if such
had
indebtedness/remained unrefunded; and that provision has been made
for the levy and collection of a direct annual tax upon all property
within said City, except only such property as was exempt from taxation
under the provisions of the Constitution and statutes of the State of
Florida in full force andeffect prior to November 6, 1934, 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
byits City Clerk, and the interest coupons hereto attached to be ex-
ecuted with the facsimile signature of said City Clerk, all as of
the first day of March, 1943.
Mayor
ATTEST:
City Clerk
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(ENDORSEMENTS UPON BONDS)
Validated and confirmed by decree of the Circuit Court of the
Eleventh Judicial Circuit of the State cf Florida, in and for Dade
County, rendered on 19
Clerk of said Circuit Court.
REGISTRATION AS TO PRINCIPAL ONLY
This bond may be registered as to principal in the bond register
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 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 the presentation 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 COUPO11s 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 & 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 "Refund-
ing Bond Issue of 1943" , dated March 1, 1943, numbered
SECTION 6. That said "Refunding Bond Issue of 19 +3", shall be register-
able as to principal only, in accordance with the provisions
hereinabove provided for endorsement upon said 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
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to any bondholder for the privilege of registration herein granted.
SECTION 7. That in each year while any of the "Refunding Bond Issue
of 1943" shall be outstanding, there shall be levied upon
all taxable property within the City of P'iami Beach, except only such
property as was exempt from t axation under the provisions of the Con-
stitution and statutes of the State of Florida in full force and effect
prior to November 6, 1934, a tax sufficient to pay the interest and
principal of said bonds as the same shall fall due, andalso a sum
sufficient to provide for the estimated failure to collect taxes in
such year. The indebtedness refunded by the issue of refunding bonds
authorized in this resolution is merged into said refunding bonds with
like force and effect as to obligation as if such indebtedness had
remained unrefunded.
SECTION 8. It is hereby specifically determined and declared that
all outstanding indebtedness described in Section 1 of
this resolution was incurred prior to November 6, 1934, and the City
deems it advisable and necessary that the refunding bonds authorized
by this resolution be issued under such terms and conditions as will
reserve to the holders thereof the rights, security and remedies now
available to the holders of the City' s presently outstanding indebt-
edness to be refunded, and that all of the refunding bonds herein author-
izedas may from time to time be outstanding shall have, and are hereby
declared to have, the same security and sources of payment as the in-
debtedness thereby refunded, and said "Refunding Bond Issue of 1943"
shall constitute a continuation, extension, merger and renewal of the
indebtedness thereby refunded, and only such property in said City as
was exempt from taxation under the Constitution of the State of Florida
immediately prior to its amendment on November 6, 1934, shall be exempt
from taxation to pay the interest upon and principal of the "Refunding
Bond Issue of 1943" authorized by this resolution.
SECTION 9. All moneys collected or received for the interest and
principal of said bonds 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 10. That the City Clerk is hereby directed to cause the bonds
herein authorized to be prepared and executed in the manner
and form hereinabove provided and that the said City Clerk is further
a
directed to take such steps as are necessary to effect a sale of said
bonds before March 1, la4-3, in accordance with the provisions of the
"General Refunding Act of 1931" and when said bonds are sold to arrange
for delivery of and payment for same in three installments in order to
meet the payment of bonds hereinabove described in Section 1 as maturing
on certain dates between November 1, 1942 and October 31, 1943, as
follows:
$ 79,000.00 on March 1, 1943
81,000.00 on April 1, 1943
73,000.00 on May 1, 1943
SECTION 11. That notwithstanding the fact that all of the bonds herein
authorized are to be dated March 1, 1943, they will be-
come valid obligations of the City of Miami Beach only as and when
they are delivered and paid for, in installments, as hereinabove pro-
vided, in Section 10.
SECTION 12. No election shall be called or held for the authorization
of said refunding bonds.
SECTION 13. This resolution shall be in force from and after its
passage.
PASSED AND ADOPTED this 9th Day of July , A. D. , 1942.
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Mayor ,„--
City
ayor -
City Clerk
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