Resolution 5987 RESOLUTION NO. 5987
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE ISSUANCE
OP NEGOTIABLE COUPON BONDS AGGREGATING IN AM0UN2
700,000.00 FOR THE SEVERAL PURPOSES AUTHORIZED
AT AN ELECTION HELD ON APRIL 9, 1946.
WHEREAS, the City Council of the City of Miami Beach,
Florida, on the 7th day of March, 1946, adopted a resolution
authorizing the issuance of negotiable coupon bonds of the City
of Miami Beach for the several purposes and in the respective
amounts therein stated aggregating in amount Seven Hundred Thou-
sand (43700,000.00) Dollars, subject to the authorization of the
duly registered and qualified voters of said City who were free-
holders therein participating in the special election, which said
resolution directed to be held on April 9, 1946; and
WHEREAS, the said City Council on April 11, 1946, can-
vassed the returns of the aforesaid election and found that the
issuance of said bonds had been approved by a majority of said
votes cast in said election, in which a majority of the freeholders
who were qualified electors residing in said City participated, and
that a majority of the votes cast upon each of the several issues
of bonds proposed to be made were in favor of each of said issues ,
anddeclaredandrecorded in the manner prescribed by law the re-
sult of said election and canvass, which several propositions so
submitted at said election and approved as aforesaid were as fol-
lows:
"1. Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the amount
of Three Hundred. Thousand N300,000.00) Dollars,
with interest at a rate hereafter to be deter-
mined, not exceeding 3% per annum, for the purpose
of acquiring areas for the purpose of off-street
parking of automobiles?
"2. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of Four
Hundred Thousand ( 400,000.00) Dollars, with in-
terest at a rate hereafter to be determined, not
exceeding 3% per annum, for the purpose of con-
structingr a water storage reservoir and construct-
ing and extending water mains and lines?"
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NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Miami Beach, Florida, as follows:
SECTION 1. That pursuant to said election Seven Hundred
Thousand (,;700,000.00) Dollars of negotiable coupon bonds of the
City of Miami Beach, Florida , be issued bearing date July 1st,
1946, and bearing interest at a rate to be hereafter determined
not exceeding three (3%) per cent per annum, payable semi-annually
on the first day of January and first day of July of each year,
which interest shall be evidenced by coupons attached to the prin-
cipal bonds , and both principal and interest shall be payable in
lawful money of the United States of America, at Chemical Bank and
Trust Company in New York City, which bonds shall be registerable
as to principal in accordance with the endorsement which this reso-
lution directs to be printed on said bonds and that the City Clerk
of said City is hereby designated Registrar for that purpose .
SECTION 2. Said bonds shall be issued in two series and
amounts as follows:
Series 1: For the purpose of acquiring areas for the purpose
of off-street parking of automobiles. ;300,000.00
Series 2: For the purpose of constructing a water storage
reservoir and constructing and extending water
mains and lines . ,400,000.00
Series 1 shall be in the principal amount of =300,000.00;
shall be known as "Parking Area Bonds", and shall be numbered and
mature as follows :
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Amount Maturity July 1 Numbered
1,000.00 1947 1
1,000.00 1948 2
2,000.00 1949 3 to 4
2,000.00 1950 5 to 6
9,000.00 1951 7 to 15
5,000.00 1952 16 to 20
5,000.00 1953 21 to 25
5,000.00 1954 26 to 30
5,000.00 1955 31 to 35
5,000.00 1956 36 to 40
10,000.00 1957 41 to 50
10,000.00 1958 51 to 60
10,000.00 1959 61 to 70
10,000.00 1960 71 to 80
20,000.00 1961 81 to 100
40,000.00 1962 101 to 140
40,000.00 1963 141 to 180
40,000.00 1964 181 to 220
40,000.00 1965 221 to 260
40,000.00 1966 261 to 300
Series 2 shall be in the principal amount of X400,000.00;
shall be known as "Water Reservoir and Extension Bonds", and shall
be numbered and mature as follows:
Amount Maturity July 1 Numbered
$ 1,000.00 1947 1
1,000.00 1948 2
3,000.00 1949 3 to 5
5,000.00 1950 6 to 10
10,000.00 1951 11 to 20
10,000.00 1952 21 to 30
10,000.00 1953 31 to 40
10,000.00 1954 41 to 50
10,000.00 1955 51 to 60
10,000.00 1956 61 to 70
10,000.00 1957 71 to 80
10,000.00 1958 81 to 90
2) ,000.00 1959 91 to 110
20,000.00 1960 111 to 130
30,000.00 1961 131 to 160
40,000.00 1962 161 to 200
50,000.00 1963 201 to 250
50,000.00 1964 251 to 300
50,000.00 1965 301 to 350
50,000.00 1966 351 to 400
SECTION 3. That all of the bonds herein authorized shall
be in the denomination of One Thousand Dollars (y1,000.00) each and
shall be designated Public Improvement Bondst° followed by a brief
description of the purpose as hereinbefore provided, and shall be
alike in form except as to statement of series, purpose and the
dates of maturities and numbers, and the form of said bonds, cou-
pons and registration endorsement , as well aks the manner of execu-
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- tion of said bonds and coupons and certificate of validation,
shall be substantially as follows :
No. UNITED STATES OF AMERICA y;1,000.00
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
(Here insert series No. and statement of purpose)
KNOW ALL YEN BY THESE PRESENTS that the City of Miami
Beach in the County of Dade and State of Florida, is justly in-
debted, and for value received, hereby promises to pay to the bearer,
or if registered to the registered owner hereof, on the 1st day of
July, 19 , the principal sum of
ONE THOUSAND DOLLARS
with interest thereon at the rate of per cent per annum, payable
semi-annually, on the first day ofJanuary and the first day of July
in each year, upon the presentation and surrender of the annexed
interest coupons as they severally become due. Both the principal
and interest of this bond are payable in lawful money of the United
States of America, at the office of Chemical Bank & Trust Company in
the City of New York. For the prompt payment hereof, both principal
and interest, as the same shall become due, the full faith, credit
and resources of said City of Miami Beach are hereby irrevocably
pledged.
This bond is one of a series of like tenor, date and amount,
but maturing at different times, issued by said City for the purpose
of paying the cost of certain public improvements in the City of
Miami Beach, Florida , as stated in the caption hereof and more par-
ticularly described in Resolution No. of the City Council of
said City, passed and adopted April 11th, 1946, under the authority
of and in full compliance with the Constitution and Statutes of the
State of Florida, including Chapter 14715, General Laws of Florida,
1931, and the City Charter, being Chapter 7072 of the Laws of Florida
of 1917, and acts amendatory thereof and supplemental thereto, and
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has been duly authorized and approved by a majority of the votes
. cast in an election in which a majority of the freeholders who are
qualified electors residing in said. City participated, which said
election was called and held and the result declared and recorded
in the manner prescribed by law.
It is hereby certified and recited that all acts, conditions
and things required to happen, exist or to be done precedent to aid
in the issuance of this bond by said charter and the laws and consti-
tution of the State of Florida, have happened, exist and have been
performed; that provision has been made for the levy and collection
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 indebtedness ofs aid City, includ-
ing this bond, does not exceed any constitutional or statutory limi-
tation thereof. This bond may be registered as to principal in accor-
dance with the provisions endorsed hereon.
IN WITNESS WHEREOF the said City of Miami Beach, Florida,
has caused this bond to be signed by its Mayor and City Clerk, under
its seal and the interest coupons attached hereto to be signed with
the facsimile signature of said Clerk, all as of the first day of
July, A. D. 1946.
Mayor
City Clerk
COUPON
No.
On 1, 19 , the City of Miami Beach, Florida, will
pay to the bearer at Chemical Bank & Trust Company, New York City,
the sum of
Dollars in lawful money of the United States of America, as provided
in and for the interest then due on its Public Improvement Bond,
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Series , dated July 1, 1946, and numbered
City Clerk
111NDORSE ENT 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 , 1946.
Clerk of the Circuit Court of the
Eleventh Judicial Circuit for Dade
County, Florida.
ENDORSEMENT CONC r{ ENING REGISTRATION.
This bond may be registered as to principal in the bond
registry 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 re-
gistered 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 cou-
pons shall remain payable to bearer and shall be transferable by
delivery.
Date of Registration Name of Registered Owner Registrar
SCTION 4. That in each year while any of said bonds shall
be outstanding there shall be levied on all of the taxable property
within said City, a direct annual tax sufficient to pay the principal
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and interest falling due in the following year upon said bonds, which
tax shall be collected as other City taxes and shall be used for no
other purpose than the payment of said principal and interest .
SECTION 5. That the City Attorney is hereby authorized and
directed to proceed to have said bonds validated in the name of said
City by the Circuit Court of Dade County.
SECTION 6. That the Mayor and the City Clerk are hereby
authorized and directed to execute said bonds and affix the seal of
said City thereto and that they and the City Attorney take such steps
as may be necessary to effect an early sale and delivery of said
bonds.
SECTION 7. That this resolution shall be in force and ef-
fect immediately upon its adoption.
FAS}S'i'.D and ADOPTED this 1,l thday of April, A. D. 1946.
Ac ng Mayor
Attest ; Qt')0,
City Clerk
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