Resolution 5825 RESOLUTION NO. 5825
A RESOLUTION OF TFAE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING THE ISSUANCE OF NEGOTIA-
BLE COUPON BONDS AGGREGATING IN AMOUNT
$2,450,000.00 FOR THE SEVERAL PURPOSES
AUTHORIZED AT AN ELECTION HELD ON APRIL
24, 1945.
WHEREAS, the City Council of the City of Miami Beach, Florida,
on the 22nd day of March, 1945, 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 Two Million Four Hundred Fifty Thousand
42,450,000.00) Dollars, subject to the authorization of the duly
registered and qualified voters of said City who were freeholders
therein participating in the special election, which said resolution
directed to be held on April 24 , 1945; and
WHEREAS, the said City Council on April 25, 1945, canvassed
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, and declared and re-
corded in the manner prescribed by law the result of said election
and canvass, which several propositions so submitted at said elec-
tion and approved as aforesaid were as follows:
"1. Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the amount
of Five Hundred Thousand 4500,000.00) Dollars,
with interest at a rate hereafter to be de-
termined, not exceeding 3%, per annum, for the
purpose of constructing an auditorium in the
City of Miami Beach.
"2. Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the amount
of Six Hundred Fifty Thousand 3650,000.00)
Dollars, with interest at a rate hereafter to
be determined, not exceeding 3% per annum,
for the purpose of constructing a hospital
in the City of Miami Beach.
•
"3. Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the amount
of One Million k$1,000,000.00) Dollars, with
interest at a rate hereafter to be determined,
not exceeding 3% per annum, for the purpose
of acquiring and improving, for park purposes,
Lot "A" and Lots 1, 2, 3, 4 and 5, together
with the out-lots West of Collins Avenue and
East of Indian Creek lying opposite said tracts
and together with all riparian rights; all
in the INDIAN BEACH CORPORATION'S SUBDIVISION,
according to amended plat thereof, recorded
in Plat Book 8, at page 61, of the Public Rec-
ords of Dade County, Florida, commonly known
as "The Firestone Estate" and "The Warner Pro-
perty".
"4. Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the amount of
Three Hundred Thousand ($300,000.00) Dollars,
with interest at a rate hereafter to be determined,
not exceeding 3%, per annum, for the purpose of
acquiring areas for the purpose of off-street
parking of automobiles. "
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 Two Million Four
Hundred Fifty Thousand ($2,450,000.00) Dollars of negotiable coupon
bonds of the City of Miami Beach, Florida, be issued bearing date
July 1st, 1945, and bearing interest at a rate to be hereafter de-
termined 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
principal 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 resolu-
tion 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 four series and
amounts as follows:
Series 1: For the purpose of constructing an auditorium
in the City of Miami Beach $500,000.00
Series 2: For the purpose of constructing a hospital
in the City of Miami Beach $650,000.00
Series 3: For the purpose of acquiring and improving,
for park purposes, Lot "A" and Lots 1,
2, 3, 4 and 5, together with the out-lots
West of Collins Avenue and East of Indian
Creek lying opposite said tracts and
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together with all riparian rights;
all in the INDIAN BEACH CORPORATION'S
SUBDIVISION, according to amended plat
thereof, recorded in Plat Book 8, at
page 61, of the Public Records of Dade
County, Florida, commonly known as
"The Firestone Estate" and "The Warner
Property" $1,000,000.00
Series 4: For the purpose of acquiring areas
for the purpose of off-street park-
ing of automobiles $300,000.00
Series 1 shall be in the principal amount of $500,000.00;
shall be known as "Auditorium Bonds", and shall be numbered and
mature as follows:
Amount Maturity July 1 Numbered
$ 4,000.00 1946 1 to 4
4,000.00 1947 5 to 8
6,000.00 1948 9 to 14
6,000.00 1949 15 to 20
6,000.00 1950 21 to 25
6,000.00 1951 27 to 32
6,000.00 1952 33 to 38
4,000.00 1953 39 to 42
4,000.00 1954 43 to 46
4,000.00 1955 47 to 50
5,000.00 1956 51 to 55
5,000.00 1957 56 to 60
55,000.00 1958 61 to 115
55,000.00 1959 116 to 170
55,000.00 1960 171 to 225
55,000.00 1961 226 to 280
55,000.00 1962 281 to 335
55,000.00 1963 336 to 390
55,000.00 1964 391 to 445
55,000.00 1965 446 to 500
Series 2 shall be in the principal amount of $650,000.00;
shall be known as "Hospital Bonds", and shall be numbered and mature
as follows:
Amount Maturity July 1 Numbered
$ 5,000.00 1946 1 to 5
5,000.00 1947 6 to 10
6,000.00 1948 11 to 16
8,000.00 1949 17 to 24
8,000.00 1950 25 to 32
8,000.00 1951 33 to 40
8,000.00 1952 41 to 48
8,000.00 1953 49 to 56
8,000.00 1954 57 to 64
8,000.00 1955 65 to 72
10,000.00 1956 73 to 82
10,000.00 1957 83 to 92
65,000.00 1958 93 to 157
65,000.00 1959 158 to 222
65,000.00 1960 223 to 287
65,000.00 1961 288 to 352
65,000.00 1962 353 to 417
75,000.00 1963 418 to 492
75,000.00 1964 493 to 567
83,000.00 1965 568 to 650
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Series 3 shall be in the principal amount of $1,000,000.00;
shall be known as "Ocean Front Park Bonds", and shall be numbered
and mature as follows:
AMOUNT Maturity July 1 Numbered
$ 8,000.00 1946 1 to 8
8,000.00 1947 9 to 16
10,000.00 1948 17 to 26
10,000.00 1949 27 to 36
10,000.00 1950 37 to 46
11,000.00 1951 47 to 57
11,000.00 1952 58 to 68
11,000.00 1953 69 to 79
10,000.00 1954 80 to 89
12,000.00 1955 . 90 to 101
12,000.00 1956 102 to 113
12,000.00 1957 114 to 125
108,000.00 1958 126 to 233
109,000.00 1959 234 to 342
110,000.00 1960 343 to 452
110,000.00 1961 453 to 562
110,000.00 1962 563 to 672
112,000.00 1963 673 to 784
112,000.00 1964 785 to 896
104,000.00 1965 897 to 1,000
Series 4 shall be in the principal amount of $390,000.00;
shall be known as "Parking Area Bonds", and shall be numbered and
mature as follows:
Amount Maturity July 1 Numbered
$ 3,000.00 1946 1 to 3
3,000.00 1947 4 to 6
3,000.00 1948 7 to 9
3,000.00 1949 10 to 12
3,000.00 1950 13 to 15
3,000.00 1951 16 to 18
3,000.00 1952 19 to 21
3,000.00 1953 22 to 24
3,000.00 1954 25 to 27
3,000.00 1955 28 to 30
3,000.00 1956 31 to 33
3,000.00 1957 34 to 36
30,000.00 1958 37 to 66
30,000.00 1959 67 to 96
30,000.00 1960 97 to 126
30,000.00 1961 127 to 156
30,000.00 1962 157 to 186
38,000.00 1963 187 to 224
38,000.00 1964 225 to 262
38,000.00 1965 263 to 300
SECTION 3. That all of the bonds herein authorized shall be in
the denomination of One Thousand Dollars ($1,000.00) each and shall
be designated "Public Improvement Bonds" followed by a brief descrip-
tion of the purpose as hereinbefore provided, and shall be alike in
form except as to statement of series, purpose and the dates of maturi-
ties and numbers, and the form of said bonds, coupons and registration
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endorsement , as well as the manner of execution of said bonds and
coupons and certificate of validation, shall be substantially as
follows: •
No. UNITED STATES OF AMERICA
41,000.00
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BRACH
PUBLIC IMPROVEMENT BOND
(Here insert series No. and statement of purpose)
KNOW ALL MEN BY THESE PRESENTS that the City of Miami Beach
in the County of Dade and State of Florida, is justly indebted, 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 of January and the first day of July
in each year, upon the presentation and surrender of the annexed in-
terest 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 in-
terest, as the same shall become due, the full faith, credit and re-
sources 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. 5825 of the City Council of
said City, passed and adopted May 16th, 1945, 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 7672 of the Laws of Florida
of 1917, and acts amendatory thereof and supplemental thereto, and
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
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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 and
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 of said City, including
this bond, does not exceed any constitutional or statutory limitation
thereof. This bond may be registered as to principal in accordance with
the provisions endorsed hereon.
IN WITNESS WHHHEOF 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 dear of July,
A. D. 1945.
.0.411101
4,- -I 'lb II*
i1111r/
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,
Series , dated July 1, 1945, and numbered
City Clerk
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ENDORSEMENT CONCERNING VALIDATION.
Validated and confirmed by decree of the Circuit Court for the
Eleventh Judicial Circuit of the State of Floi da, in and for Dade
County, on , 1945.
Clerk of the circuit Court of the
Eleventh Judicial Circuit for Dade
County, Florida.
ENDORSEMENT CONCERNING 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 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 t ransfer 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
SECTION 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
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 di-
rected to proceed to have said bonds validated in the name of said
City by the Circuit Court of Dade County.
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SECTION 6. That the Mayor and 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 effect
immediately upon its adoption.
PASSED and ADOPTED this 16th day of May, A. D. 1945.
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Attest :
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City er
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