Resolution 6545 RESOLUTION NO. 6545
A RESOLUTION PROVIDING FOR THE ACQUISITION
OF PROPERTY IN THE CITY OF MIAMI BEACH FOR
OFF-STREET PARKING PURPOSES, PROVIDING FOR
THE ISSUANCE OF CERTIFICATES OF INDEBTEDNESS
OF THE CITY OF MIAMI BEACH PAYABLE SOLELY
FROM THE REVENUES DERIVED FROM THE OPERATION
OF PARKING METERS AND AUTHORIZING CITY
OFFICIALS TO EXECUTE AND DELIVER THE SAME
TO THE PURCHASERS THEREOF.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH, FLORIDA:
SECTION 1: It is hereby ascertained,determined and declared:
(a) That existing facilities for parking vehicles in Miami
Beach are wholly inadequate, that oftentimes presently operated
parking lots are overcrowded to such an extent that it is impossible
for the operators of automobiles having business in various areas in
the City to find places in which to park, which makes for greater
traffic congestion and creates additional hazards to persons and
property, and in order to meet the demands now being made that will
continue to be made in the future the City finds it necessary to
acquire property for off-street parking purposes.
(b) That on February 18 1948, the City Council adopted
Resolutions 6528, 6529 and 6530 accepting offers of various parties
to sell to it real estate for stipulated cash prices, and authorized
and directed the City Manager to acquire the same for off-street
parking of automobiles in the name of and on behalf of the City at
the prices specified upon approval of the title by the City Attorney.
(c) That Bessemer Properties, Incorporated, has agreed to
loan the City a portion of the money necessary to acquire such pro-
perty, i.e. , 135,000.00, repayable in equal annual installments in
one, two and three years, with interest at three per cent. , and that
the estimated revenue to be derived from the operation of parking
meters is in excess of the sums necessary to repay such loan with
interest.
SECTION 2: Therefore, to aid in financing the cost of acquiring the
Property authorized to be purchased in Resolutions 6528, 6529 and
6530, there are hereby authorized to be issued revenue certificates
of the City of Miami Beach in the aggregate principal amount of
$35,000.00. Each of such certificates shall be dated April 1, 194`3,
and shall bear interest at the rate of three Per cent per annum,
payable semi-annually, and shall be payable in equal annual install-
ments one, two and three years after date, respectively. Such Cer-
tificates shall be negotiable and shall be registered on the books
of the City of Miami Beach and shall be transferable to any bona fide
holder acquiring the same for value. They shall be executed in behalf
of the City by the Mayor and the City Clerk and the corporate seal of
the City of Miami Beach affixed and attested by the City Clerk.
The certificates of indebtedness hereby authorized shall be
payable solely from funds derived by the City of Miami Beach from
receipts of parking meters operated by it and from no other source
or sources. They shall not be deemed to constitute a debt of the City
of Miami Beach or a pledge of the faith and credit of the City, nor
shall they directly, indirectly nor contingently obligate the City to
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levy or pledge any form of taxation whatever for the payment
thereof, and the City shall have no power to levy or pledge any
. form of taxation therefor and such certificates shall recite these
provisions on their face.
The certificates of indebtedness are hereby authorized to be
delivered by the City Manager to Bessemer Properties, Incorporated,
or its assignee, u�non payment to him of the principal anount thereof.
PASSED and ADOPTED this 17th day of March, A. D. l91+8.
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.../1-rw- Mayor
Attest: {/ I/j
City Clerk
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