Resolution 7439 T
RESOLUTION NO. 7439
A RESOLUTION WITH RESPECT TO X1,500,000
PARKING REVENUE BONDS, SERIES 1950, OF
THE CITY OF MIAMI BEACH, FLORIDA.
WHEREAS, on March 8, 1950, the City Council of the City of Miami
Beach adopted Resolution No. 7127 authorizing the issuance of $1,500,000
Parking Revenue Bonds, Series 1950, of the City of Miami Beach, Florida;
and
WHEREAS, in Section 1 of said resolution and in the form of bond
therein contained the right is reserved by the city to call the bonds
authorized by said resolution for redemption in advance of maturity,
either from time to time in inverse numerical order from revenues
derived from the operation of the city's automobile parking facilities
or as a whole from any available funds, on January 1, 1953 and on any
interest payment date thereafter; and
jEREAS, by reason of a variation in punctuation in the aforesaid
language as it appears in said section and in the bond form, question
has arisen whether any of the bonds may be called prior to January 1,
1953; and
WHEREAS, it was the intention of the City Council in adopting said
resolution to provide that none of the bonds may be called prior to
January 1, 1953 and in furtherance of such intention it was stated by
the city in the notice of sale pursuant to which said bonds were sold
that the bonds are not callable for redemption prior to January 1, 1953
whether redemption be made from the revenues derived from the operation
of the city' s automobile parking facilities or from other available
funds, and the bonds were sold pursuant to such representation; and
WHEREAS, question has been raised as to the proper interpretation
of said resolution and the city desires to clarify the question and to
reiterate its original intention;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Miami Beach, Florida, that it is hereby expressly found and recited by
the City of Miami Beach that it was the intention of the City Council
in adopting Resolution No. 7127 aforesaid and in publishing the afore-
said sale notice to preclude any right to redeem said bonds prior to
January 1, 1953 and that the city hereby agrees with the original
purchasers of such bonds and with each successive holder from time to
time of said bonds or any of them that none of said bonds will be
called for redemption prior to January 1, 1953.
All resolutions and ordinances or parts thereof in conflict
herewith are to the extent of such conflict hereby repealed and this
resolution shall be in full force and effect im.iediately after its
adoption.
PASSED and ADOPTED this 7th day of February, A . D. 1951.
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