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Resolution 8627 RESOLUTION NO. 8627 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $500,000.00 PARKING REVENUE BONDS, S1tIES 1954, OF THE CITY OF MIAMI BEACH, FLORIDA, PROVIDING FOR THE SALE, SECURITY AND PAYMENT THEREOF AND MAKING CERTAIN COVENANTS AND AGREEMENTS IN THAT CONNECT- ION. WHEREAS, pursuant to amendment to the charter of the City of Miami Beach enacted by the Legislature of Florida in 1949 (Chapter 26029, Laws of Florida, 1949) , the City of Miami Beach is authorized to acquire, improve and equip automobile parking facilities in the manner more specifically hereinafter provided, and to finance the cost thereof through the issuance of revenue bonds; and WHEREAS, for the purpose of acquiring additional automo- bile parking facilities and equipping and improving such faci- lities the City of Miami Beach pursuant to authority contained in Resolution No . 7127 adopted on March 8, 1950 has heretofore issued its Parking Revenue Bonds, Series 1950, in the principal amount of $1,480,000, which bonds are dated January 1, 1950, fall due serially on January 1 of each of the years 1954 to 1975, inclusive, and are payable from the revenues of "the system" as "the system" is defined in Section 4 of the afore- said Resolution No . 7127 . "The system" as so defined in the aforesaid resolution is continued in this resolution to be re- ferred to hereinafter as "the system"; and WHEREAS, it is provided in Subsection 2 (a) of Section 6G of said Resolution No . 7127 that additional obligations may be issued payable out of the revenues of the system on an equality with said bonds if the net revenues of the system (being the gross revenues of the system after there have been deducted il OFFICE OF CITY ATTORNEY- CITY HALL-MIAMI BEACH 39, FLORIDA therefrom the reasonable and necessary expenses of operating and maintaining the system) for each of the three completed sinking fund years immediately preceding the issuance of the additional bonds shall have been equal to at least one and three-fourths times the highest combined interest and princi- pal requirements for any succeeding twelve months ' period on all obligations payable from the revenues of the system then outstanding and the bonds so proposed to be issued; and WHEREAS, there are not outstanding any other obligations payable from or secured by a pledge of the revenues of said system except the outstanding Parking Revenue Bonds, Series 1950, above described and the net revenues of the system computed in the manner above provided have for each of the last three preceding sinking fund years been sufficient to permit the issuance of additional bonds under the provisions set out in the next above paragraph; and WHEREAS, it has now become necessary for the city to make improvements and extensions to said system at an estimated cost of $500,000 and to issue revenue bonds payable from the revenues of the system; NOW, THEREFORE, be it resolved by the City Council of the City of Miami Beach, Florida: Section 1 . That the City Council has made due investiga- tion and has ascertained and hereby formally finds and recites that the net revenues of the system (being the gross revenues of the system after there have been deducted therefrom the reasonable and necessary expenses of operating and maintaining the system) , for each of the past three completed sinking fund years have been as follows: -2- OFFICE OF CITY ATTORNEY- CITY HALL- MIAMI BEACH 39, FLORIDA 1 For the sinking fund year ending December 31, 1951 : $200,411 .69 For the sinking fund year ending December 31, 1952; 231,454.15 For the portion of the current sinking fund year ending December 31, 1953: $321,361.74 That assuming a maximum interest rate of four percent (4%) for the additional bonds herein authorized, the maximum principal and interest in any future year, for both the bonds, outstand- ing and such additional bonds will be $114,050 .00, and that, therefore, the net revenues of the system are fully sufficient to permit the issuance of such additional obligations for im- proving and extending the automobile parking facilities system of said city. Section 2 . That for the purpose of paying the cost of im- proving and extending the system, there are hereby authorized to be issued the Parking Revenue Bonds, Series 1954, of the City of Miami Beach in the aggregate principal amount of $500,000. Said bonds shall be dated January 1, 1954, shall be in the denomina- tion of $1000 each, shall be numbered 1 to 500, inclusive, shall bear interest until paid at a rate or rates of interest not great- er than five percent (50) per annum to be hereafter fixed by re- solution, which interest shall be payable July 1, 1954 and semi- annually thereafter on the first days of January and July of each year, and shall be payable as to both principal and interest in lawful money of the United States of America at Chemical Bank and Trust Company, New York, New York, and shall mature serially in numerical order on January 1 of each of the years as follows : Year Amount 1961 $ 5,000 1962 5,000 1963 5,000 1964 5,000 1965 5,000 --3- OFFICE OF CITY ATTORNEY-CITY BALL-MIAMI REACH 39, FLORIDA 1966 $ 10,000 1967 10,000 1968 10,000 1969 10,000 1970 10,000 1971 15,00o 1972 15,000 1973 15,000 1974 20,000 1975 65,000 1976 95,000 1917 100,000 1978 100,000 The bonds herein authorized shall be callable for redemp- tion at the option of the city, either in inverse numerical order from time to time on any interest payment date from re- venues derived from the operation of the city 's automobile parking facilities, or as a whole from any available funds, on January 1, 1957, and on any interest payment date thereafter . Any bond so redeemed from revenues derived from the operation of parking facilities shall be redeemable at the principal amount thereof plus accrued interest and a premium of $40 if so redeemed on or prior to January 1, 1959, $30 if so redeemed thereafter on or prior to January 1, 1964, $20 if so redeemed thereafter on or prior to January 1, 1969, $10 if so redeemed thereafter on or prior to January 1, 1974, and thereafter with- out the payment of premium. Any bond so redeemed from other available funds shall be redeemable at the principal amount thereof and accrued interest and a premium of $50 if so re- deemed on or prior to January 1, 1959, $40 if so redeemed thereafter on or prior to July 1, 1962, $30 if so redeemed thereafter on or prior to January 1, 1964, $20 if so redeemed thereafter on or prior to January 1, 1969, $10 if so redeemed thereafter on or prior to January 1, 1974 and thereafter with- out the payment of premium. Notice of the intended redemption of any bond shall be given by registered mail to the paying agent, to the registered holder of each bond so called for redemption which is then registered as to principal and to the original purchasers of the bonds, and by publication one time in a financial newspaper or journal published in the City OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA of New York, New York, or Chicago, Illinois, which notice shall be so mailed and published not less than thirty days prior to the date fixed for redemption. If all of the bonds so called for redemption on any interest payment date are re- gistered as to principal, thirty days ' notice shall be given to the registered holders by registered mail at the addresses shown on the Registrar 's registration books, and in that event no other notice need be given. Section 3 . That the bonds shall be signed by the Mayor of the city and attested by the City Clerk, and shall have im- pressed thereon the corporate seal of the city. Interest fall- ing due on the bonds on and prior to maturity thereof shall be represented by appropriate interest coupons to be attached to the bonds, which coupons shall be signed with the facsimile sig- natures of the Mayor and the City Clerk. The bonds shall be registrable as to principal in the manner for which provision is made in the next section hereof . Section 4 . That the bonds and the coupons to be thereto attached and the endorsement to appear on the back thereof shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF DADE CITY OF MIAMI BEACH PARKING REVENUE BOND SERIES 1954 Number $1,000 The City of Miami Beach in Dade County, Florida, for value received, hereby promises to pay to bearer, or if this bond is registered as to principal then to the registered holder hereof, solely from the revenues hereinafter specified, the sum of One Thousand Dollars ($1,000) on the first day of January, 19 -5- OFFICE OF CITY ATTORNEY- CITY HALL -MIAMI BEACH 39, FLORIDA and to pay, solely from said revenues, interest on said sum until paid at the rate of per cent ( %) per annum, payable July 1, 1954 and semi-annually thereafter on the first days of January and July of each year, with in- terest due on and prior to the maturity hereof payable only upon presentation and surrender of the annexed interest coupons as they severally become due . Both principal hereof and inter- est hereon are payable in lawful money of the United States of America at Chemical Bank and Trust Company, in the City of New York, New York. The bonds of the issue of which this is one are callable for redemption at the option of the city, either in inverse numerical order from time to time on any interest payment date from revenues derived from the operation of the city's automo- bile parking facilities, or as a whole from any available funds, on January 1, 1957, and on any interest payment date thereafter. Any bond so redeemed from revenues derived from the operation of parking facilities is redeemable at the principal amount thereof plus accrued interest and a premium of $40 if so re- deemed on or prior to January 1, 1959, $30 if so redeemed thereafter on or prior to January 1, 1964, $20 if so redeemed thereafter on or prior to January 1, 1969, $10 if so redeemed thereafter on or prior to January 1, 1974, and thereafter with- out the payment of premium. Any bond so redeemed from other available funds is redeemable at the principal amount thereof and accrued interest and a premium of $50 if so redeemed on or prior to January 1, 1959, $40 if so redeemed thereafter on or prior to July 1, 1962, $30 if so redeemed thereafter on or prior to January 1, 1964, $20 if so redeemed thereafter on or prior to January 1, 1969, $10 if so redeemed thereafter on or prior to January 1, 1974, and thereafter without the payment of premium. --6- OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA Notice of the intended redemption of any bond is to be given by registered mail to the paying agent, to the register- ed holder of each bond so called for redemption which is then registered as to principal and to the original purchasers of the binds, and by publication one time in a financial newspaper or journal published in the City of New York, New York, or Chicago, Illinois, which notice shall be so mailed and publish- ed not less than thirty days prior to the date fixed for redemp- tion. If all of the bonds so called for redemption on any in- terest payment date are registered as to principal, thirty days ' notice is to be given to the registered holders by registered mail at the addresses shown on the Registrar 's registration books, and in that event no other notice need be given. This bond is one of an issue of $500,000 of like tenor and effect, except as to maturity (and interest rate ) issued pursuant to the Constitution and Laws of Florida and a resolu- tion adopted by the City Council of said city on December 1953, for the purpose of paying the cost of improving and ex- tending the automobile parking facilities system of the City of Miami Beach. This bond and the issue of which it is a part, together with Parking Revenue Bonds, Series 1950, of said city and together with other bonds which may be hereafter issued on a parity, are payable solely, as to both principal and interest, from the revenues derived by the city from the operation of its automobile parking facilities, including both off-street park- ing and metered on-street parking, and it is provided in said resolution that the city shall fix and maintain rates and col- lect charges for the use of its off-street and on-street park- ing facilities which will be fully sufficient at all times to pay the expenses of operating and maintaining such facilities, to provide a sinking fund sufficient to assure the prompt pay- ment of principal of and interest on the bonds as each falls due, provide such reasonable fund for contingencies as is re- quired by the resolution authorizing this bond and provide an adequate Depreciation Fund. OFFICE OF CITY ATTORNEY - CITY HALL - MAMI BEACH 39, FLORIDA This bond is fully negotiable for all purposes but may be registered as to principal in the manner and with the effect for which provision appears on the back hereof . It is hereby certified and recited that all acts, condi- tions and things required by the Constitution and Laws of Flo- rida and by the charter of the city to happen, exist and be per- formed precedent to and in the issuance of this bond have happen- ed, exist and have been performed as so required. This bond does not constitute an indebtedness or pledge of the general credit of the City of Miami Beach within the meaning of any constitutional or statutory provision limiting the incurring of indebtedness . IN WITNESS WHEREOF, the City of Miami Beach has caused this bond to be executed by its Mayor and attested by its City Clerk, with the corporate seal of said city hereunto affixed, and has caused the interest coupons hereto attached to be executed by said officials by their facsimile signatures, all as of this first day of January, 1954. Mayor ATTESTED: City Clerk (Form of Coupon) Number On the first day of , 19 , unless the hereinafter mentioned bond shall have been theretofore properly called for redemption, the City of Miami Beach, Dade County, Florida, will pay to bearer, solely out of the revenues speci- fied in the hereinafter mentioned bond, the sum of ($ )in lawful money of the United States of America at Chemical Bank and Trust Company, New York, New -8- OFFICE OF CITY ATTORNEY-CITY HALL -MIAMI BEACH 39, FLORIDA York, being interest due that day on its Parking Revenue Bond, Series 1954, dated January 1, 1954, and numbered Mayor ATTEST: City Clerk (Form of Validation Certificate ) Validated and confirmed by decree of the Circuit Court of the Eleventh Judicial Circuit in and for Dade County, Florida, rendered on the day of , 1954. Clerk of the Circuit Court, Dade County, Florida (Provision for Registration) The within bond may be registered in the name of the holder as to principal only on books to be kept by the City Clerk of the City of Miami Beach, as Registrar, such regis- tration to be noted hereon in the registration blank below, after which no transfer shall be valid unless made on said books by the registered holder or his attorney thereunto duly authorized and similarly noted in said registration blank be- low, but this bond may be discharged from registration by be- ing transferred to bearer, after which it shall be transfer- able by delivery but may be again registered as before . Such registration shall not impair the negotiability by delivery of the coupons attached to the bond. (No writing in this blank except by the Registrar) -9- OFFICE OF CITY ATTORNEY- CITY HALL - MIAMI BEACH 39, FLORIDA Date of Registration Name of Registered Holder Signature of Registrar Section 5. That the system shall continue to be operated on a sinking fund year basis commencing on January 1 of each year and ending on December 31, and all of the revenues derived from the operation of the system shall continue to be paid to the Depositary as provided by Resolution No . 7127 aforesaid, and be by the Depositary established by said resolution paid into the Operation and Maintenance Fund, into the Bond and Interest Redemption Fund and into the Renewal and Replacement Fund created by said resolution, and the moneys in said Operation and Mainten- ance Fund, said Bond and Interest Redemption Fund, and said Re- newal and Replacement Fund shall be held for the pro rata and equal account of the outstanding bonds described in the preamble hereto and the bonds herein authorized. The bonds herein author- ized shall share in the application of surplus revenues under the provisions of said resolution as therein provided on an equal footing with the bonds authorized in said resolution. The payments to be made into the Bond and Interest Redemp- tion Fund established by the aforesaid resolution shall be made monthly in such amounts as will be fully adequate to pay prompt- ly when due principal of and interest on both the outstanding bonds and the bonds herein authorized. In order to make the reserve account in the Bond and Interest Redemption Fund ade- quate to take care of the additional bonds herein authorized, the payments required to be made into such reserve account from the revenue therein specified shall be increased from $2,500 per month to $3,333 .33 per month and the total to be accumulated in such account shall be increased from $150,000 to $200,000. -10- OFFICE OF CITY ATTORNEY - CITY BALL -MIAMI BEACH 39, FLORIDA It is the intention of this section that the funds es- tablished in Section 4 of the aforesaid Resolution No . 7127 shall be maintained for the equal and joint benefit of the outstanding bonds and the bonds herein authorized and in amounts fully sufficient for the support of all such bonds, and it is hereby expressly covenanted and agreed that said funds will be so maintained. Section 6. That all of the covenants and agreements contained in Sections 4, 5 and 6 of the aforesaid Resolution No . 7127, are incorporated herein by reference and are pledged to and continued in full force and effect for the benefit of the holders from time to time of the bonds herein authorized in like manner as they are now effective for the benefit of the outstanding bonds . Wherever reference appears in Sections 5 and 6 of said resolution to "bonds" or "the bonds" or "said bonds", such references shall be understood to refer to the aggregate of the bonds authorized in said resolution and this resolution. References to the refunding of bonds in subsection (G) of Section 6 of said resolution shall be understood to re- fer to the bonds authorized in said resolution and to the bonds herein authorized as a combined issue and the remaining provi- sions of said subsection shall be similarly construed. It is hereby expressly covenanted and agreed with each successive holder of any of the bonds herein authorized or any of the coupons attached thereto that all of the provisions of Section 4 aforesaid may be enforced by such holders in every respect as said provisions are enforceable by the holders of the outstanding bonds . Section 7 . That the bonds herein authorized shall be sold pursuant to such provision therefor as may be made in resolution or resolutions to be adopted by the City Council, provided that no such sale shall be made at less than par and accrued interest . The bonds so sold shall be prepared -11- OFFICE OF CITY ATTORNEY - CITY HALL- MIAMI BEACH 39, FLORIDA and executed as soon as may be after sale and shall be there- upon delivered to the purchasers thereof upon payment in ac- cordance with the terms of sale . The proceeds of sale shall, to the amount necessary to assure the proper application there- of to the purposes for which the bonds are herein authorized, be deposited in a special account or accounts in one or more banks and be paid out of such account or accounts only when the requisition therefor shall have been made by the City Manager, a check for the amount drawn on the account in the manner required for the drawing of checks on general city funds, the requisition accompanied by a certificate by the City Engineer and the City Attorney approving the making of the payment, and, in cases where the requisition is for the payment for the purchase of real estate, the requisition is also accompanied by a legal opinion by the City Attorney cer- tifying that the city either has obtained or will obtain si- multaneously with the making of the payment good and merchant- able title to the real estate so purchased. Section 8. That the City Attorney is hereby authorized and directed to take appropriate proceedings in the Circuit Court of the Eleventh Judicial Circuit in and for Dade County, Florida, for the validation of said bonds and the Mayor and City Clerk are authorized to sign any pleadings in such pro- ceedings for and in behalf of the City Council of the City of Miami Beach, Florida. Section 9 . That this resolution be published immediately after its adoption in the Florida Sun, a newspaper published in the City of Miami Beach, Florida . For a period of thirty days from the date of such publication any person in interest shall have the right to institute litigation questioning the proceedings for the bonds herein authorized or the legality of such bonds or the sources of revenue from which such bonds are payable . -12- OFFICE OF CITY ATTORNEY- CITY HALL-MIAMI BEACH 39, FLORIDA I Section 10 . That if any one or more sections, paragraphs, clauses, or provisions of this resolution shall be held to be invalid for any reason, such invalidity shall not affect the validity or enforceability of any of the remaining provisions thereof . Section 11 . That all resolutions and orders or parts thereof in conflict herewith are to the extent of such con- flict repealed, and this resolution shall be in full force and effect immediately after its adoption. PASSED and ADOPTED this 30th day of- December , A.D. 195 3 e1 i CW!ayor ATTEST: C . W. Tomlinson, City Clerk By: Deputy ity erk -13- OFFICE OF CITY ATTORNEY—CITY BALL—MIAMI BEACH 39, FLORIDA a) q--1 a) C--- a) a) 00 cd bD— a 0 mho z Z •,-1r-1 cd H Z F-i Pt VI C3 0 0 0 H H 4+ 0 ori cr H o S-4 0 b0 • a) a Ocn o ,,,-10 v) r0 o W ,-I CO a 5 0 '0 00 in o a-4y)-w