Resolution 9264 RESOLUTION NO. 9264
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING
THE ISSUANCE OF NEGOTIABLE COUPON BONDS
IN THE SUM OF $3,500,000.00 FOR THE
PURPOSE OF CONSTRUCTING AN EXHIBITION HALL .
WHEREAS, the City Council of the City of
Miami Beach, Florida, on the 4th day of April, 1956,
adopted a Resolution authorizing the issuance of
negotiable coupon bonds in the sum of 03,500,000.00
for the purpose of constructing an Exhibition Hall,
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 May 8, 1956; and
WHEREAS, the said City Council on May 16, 1956,
canvassed the returns of the aforesaid election and
found that the issuance of said bonds in the aggregate
amount of 03,500,000 .00 had been approved, by a majority
of the votes cast in said election, in which a majority
of the freeholders who were qualified electors residing
in said City participated, and declared and recorded,
in the manner prescribed by law, the result of said
election and canvass.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1: That pursuant to said election Three Million,
Five Hundred Thousand (;;'3,500,000.00) Dollars
of negotiable coupon bonds of the City of Miami Beach,
Florida, be issued bearing date July 1, 1956, and bearing
interest at a rate to be hereafter determined, not
exceeding 31% per annum, payable semi-annually, on the
first day of January and July of each year, which interest
shall be evidenced by ccupons attached to the principal
bonds, and both principal and interest shall be payable
in lawful money of the United States of America at
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Chemical Corn Exchange Bank in New York City, which bonds
shall be registrable as to principal in accordance with
the endorsement which this resolution 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 a single series;
shall be in the principal amount of $3,500,000.00;
shall be known as "Exhibition Hall Bonds" and shall be
numbered and mature as follows:
AMOUNT MATURING JULY 1 NUMBERED
50,000.oO 1957 1 - So
55,000.00 1958 51 - 105
60,000.00 1959 106 - 165
65,000.00 1960 166 - 230
70,000.00 1961 231 - 300
75,000.00 1962 301 - 375
8o,000.00 1963 376 - 455
85,000.00 1964 456 - 54o
90,000.00 1965 541 - 630
95,000.00 1966 631 - 725
105,000.00 1967 726 - 830
110,000.00 1968 831 - 940
115,000.00 1969 941 -1055
150,00o.00 1970 1056 -1205
175,000.00 1971 1206 -1380
1}.10,000.00 1972 1381 -1790
410, 000.00 1973 1791 -2200
410,000.00 1974 2201 -2610
440,000.00 1975 2611 -3050
45o,000.00 1976 3051 -3500
SECTION 3. That all of the bonds herein authorized shall
be in the denomination of $1,000.00 each and
shall be designated "Public Improvement Bonds" , followed
by a brief description of the purpose as hereinbefore
provided and shall be alike in form, except as to the
dates of maturities and numbers, and the form of said
bonds, coupons and registration endorsement, as well as
the manner of execution of said bonds and coupons and
certificates of validation shall be substantially as
follows:
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No. UNITED STATES OF AMERICA $1,000.00
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
(Here insert 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 percent 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 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 Corn Exchange Bank 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 irrevo-
cably 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 improve-
ments in the City of Miami Beach, Florida, as stated in the
caption hereof and more particularly described in Resolution
No. 9264 of the City Council of said City, passed and adopted
May 16, 1956, under the authority of and in full compliance
with the Constitution and Statutes of the State of Florida,
including Chapter 100, Florida Statutes, and the City Charter,
being Chapter 7672 of the Laws of Florida, Acts 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 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 Constitution 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 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. 1956.
Aayor
City Clerk
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COUPON
No.
On 1 , 19 , the City of Miami Beach,
Florida, will pay to the bearer at Chemical Corn Exchange
Bank, 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, dated July 1, 1956 and
numbered
City Clerk
ENDORSEMENT 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
1956.
Clerk o1' the Circuit Court off` the
Eleventh Judicial Circuit for Dade
County, Florida.
ENDORSEMENT CONCERNING REGISTRATION
0
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 regis-
tration and transfer 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
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SECTION 4. That in each year, while any of the bonds
referred to in this resolution 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 are collected 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 in the name of said
City to have said bonds validated 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 are hereby authorized
and directed to 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.
1956.
.)/- 14".-1%1
Vice Mayor
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