Resolution 9272 i
;
RESOLUTION NO. 9272
WHEREAS, there is now in the Bond Fund of the City
of Miami Beach the sum of $303,204.37, which represents the
net proceeds from the sale of $299,000.00 Flamingo Park
Baseball Grandstand Bonds issued as of August 1, 1951, and
WHEREAS, it has been decided by the City Council
of said City to abandon the project for which said bonds
were voted by the freeholders of said City, and
WHEREAS, $65,000.00 par value of said bonds are now
held by the Miami Beach Employees Retirement System, the numbers
and years of maturity of said bonds being as follows :
Maturity Year Numbers
19619 6 164 202/221
1971 297/300
1971 261/284
and
WHEREAS, it is deemed to be to the best interest of
said City and of the taxpayers thereof, to apply the said
$303,204.37 so as to produce such earnings as will offset the
debt service for that portion of said Grandstand Bonds which
are to remain outstanding, and
WHEREAS, there is now held in said Bond Fund
$300,000.00 par value 30 City of Miami Beach Improvement Bonds
dated August 1, 1955,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA, that the City Manager of
said City be and he is hereby authorized and directed to cause
to be transferred from the Bond Fund of said City to its Bond
and Interest Retirement Fund the sum of $303,204.37, representing
the net proceeds of the sale heretofore made of the $299,000.00
Flamingo Park Baseball Grandstand Bonds as aforesaid.
BE IT FURTHER RESOLVED that the said City Manager be
and he is hereby authorized and directed to cause to be purchased
out of said Bond and Interest Retirement Fund $65,000.00 par value
of said Grandstand Bonds now held by the City of Miami Beach
Employees Retirement System, as aforesaid, said purchase to be at
the price of $65,049.27 plus accrued interest to the date of such
purchase .
BE IT FURTHER RESOLVED that when said $65,000.00 of
bonds shall have been acquired by the City as hereinbefore provided,
said bonds shall be cancelled, and the City Manager is hereby
directed to cause said bonds to be sent to Chemical Corn Exchange
Bank of New York City together with coupons payable on August 1, 1956
and subsequent thereto, in order that said bank, as fiscal agent
for said City, may take such action as shall be proper in the premises .
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OFFICE OF CITY ATTORNEY - CITY HALL -MIAMI BEACH 39, FLORIDA
BE IT FURTHER RESOLVED that the City Manager be
and he is hereby authorized and directed to cause to be
purchased for said City, out of the balance of said $303,204.37
which will then remain in the Bond and Interest Retirement
Fund, $235,000.00 par value of the 340 bonds of the City of
Miami Beach dated August 1, 1955, which are now being held
in the Bond Fund as aforesaid, the purchase price for said
bonds to be as follows :
5 30,000.00 par value at 3100.65574 plus accrued interest
3110,000.00 par value at 5100.59651 plus accrued interest
S 95,000.00 par value at S100.56546 plus accrued interest
BE IT FURTHER RESOLVED that the City Manager be and
he is authorized and directed to offer to Miami Beach Employees
Retirement Fund $65,000.00 par value of the said 314 City of
Miami Beach bonds dated August 1, 1955 and held in the Bond
Fund as aforesaid, at the price of $100.65574 plus accrued
interest.
PASSED and ADOPTED this 6th day of June, A.D. 1956.
arLI /41(iC-
Mayor
Attest :
y C r
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OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA
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