Resolution 11391 RESOLUTION NO. 11391
A RESOLUTION OF THE CITY OF MIAMI BEACH, FLORIDA
CALLING FOR REDEMPTION OF ALL OUTSTANDING PARKING
REVENUE BONDS, SERIES 1958, OF THE CITY OF MIAMI •
BEACH, FLORIDA, PROVIDING FOR THE ESCROW OF FUNDS
SUFFICIENT TO PAY THE SAME, AND DECLARING AN
EMERGENCY.
WHEREAS, pursuant to Resolution No. 9651, adopted by the
City Council of the City of Miami Beach, Florida, on December 18,
1957, the City of Miami Beach authorized the issuance of and did
issue $1, 850, 000 Parking Revenue Bonds, Series 1958, dated January 1,
1958, of which $314, 000 bonds are now outstanding; and
WHEREAS, there are on hand sufficient revenues derived from
the operation of parking facilities so that said remaining Parking
Revenue Bonds can be called for redemption in accordance with their
terms on July 1, 1965, and there being no other obligations of the
City payable from such revenues now outstanding, the City Council
desires to call said bonds for redemption on said date;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA, as follows:
SECTION 1. That all outstanding Parking Revenue Bonds, Series 1958,
of the City of Miami Beach, Florida, more particularly
described in the notice of redemption set out in Section "2" hereof,
are hereby called for redemption from revenues derived from the opera-
tion of parking facilities, on July 1, 1965, at the price of par and
accrued interest to that date and a premium of $30. 00 per bond.
SECTION 2. That notice of the intended redemption of said bonds shall
be given by registered mail (1) to Chemical Bank New York
Trust Company in the City of New York, New York, as successor to Chemical
Corn Exchange Bank, (2) to the registered holder of each such bond which
is now registered and each bond which shall be registered prior to July 1,
1965, and (3) to each member of the syndicate which purchased said bonds,
comprising Goldman, Sachs & Co.of New York, New York, and associates,
and shall be further given by publication one time in The Bond Buyer,
a financial newspaper or journal published in the City of New York, New
York. Said notice shall be so mailed and published not earlier than
May 1 nor later than May 15, 1965, except that if any of said bonds
shall be registered subsequent to May 1, 1965, notice shall be mailed
to the registered holder immediately upon registration of such bond.
The City Clerk shall cause notice to be mailed and published
as above prescribed and such notice shall be in substantially the
following form:
- 1 -
"NOTICE OF REDEMPTION
CITY OF MIAMI BEACH, FLORIDA
Notice is hereby given that the City of Miami Beach, Dade
County, Florida, has called and does hereby call for
redemption from revenues derived from the operation of
the city' s automobile parking facilities, all the outstanding
Parking Revenue Bonds, Series 1958, of the City of Miami
Beach. Said bonds are dated January 1, 1958, denomination
$1, 000, bear interest at 4% per annum, are numbered 631 to
944, inclusive, and are payable at Chemical Bank New York
Trust Company in the City of New York, New York, as successor
to Chemical Corn Exchange Bank.
On or after July 1, 1965, said bonds may be presented for
redemption at par and accrued interest to that date plus a
premium of $30 for each bond. No interest on bonds shall
accrue after July 1, 1965.
Given by order of the City Council of the City of Miami Beach,
Florida, this day of , 1965.
City Clerk"
SECTION 3. That the sum of $329, 700 shall be taken from the Surplus
Revenues Fund. (into which revenues derived from the operation of the
City ' s parking facilities have been deposited) and said sum shall be
deposited with the Miami Beach First National Bank, Miami Beach, Florida,
to be held, invested and paid out in accordance with a letter of in-
structions to be sent to said bank in substantially the following
form:
1965
Miami Beach First National Bank
Miami Beach, Florida
Gentlemen:
The City of Miami Beach, Dade County, Florida, will shortly
cause to be transferred to you the sum of $329, 700. 00. This
money is to be held by you in a special trust account until
June 15th, 1965, upcn which date you are to transfer it to
Chemical Bank New York Trust Company, New York, New York, to
be used by said bank for the payment of principal of, and in-
terest and redemption premiums on, all outstanding 4% Parking
Revenue Bonds, Series 1958, of the City of Miami Beach, Florida,
which bonds are dated January 1, 1958, denomination $1, 000,
originally issued in the amount of $1, 850, 000 and of which
$314, 000 bonds numbered 631 to 944, inclusive, are now outstand-
ing. All of said bonds are to be retired upon call for redemption
on July 1, 1965, at par and accrued interest plus a premium of
$30 per bond.
- 2 -
Of the sum to be transferred to you, as above provided.,
$314, 000 will be applicable to the principal of said
bonds, $9, 420 will be applicable to the payment of
redemption premiums and $6, 280 will be applicable to
the payment of interest due on July 1, 1965. Attached
hereto is a copy of the resolution calling saidbonds
for redemption and including the official notice of
redemption. When you transmit said $329, 700 to Chemical
Bank New York Trust Company you are to advise that bank
that the money is to be used solely in payment of principal
of, and interest and redemption premiums on, said bonds upon
presentation and surrender of the appropriate bonds and
coupons on or after July 1, 1965 . All unmatured coupons
must be attached to each bond which is redeemed and said
Chemical Bank New York Trust Company is to cremate all
of said bonds and coupons immediately upon payment of
the redemption price and is to certify to the City Clerk
of the City of Miami Beach that said bonds and coupons
have been so cremated.
You are to invest the aforementioned money, upon receipt
thereof, in direct obligations of the United States of
America which mature no later than the date upon which
the aforementioned transfer of funds is to occur and to
collect the proceeds thereof in time to accomplish such
transfer . All interest on such investments and profits,
if any, derived from the sale thereof shall be returned
to the City of Miami Beach when the said $329, 700 is
so transferred. All funds which are not at any time
invested as above provided shall be secured by collateral
consisting of United States Government obligations of market
value at all times at least equal to the amount of uninvested.
money on deposit with you.
In making the aforementioned investments, you are not
responsible for any loss which may be incurred except
through negligence or bad faith on your part.
Yours very truly,
CITY OF MIAMI BEACH, FLORIDA
(CITY SEAL) By
Mayor
City Clerk"
"Miami Beach First National Bank, Miami Beach, Florida,
hereby acknowledges receipt of the foregoing letter of
instructions and agrees to hold, invest and dispose of
the money therein referred to only as provided therein,
all as of the date appearing at the top of said foregoing
letter.
MIAMI BEACH FIRST NATIONAL BANK
ATTEST:
By
President
Secretary
(BANK SEAL) "
- 3 -
SECTION 4. That all resolutions and orders or parts thereof in
conflict herewith are, to the extent of such conflict,
hereby repealed.
SECTION 5. That the letter of instructions set out in Section "3"
hereof, being intended as a contract between the City
of Miami Beach and Miami Beach First National Bank, and not oblig-
ating the City of Miami Beach for a longer period of time than
one year, it is hereby declared by the City Council of the City of
Miami Beach, Florida, to be necessary for the immediate preservation
of the public peace, health and safety that this resolution shall
take effect as soon as possible and, therefore, this resolution
shall be in full force andeffect immediately after its adoption.
PASSED and ADOPTED this 17th day of March , 1965.
ILdi 0 /
7or
ATTEST:
City Clerk
- 4 -
v
11-1
O Q)
r-♦
CT) N
rh O a
r♦ •d
• CO
0 0) x c
H z N rid
O 0 a N
a H S-I t -r♦
0
LH (1)
TS (I)
o b
rd
W ri Jrci
U)
rd 0
U O M
•