Resolution 12503 ilf
U RESOLUTION NC. 12503
A RESOLUTION CF THE CITY COUNCIL
OF THE CITY of iIAIvII BEACH, FLORIDA
AUTHORIZING THE ISSUANCE or NEGOTIABLE
COUPON BONDS AGGREGATING IN Ai-OUNT
$5,045 ,CCC.CC FOR THE SEVERAL PURPOSES
AUTHORIZED AT AN ELECTION HELD ON
hAY 28 , 1968.
WHEREAS the City Council of the City of Miami
Beach, Florida, by Resolution No. 12405 , adopted on the
17th day of April, 1960 , authorized the issuance of
negotiable coupon bonds of the City of Miami Beach for the
several purposes and in the respective amounts therein stated ,
aggregating in amount $5,C45,00C.00, subject to the
authorization of the duly registeredand qualifiedvoters of
said City who were freeholders therein participating in the
special election which said resolution directed to be held
on May 28 , 1968; said Resolution No. 12405 being incorporated.
herein by reference and made a part hereof for all purposes
as though set forth herein in haec verba, and
WHEREAS the said. City Council on hay 29, 1968.
canvassed the returns of the aforesaid special election and
foundthat the issuance of said bonds in the aggregate
amount of $5,045,COC 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 that a majority of the votes cast upon
each of the several issues of bonds in the aggregate amount
of $5,045,0,00. 00 proposedto be made were in favor of each of
said issues , and declaredand recorded, in the manner
prescribedby law, the result of said election and canvass,
which propositions so submittedat said election and approved.
as aforesaidwere as follows:
1. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$1,0CC,CCC.O0 with interest at a rate to be
hereafter determined, not exceeding 6/o per
annum, for the purpose of EXTENDING EXISTING
SANITARY SEWER OUTFALL EASTWARDIN ATLANTIC
OCEAN?
2. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$705,000.00 with interest at a rate to be
hereafter determined, not exceeding 6% per
4 ' annum, for the purpose of MAKING IMPROVEMENTS
TO THE WATER SUPPLY SYSTEM?
4. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$1, 140,000 with interest at a rate to be
hereafter determined not exceeding 6% per annum,
for the purpose of MAKING ASSESSABLE STREET LIGHT
IMPRO EhENTS, for the payment of all or part
of which a special annual tax will be levied,
the amount of which levy will be reduced by
collections from special improvement assessments
made against abutting property, as authorized
by law, on certain streets set forth in said
Resolution No. 12405?
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5 . Shall the City of Miami Beach., Florida, issue
negotiable coupon bonds in the amount of
$315,OCO.CC with interest at a rate to be
hereafter determined, not exceeding 6% per
annum, for the purpose of MAKING NON-
ASSESSABLE STREET LIGHT IMPROVEMENTS at the
locations set forth in Resolution No. 12405?
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6. Shall the City of Miami Beach, Florida,
issue negotiable coupon bonds in the amount
of $500 ,000. 00 with interest at a rate to
be hereafter determined , not exceeding 6%
per annum, for the purpose of MAKING
IMPROVEMENTS TO THE STORM SEWERS IN CERTAIN
LOCATIONS AS SET FORTH IN RESOLUTION NO. 12405?
7. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$165 ,000.00 with interest at a rate to be
hereafter determined , not exceeding 6% per
annum, for the payment of THE CITY' S SHARE
OF MATCHING FEDERAL FUNDS FOR CONSTRUCTING
A COMMUNITY CENTER?
8. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$500 ,000.00 with interest at a rate to be
hereafter determined, not exceeding 6% per
annum, for the purpose of CONSTRUCTING A
FIRE STATION AND PURCHASING A PUMPER AND
ADDITIONAL FIRE HYDRANTS?
9. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$260 ,000.00 with interest at a rate to be
hereafter-detgtmined, not exceeding. 6% per
annum, for the purpose of PAVING VARIOUS
STREETS , INCLUDING SIDEWALKS AND CURBS AND
GUTTERS , for the payment of all or part of
which a special annual tax will be levied ,
the amount of which levy will be reduced by
collections from special improvement
assessments made against abutting property,
as authorized by law, on certain streets
set forth in Resolution No. 12405?
10. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of
$460 ,000.00 with interest at a rate to be
hereafter determined,not exceeding 6%
per annum, for the purpose of MAKING NON-
ASSESSABLE IMPROVEMENTS TO STREETS, INCLUDING
PAVING, CURBING AND GUTTERING AND SIDEWALKS on
certain streets set forth in Resolution No. 12405?
NOW , THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIAMI BEACH, FLORIDA:
SECTION 1: That pursuant to said election $5 ,045 ,000.00 of
negotiable coupon bonds of the City of Miami Beach,
Florida, be issued bearing date August 1 , 1968 , and bearing interest
at a rate to be hereafter determined , not exceeding 6% per annum,
payable semi-annually, on the first day of February and August of
each year, which interest shall be evidenced by coupons attached
to the principal bonds , and both principal and interest shall be
payable in lawful money of the United,,States of America at the
Chemical Bank ' New York Trus€ Company. in New Yorke City;-
New
ity;-New York, 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 and Finance .�
Director of said City is hereby designated Registrar for that
purpose.
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SECTION 2 : Said bonds shall be issued in Series 2 through 10 and
in amounts as follows :
SERIES 2 : For the payment of the City's share of
matching Federal funds for constructing
a community center : $165, 000.00
SERIES 3 : For the purpose of paving various streets,
including sidewalks and curbs and gutters :
$260, 000. 00
SERIES 4 : For the purpose of making non-assessable
street light improvements : $315, 000.00
SERIES 5 : For the purpose of making non-assessable
improvements to streets , including paving,
curbing and guttering, and sidewalks :
$460, 000.00
SERIES 6 : For the purpose of making improvements to
storm sewers : $500, 000. 00
SERIES 7 : For the purpose of constructing a fire
station and purchasing a pumper and
additional fire hydrants : $500, 000.00
SERIES 8 : For the purpose of making improvements
to the water supply system: $705, 000. 00
SERIES 9 : For the purpose of extending existing
sanitary sewer outfall eastward in
Atlantic Ocean: $1, 000, 000.00
SERIES 10: For the purpose of making assessable street
light improvements : $1, 140, 000.00
SERIES 2 shall be in the Principal amount of $165, 000. 00;
shall be known as "1968 COMMUNITY CENTER BONDS " and shall be
numbered and mature as follows :
AMOUNT MATURING FEBRUARY 1 NUMBERED
$160, 000.00 1970 1-32
5, 000. 00 1971 33
SERIES 3 shall be in the principal amount of $260, 000.00;
shall be known as "1968 ASSESSABLE PAVING BONDS " and shall be
numbered and shall mature as follows :
AMOUNT MATURING FEBRUARY 1 NUMBERED
$165, 000.00 1971 34-66
95, 000.00 1972 67-85
SERIES 4 shall be in the principal amount of $315, 000.00;
shall be known as "1968 NON-ASSESSABLE STREET LIGHT IMPROVEMENT
BONDS ", and shall be numbered and shall mature as follows :
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 80, 000.00 1972 86-101
185, 000.00 1973 102-138
50, 000.00 1974 139-148
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SERIES 5 shall be in the principal amount of $460,000.00;
shall be known as "1968 NON-ASSESSABLE PAVING BONDS", and shall
be numbered and shall mature as follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$140,000.00 1974 149-176
200, 000.00 1975 177-216
120, 000.00 1976 217-240
SERIES 6 shall be in the principal amount of $500, 000.00;
shall be known as "1968 STORM SEWER SYSTEM IMPROVEMENT BONDS",
and shall be numbered and shall mature as follows :
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 90,000.00 1976 241-258
220,000.00 1977 259-302
190, 000.00 1978 303-340
SERIES 7 shall be in the principal amount of $500, 000.00;
shall be known as "1968 FIRE STATION BONDS", and shall be numbered
and shall mature as follows :
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 40, 000.00 1978 341-348
240, 000.00 1979 349-396
220,000.00 1980 397-440
SERIES 8 shall be in the principal amount of $705,000.00;
shall be known as "1968 WATER SUPPLY SYSTEM IMPROVEMiENT BONDS",
and shall be numbered and shall mature as follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 30, 000.00 1980 441-446
260,000.00 1981 447-498
275, 000.00 1982 499-553
140, 000.00 1983 554-581
SERIES 9 shall be in the principal amount of $1, 000,000.00;
shall be known as "1968 SANITARY SEWER OUTFALL EXTENSION BONDS",
and shall be numbered and shall mature as follows :
AMOUNT MATURING FEBRUARY 1 NUMBERED
$145,000.00 1983 582-610
295, 000.00 1984 611-669
310, 000.00 1985 670-731
250, 000.00 1906 732-731
SERIES 10 shall be in the principal amount of
;.1140.000.00; shall be known as "1968 ASSESSABLE STREET LIGHT
IMPROVEMENT BONDS", and shall be numbered and shall mature as
follows:
AMOUNT MMATURING FEBRUARY 1 NUMBERED
$ 75, 000.00 1986 782-796
340, 000.00 1987 797-864
355,000.00 1988 865-935
370, 000.00 1909 936-1009
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SECTION 3. That bonds maturing in the years 1970 to 1979,
both inclusive, shall not be redeemable prior
to their respective dates of maturity. Bonds maturing in
the years 1980 to 1989, both inclusive, shall be redeemable
prior to their respective stated dates of maturity, at the
option of the City of Miami Beach, in whole or in part, but
in inverse order of maturities and by lot within maturities,
if less than all, on February 1, 1979, or on any interest
payment date thereafter, at the price of par and accrued
interest, plus the following premiums, expressed in percent-
ages of the par value thereof, if redeemed in the following
years : Three per centum (3%) in the years 1979 to 1982,
both inclusive; two per centum (2%) in the years 1983 to
1986, both inclusive; and one per centum (1%) in the years
1987 to 1989, both inclusive. A notice of the redemption
of said bonds shall be published at least once at least 30
days prior to the date of redemption in a financial newspaper
published in the City of New York, New York. Interest shall
cease to accrue upon any of said bonds so duly called for
redemption prior to maturity, provided payment thereof has
been duly provided for.
SECTION 4. That all of the bonds herein authorized and
referred to in Section 2 of this resolution
shall be in the denomination of $5, 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 statement of
series, purpose and 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 :
No. UNITED STATES OF AMERICA $5, 000.00
STATE OF FLORIDA, COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT BOND
(Here insert Series No. and Statement of Purpose)
KNO,.7 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 February, 19 , the principal sum of
FIVE THOUSAND DOLLARS
with interest thereon at the rate of per cent per
annum, payable semi-annually, on the first day of February
and the first day of August in each year, upon the presenta-
tion 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 Bank New York Trust
Company in the City of New York. For the prompt payment
hereof, both principal and intere7t, as the same shall
become due, the full faith, credit and resources of said
City of Miami Beach are hereby irrevocably 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. 12405, passed and adopted April 17, 1968, under the
authority and in full compliance with the Constitution and
Statutes of the State of Florida, including Chapter 100,
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Florida Statutes, and the City Charter, being Chapter 7672
of the Laws of Florida 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 were 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.
Bonds maturing in the years 1970 to 1979, both inclusive,
shall not be redeemable prior to their respective dates of
maturity. Bonds maturing in the years 1900-1989, both
inclusive, shall be redeemable prior to their respective
stated dates of maturity, at the option of the City, in
whole or in part, but in inverse order of maturities and by
lot within maturities, if less than all, on February 1, 1979,
or on any interest payment date thereafter, at the price of
par and accrued interest, plus the following premiums,
expressed in percentages of the par value thereof, if
redeemed in the following years: Three per centum (3%) in
the years 1979 to 1982, both inclusive; two per centum (2%)
in the years 1983 to 1986, both inclusive; and one per
cerium (1%) in the years 1987 to 1989, both inclusive.
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 executed by its Mayor and attested
by its City Clerk and Finance Director (the facsimile signa-
tures of said Mayor and City Clerk and Finance Director being
imprinted or reproduced on this bond, and on the validation
legend appearing hereon, provided that at least one of said
officers shall manually apply his signature on said bond) ;
and the corporate seal of said City has been impressed or
imprinted hereon, and the interest coupons hereto attached
executed by said officials by their facsimile signatures, all
as of the 1st day of August, 1968.
Mayor
Attest:
City Clerk and Finance Director
(Form of Coupon)
No. $
On the 1st day of , 19_, the City of Miami Beach,
Florida, will pay to the bearer at the Chemical Bank New York
Trust Company, New York City, New York, 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 Im-
provement Bond, Series , dated the 1st day of August,
1968, and numbered
Attest: Mayor
City Clerk and Finance Director
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ENDORSEMENT CONCERNING
VALIDATION
This bond is one of a series of bonds which were validated
and confirmed by decree of the Circuit Court of the Eleventh
Judicial Circuit of the State of Florida in and for Dade County,
rendered on , 196
ENDORSEMENT CONCERNING REGISTRATION
This bond may be registered in the name of the holder on the
books to be kept by the Chemical Bank New York Trust Company, as
Registrar , or such other Registrar as may hereafter be duly appointed ,
as to principal only, such registration being noted hereon by such
Registrar in the registration blank below after which no transfer
shall be valid unless made on said books by the registered holder
or his attorney duly authorized and similarly noted in the registra-
tion blank below,but it may be discharged from registration by being
transferred to bearer after which it shall be transferable by
delivery, but it may again be registered as before. The registration
of this bond as to principal shall not restrain the negotiability
of the coupons by delivery merely, but the coupons may be surrendered
and the interest made payable only to the registered holder, in
which event the Registrar shall note in the registration blank
below that this bond is registered as to interest as well as
principal and thereafter the interest will be remitted by mail to
the registered holder. With the consent of the holder and of the
City of Miami Beach, this bond when converted into a bond registered
as to both principal and interest, may be reconverted into a coupon
bond and again converted into a bond registered as to both principal
and interest as hereinabove provided. Upon reconversion of this
bond , when registered as to principal and interest into a coupon
bond , coupons representing the interest to accrue upon this bond to
date of maturity shall be attached hereto by the Registrar. The
Registrar shall note in the registration blank below whether this
bond is registered as to principal only or payable to bearer.
DATE OF REGISTRATION NAME OF REGISTERED OWNER REGISTRAR
SECTION 5: That in each year while any of the bonds referred to in
Section 2 of 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 6 : 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, Florida.
SECTION 7: That the Mayor and the City Clerk and Finance Director
are hereby authorized and directed to execute the said
bonds under the seal of said City, which shall be impressed or
imprinted thereon. The facsimile signatures of said Mayor and
City Clerk and Finance Director may be imprinted or reproduced on
said bonds , and on the validation legend appearing thereon, provided
that at least one of said officers shall manually apply his signa-
ture on said bonds. The coupons affixed to said bonds shall be
executed by the facsimile signatures of said Mayor and City Clerk
and Finance Director. The Mayor , the City Clerk and Finance Director
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.
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SECTION 8: That this resolution shall be in force and effect
immediately upon its adoption.
PASSED and ADOPTED this 21st day of August , 1968.
�-�j Mayor
ATTEST:
City Clerk & Finance Director
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