Resolution 11855 /
RESOLUTION NO. U.655
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MIAMI BEACH, FLORIDA, AUTHORIZING THE ISSUANCE
OF NEGOTIABLE COUPON BONDS AGGREGATING IN AMOUNT
$4,880,000.00 FOR THE SEVERAL PURPOSES AUTHORIZED
AT AN ELECTION HELD ON MAY 3, 1966.
WHEREAS, the City Council of the City of Miami Beach,
Florida, by Resolution No. 11765, adopted on the 2nd day
of March, 1966, 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 $9,680,000 .00, 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 3, 1966; and
WHEREAS, the said City Council on May 4, 1966,
canvassed the returns of the aforesaid special election
and found that the issuance of said bonds in the aggregate
amount of $4, 880,000.00 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 that a majority of the
votes cast upon one issue in the amount of $4, 800,000.00
were against the issuance thereof, and declared and
recorded, in the manner prescribed by law, the result of
said election and canvass, which several propositions so
submitted at said election and approved as aforesaid were
as follows:
1. Shall the City of Miami Beach, Florida, issue nego-
tiable coupon bonds in the amount of $1,095,000.00
with interest at a rate to be hereafter determined,
not exceeding 4% per annum, for the purpose of
MAKING IMPROVEMENTS to the existing GRAVITY SANITARY
SEWER SYSTEM?
2. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of $465,000.00
with interest at a rate to be hereafter determined,
not exceeding 4% per annum, for the purpose of
MAKING IMPROVEMENTS to the existing SANITARY SEWER
FORCE MAIN SYSTEM?
3 . Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of $700,000 .00
with interest at a rate to be hereafter determined,
not exceeding 4% per annum, for the purpose of
replacing PORTION OF THE WATER SUPPLY MAIN on the
VENETIAN CAUSEWAY from Miami to Miami Beach and
CONSTRUCTING EXTENSION to the WATER SUPPLY SYSTEM?
4. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of $840,000.00
with interest at a rate to be hereafter determined,
not exceeding 4% per annum, for the purpose of
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CONSTRUCTING STORM SEWERS throughout the City?
5 . Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of $280,000.00
with interest at a rate to be hereafter determined,
not exceeding 4% per annum, for the purpose of con-
structing a new FIRE STATION, including a PUMPER of
750 gallons per minute capacity?
7 . Shall the City of Miami Beach, Florida, issue negotiable
coupon bonds in the amount of $1, 500,000 .00 with interest
at a rate to be hereafter determined, not exceeding 4%
per annum, for the purpose of CONSTRUCTING A PUBLIC
PARK ON THE OCEAN FRONT extending from Collins Avenue
to the Atlantic Ocean and located between 81st Street
and 87th Street?
The proposition so submitted at said election, which
was disapproved as aforesaid, was as follows:
6. Shall the City of Miami Beach, Florida, issue
negotiable coupon bonds in the amount of $4,800,000 .00
with interest at a rate to be hereafter determined, not
exceeding 4% per annum, for the purpose of IMPROVING,
EXTENDING AND ENLARGING THE CONVENTION HALL?
NCW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MIA4MI BEACH, FLORIDA:
SECTION 1. That pursuant to said election $4,860,000.00
of negotiable coupon bonds of the City of Miami
Beach, Florida, be issued bearing date August 1, 1966, and
bearing interest at a rate to be hereafter determined, not
exceeding 4% per annum, payable semi-annually, on the 1st
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
Trust Company in New York City, New York, which bonds shall
be registrable as to principal in accordance with the endorse-
ment 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 Six (6) series
and in amounts as follows:
SERIES 1 : For the purpose of making improvements to the
existing gravity sanitary sewer system:
$1,095,000.00
SERIES 2: For the purpose of making improvements to
the existing sanitary sewer force main
system: $ 465,000.00
SERIES 3 : For the purpose of replacing portion of the
water supply main on the Venetian Causeway
from Miami to Miami Beach and constructing extension to
the water supply system: $ 700, 000.00
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SERIES 4: For the purpose of constructing storm sewers
throughout the City: $840,000.00
SERIES 5 : For the purpose of constructing a new fire
station, including a pumper of 750 gallons
per minute capacity: $280,000 .00
SERIES 6: For the purpose of constructing a public
park on the ocean front extending from
Collins Avenue to the Atlantic Ocean and located between
81st Street and 87th Street : $1,500,000.00
SERIES 1 shall be in the principal amount of
$1,095,000.00; shall be known as "1966 GRAVITY SANITARY
SEWER SYSTEM IMPROVEMENT BONDS" and shall be numbered
and mature as follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 5,000 .00 1968 1 - 5
10,000 .00 1969 6 - 15
10,000 .00 1970 16 - 25
10,000 .00 1971 26 - 35
10, 000.00 1972 36 - 45
10,000 .00 1973 46 - 55
20,000.00 1974 56 - 75
20,000 .00 1975 76 - 95
20,000 .00 1976 96 - 115
120,000.00 1977 116 - 235
45,000.00 1978 236 - 280
45,000.00 1979 281 - 325
110,000.00 1980 326 - 435
110,000 .00 1981 436 - 545
110,000 .00 1982 546 - 655
110,000 .00 1983 656 - 765
110,000 .00 1984 766 - 875
110,000 .00 1985 876 - 985
110,000 .00 1986 986 - 1095
SERIES 2 shall be in the principal amount of
$465,000 .00; shall be known as "1966 Sanitary Sewer
Force Main System Improvement Bonds", and shall be
numbered and shall mature as follows:
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AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 5,000 .00 1968 1 - 5
5,000 .00 1969 6 - 10
5,000 .00 1970 11 - 15
5,000 .00 1971 16 - 20
5,000 .00 1972 21 - 25
5,000 .00 1973 26 - 30
10,000.00 1974 31 - 40
10,000.00 1975 41 - 50
10,000 .00 1976 51 - 60
15,000.00 1977 61 - 75
20,000 .00 1978 76 - 95
20,000 .00 1979 96 - 115
50,000.00 1980 116 - 165
50,000 .00 1981 166 - 215
50,000.00 1982 216 - 265
50,000 .00 1983 266 - 315
50,000 .00 1984 316 - 365
50,000 .00 1985 366 - 415
50,000 .00 1986 416 - 465
SERIES 3 shall be in the principal amount of
$700,000.00; shall be known as "1966 WATER SUPPLY SYSTEM
BONDS", and shall be numbered and mature as follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 5,000 .00 1968 1 - 5
5,000.00 1969 6 - 10
5,000.00 1970 11 - 15
5,000.00 1971 16 - 20
5,000.00 1972 21 - 25
5,000.00 1973 26 - 30
15, 000.00 1974 31 - 45
15,000.00 1975 46 - 60
15,000 .00 1976 61 - 75
75, 000 .00 1977 76 - 150
30,000.00 1978 151 - 180
30,000 .00 1979 181 - 210
70,000 .00 1980 211 - 280
70,000.00 1981 281 - 350
70,000.00 1982 351 - 420
70, 000 .00 1983 421 - 490
70,000 .00 1984 491 - 560
70,000 .00 1985 561 - 630
70,000.00 1986 631 - 700
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SERIES 4 shall be in the princik?al amount of
$840,000 .00; shall be known as "1966 STORM SEWER
BONDS", and shall be numbered and mature as follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 5,000 .00 1968 1 - 5
10,000 .00 1969 6 - 15
10,000.00 1970 16 - 25
10,000.00 1971 26 - 35
10,000 .00 1972 36 - 45
10,000.00 1973 46 - 55
15,000.00 1974 56 - 70
15,000 .00 1975 71 - 85
15,000.00 1976 86 - 100
75,000.00 1977 101 - 175
35,000 .00 1978 176 - 210
35,000 .00 1979 211 - 245
85,000.00 1980 246 - 330
85,000.00 1981 331 - 415
85,000.00 1982 416 - 500
85,000.00 1983 501 - 585
85,000 .00 1984 586 - 670
85,000 .00 1985 671 - 755
85,000.00 1986 756 - 840
SERIES 5 shall be in the principal amount of
$280,000 .00; shall be known as "1966 FIRE STATION
BONDS"; and shall be numbered and mature as follows:
AMOUNT MATURING FEBRUARY 1 NUMBERED
$ 5,000 .00 1968 1 - 5
5,000 .00 1969 6 - 10
5,000.00 1970 11 - 15
5,000.00 1971 16 - 20
5,000 .00 1972 21 - 25
5,000.00 1973 26 - 30
5,000 .00 1974 31 - 35
5,000 .00 1975 36 - 40
5,000 .00 1976 41 - 45
5,000 .00 1977 46 - 50
10,000 .00 1978 51 - 60
10,000.00 1979 61 - 70
30,000.00 1980 71 - 100
30,000 .00 1981 101 - 130
30,000 .00 1982 131 - 160
30,000.00 1983 161 - 190
30,000.00 1984 191 - 220
30,000.00 1985 221 - 250
30,000 .00 1986 251 - 280
f
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SERIES 6 shall be in the principal F' .Dunt of
$1,500,000 .00; shall be known as "1966 O•:'T.ZO FRONT PARK
BONDS" and shall be numbered and mature as follows:
AMOUNT IATURING FEBRUARY 1 NUMBERED
$ 5,000 .00 1968 1 - 5
15,000 .00 1969 6 - 20
15,000 .00 1970 21 - 35
15,000 .00 1971 36 - 50
15,000 .00 1972 51 - 65
15,000 .00 1973 66 - 80
35,000 .00 1974 81 - 115
35,000.00 1975 116 - 150
35,000 .00 1976 151 - 185
110,000 .00 1977 186 - 295
60,000 .00 1978 296 - 355
60,000 .00 1979 356 - 415
155,000 .00 1980 416 - 570
155,000 .00 1981 571 - 725
155,000 .00 1982 726 - 880
155,000 .00 1963 881 - 1035
155,000 .00 1984 1036 - 1190
155,000.00 1985 1191 - 1345
155,000 .00 1986 1346 - 1500
SECTION 3 . That bonds maturing in the years 1968 to 1977,
both inclusive, shall not be redeemable prior
to their respective dates of maturity. Bonds maturing in
the years 1978 to 1985, 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, 1977, 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 1977 to 1980,
both inclusive; two per centum (2%) in the years 1981 to
1983 , both inclusive; and one per centum (1%) in the years
1984 to 1985, 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 news-
paper 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 $1,000.00 each and shall
I 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:
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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 Series No. and 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 February, 19 , the principal sum of
ONE 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 presen-
tation 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 interest, 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. 11765, passed and adopted March 2, 1966, under the author-
ity 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 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 1968 to 1977, both
inclusive, shall not be redeemable prior to their respective
dates of maturity. Bonds maturing in the years 1978 to 1965,
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, 1977,
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
(3A in the years 1977 to 1980, both inclusive;
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two per centum (2%) in the years 1981 to 1983, both in-
clusive; and one per centum (1%) in the years 1984 to
1985, 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 constitu-
tional 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 (the facsimile signatures
of said Mayor and City Clerk 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, 1966.
Mayor
Attest:
City Clerk
(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 Improvement Bond,
Series , dated the 1st day of August , 19 66 .
and numbered
Attest: Mayor
City Clerk 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
Attest:
Mayor
City Clerk _8-
I'
ENDORSEMENT CONCERNING REGISTRATION
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 registration 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
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 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 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 signature on said bonds. The coupons affixed to
said bonds shall be executed by the facsimile signatures
of said Mayor and City Clerk. The Mayor, the City Clerk
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 8. That this resolution shall be in force and effect
immediately upon its adoption.
PASSED and ADOPTED this 1st day o Juy, 1966.
Ma or
Att-: .
' I _♦te
City Clerk /
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RESOLUTION NO. 11982
A RESOLUTION AMENDING RESOLUTION NO. 11855,
OF THE CITY OF MIAMI BEACH, FLORIDA, ENTITLED
"A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
ISSUANCE OF NEGOTIABLE COUPON BONDS AGGREGATING
$4, 880, 000.00 FOR THE SEVERAL PURPOSES AUTHORIZED
AT AN ELECTION HELD ON MAY 3, 1966. "
WHEREAS, the City Council of the City of Miami Beach,
Florida has heretofore, on the 1st day of June, 1966, adopted
Resolution No. 11855, authorizing the issuance of $4, 880, 000.00
Public Improvement Bonds of the City, dated August 1, 1966
(hereinafter referred to as the "Bonds") , and said Bonds and
the proceedings incident to the authorization thereof have
been heretofore validated and confirmed by decree of the
Circuit Court of the Eleventh Judicial Circuit of the State
of Florida in and for Dade County, entered on the 8th day of
August, 1966, and recorded on the 9th day of August, 1966;
and
WHEREAS, said Resolution No. 11855 provides that said
Bonds are to bear interest at a rate of interest not exceeding
four per centum (4%) per annum; and
WHEREAS, due to adverse market conditions, it is deemed
necessary and desirable and in the best interest of the City,
and its citizens and residents, to increase said interest rate
limitation to a rate of interest to be hereafter determined,
not to exceed six (6%) percentum per annum; and
WHEREAS, a proposal providing for such interest rate
limitation increase has been submitted to and approved by
the requisite number of registered and qualified electors
of the City who are freeholders at a special election held
in the City on November 8, 1966, all as more fully appears
from the certified copy of the election proceedings attached
hereto as "Exhibit 1" ;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. That Section 1 of said Resolution No. 11855, here-
tofore adopted on June 1, 1966, be and the same
is hereby amended to read as follows:
"SECTION 1. That pursuant to said election $4, 880, 000.00
of negotiable coupon bonds of the City of
I•iiami Beach, Florida, be issued bearing date August 1,
1966, and bearing interest at a rate to be hereafter
determined, not exceeding six (6%) percentum per annum,
payable semi-annually, on the 1st day of February and
August of each year, which interest shall be evidenced
by coupons attached to the principal bonds, and both
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principal and interest shall be payable in lawful money of
the United States of America at the Chemical Bank New York
Trust Company in New York City, 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 of said City is hereby
designated Registrar for that purpose. "
SECTION 2. That notwithstanding any of the remaining provisions
of said Resolution No. 11855, all of said Bonds
shall be issued in the denomination of $5, 000.00 each and
numbered from 1 upward in order of maturity.
SECTION 3. That this resolution shall be in force and effect
immediately upon its adoption.
PASSED and ADOPTED this '/tip day of NovemL r , 1966.
(Sign: Elliott ,Roaoevel t
Mayor
ATTEST:
(Signed) R. Wm. Zr.. Johnson
City Clerk
(SEAL)
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