Resolution 76-15016 RESOLUTION NO. 76-15016
A RESOLUTION providing for the
issuance of $6,000,000 Parking
Revenue Bonds, Series 1976, of the
City of Miami Beach, Florida,
providing for the sale, security and
payment thereof, and making certain
covenants and agreements in that
connection.
WHEREAS pursuant to amendment to the Charter of the
City of Miami Beach enacted by the Legislature of Florida in 1949
(Chapter 26029; Laws of Florida, 1949) , the City of Miami Beach
' is authorized to acquire, improve and equip automobile parking
facilities in the manner more specifically hereinafter provided,
and to finance the cost thereof through the issuance of revenue
bonds, and under the amendment to the charter of said city approved
at the election on November 8, 1966, adding Section 39 3/11 thereto,
such revenue bonds can be issued in denominations of multiples of
$1,000; and
WHEREAS the improvement and extension of the automobile
parking facilities of the city are urgently needed for the benefit
and welfare of the inhabitants of the city and the City Council has
caused studies and estimates to be made and has determined that
the revenues to be derived by the city from the operation of its
automobile parking facilities will be sufficient to pay the expens,�
of operating and maintaining such facilities and to pay principal
of and interest on the bonds hereinafter authorized and to establish
necessary reserves for contingencies; and
WHEREAS there are now outstanding $613 ,000 Parking
Revenue Bonds, Series 1965, of the City of Miami Beach issued
pursuant to Resolution Number 11410 adopted on April 7 , 1965,.
and $1,365,000 Parking Revenue Bonds , Series 1967 of said city
issued pursuant to Resolution No. 12086 adopted April 5, 1967
as amended by Resolution No. 12161 adopted July 19, 1967 all of
which bonds are payable from said revenues; and
WHEREAS paragraph 2 of Subsection G of Section 6 of said
Resolution Number 11410 permits the issuance of additional bonds
on a parity with said Parking Revenue Bonds, Series 1965, if the
conditions therein prescribed for the issuance of such additional
bonds in said paragraph 2 are met upon the delivery of said
additional bonds; and
WHEREAS all of said conditions will have been met upon
the delivery of the bonds herein authorized; and
WHEREAS the city desires to provide for the relaxation
of the provisions under which the city may issue additional parity
bonds, subject to the rights of the holders of the Parking Revenue
Bonds, Series 1965 and Series 1967 , from time to time outstanding;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA:
Section 1. That for the purpose of paying part of the
cost of acquiring additional automobile parking facilities and of
equipping and improving parking facilities for the City of Miami
Beach, (automobile parking facilities for the purposes of this
resolution being defined as any lot or lots, buildings and structures,
above, at or below the surface of the street or earth, either on
the street or off the street, or both, including parking meters ,
equipment , entrances, exists, fencing and all other accessories
necessary or desirable for the regulation, control and the parking
of vehicles, either on the street or off the street ) , including
reimbursement of said city for expenditures previously made by said
city for said facilities, all of which facilities shall comprise
part of "the 'system" as defined in Section 4 of the aforementioned
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Notice of the intended redemption of any bond shall be given by
registered mail to the paying agent,, to the registered holder of
each bond so called for redemption which is then registered as to
principal and to a representative of the original purchasers of the
bonds who will be named by subsequent resolution, and by publication
one time in a financial newspaper or journal published in the
City of New York, New York, or Chicago, Illinois, which notice
shall be so mailed and published not less than thirty days prior
to the date fixed for redemption. If because of temporary or
permanent suspension of the publication or general circulation of
any newspaper or financial journal or for any other reason it is
impossible or impractical to publish such notice of call for redemp-
tion in the manner herein provided, then such publication in lieu
thereof as shall be made With the approval of the City Attorney shall
constitute sufficient publication of notice. If all of the bonds
so called for redemption on any interest payment date are registered
as to principal, thirty days ' notice shall be given to the registered
holders by registered mail at the addresses shown on the Registrar ' s
registration books, and in that event no other notice need be given.
Section 2. That the bonds shall be signed by the Mayor
and the Finance Director of the city and attested by the City Clerk
(the signatures of said City Clerk and said Finance Director
being by facsimile) and shall have printed thereon a, facsimile of
the corporate seal of the city. Interest falling due on the bonds
on and prior to maturity thereof shall be represented by appropriate
interest coupons to be attached to the bonds, which coupons shall
be signed with the facsimile signatures of the Mayor and the
City Clerk.
The bonds shall be registrable as to principal in the
manner for which provision is made in the next section hereof.
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Resolution Number 11410, other funds for acquiring, equipping
and improving said facilities to be derived from the available
surplus (as defined in Section 6 hereof) of the revenues of said
facilities, there are hereby authorized to be issued the Parking
Revenue Bonds, Series 1976, of the City in the aggregate principal
amount of $6,000,000. Said bonds shall be dated January 1, 1976,
shall be in the denomination of $5,000 each, shall be numbered
1 to 1200, inclusive, shall bear interest until paid at the rate
of eight per cent (8%) per annum or such lesser rate or rates as
may be hereafter fixed by resolution, which interest shall be
payable semi-annually on the first days of January and July of
each year, and shall be payable as to both principal and interest
in lawful money of the United States of America at Chemical Bank,
New York, New York, and shall mature serially on January 1 of each
of the years as follows :
BOND NUMBERS AMOUNT YEAR
1 to 20 $100, 000 1978
21 to 40 100, 000 1979
41 to 60 100, 000 1980
61 to 80 100, 000 1981
81 to 100 100, 000 1982
101 to 120 100,000 - 1983
121 to 150 150,000 1984
151 to 180 150,000 1985
181 to 210 150, 000 1986
211 to 240 150,000 1987
241 to 270 150 , 000 1988
271 to 310 200,000 1989
311 to 390 400,000 1990
391 to 470 400, 000 1991
471 to 560 450, 000 1992
561 to 660 500,000 1993
661 to 760 500, 000 1994
761 to 860 500,000 1995
861 to 960 500,000 1996
961 to 1080 600,000 1997
1081 to 1200 .600, 000 1998.
Some of the bonds may be made subject to redemption prior
to maturity at the option of the city under terms and conditions to
be determined by the City Council prior to delivery of said bonds .
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Section 3 . That the bonds and the coupons to be thereto
attached and the endorsement to appear on the back thereof shall
be in substantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
PARKING REVENUE BOND
SERIES 1976
Number $5,000
The City of Miami Beach in Dade County, Florida, for
value received, hereby promises to pay to bearer, or if this
bond is registered as to principal then to the registered holder
hereof, solely from the revenues hereinafter specified, the sum
of FIVE THOUSAND DOLLARS ( $5,Q00) on the first day of January, 19_,
and to pay, solely from said revenues , interest on said sum until
paid at the rate of
per cent ( %) per annum, payable semi-annually on the
first days of January and July of each year, with interest due on
and prior to maturity hereof payable only upon presentation and
surrender of the annexed interest coupons as they severally become
due. Both principal hereof and interest hereon are payable in
lawful money of the United States of America at Chemical Bank,
New York, New York.
Bonds of the issue of which this is one maturing after
January 1, 19 , are callable for redemption in inverse numerical
order on that date and on any interest payment thereafter for
payment from revenues derived from the operation of the city' s
automobile parking facilities , and bonds maturing after January 1,
19 , are callable for redemption in inverse numerical order on
January 1, 19_, and on any interest payment date thereafter for
payment from any legally available source. The redemption price
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shall be par and accrued interest to the date fixed for redemption
plus a premium, regardless of source of payment of % of the
principal amount thereof for each bond called for redemption on or
prior to January 1, , % for each bond called for
redemption thereafter on or prior to January 1, , % for
each bond called for redemption thereafter on or prior to
January 1, and % for each bond called for redemption
thereafter prior to maturity. Notice of the intended redemption
of any bond is to be given by registered mail to the paying agent ,
to the registered holder of each bond so called for redemption which
is then registered as to principal and to
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or successors as representative of the original purchasers of the
bonds, and by publication one time in a financial newspaper or
journal published in the City of New York, New York, or Chicago,
Illinois, which notice is to be so mailed and published not less
than thirty days prior to the date fixed for redemption. If because
of temporary or permanent suspension of the publication or general
circulation of any newspaper or financial journal or for any other
reason it is impossible or impractical to publish such notice of
call for redemption in the manner herein provided, then such publi-
cation in lieu thereof as shall be made with the approval of the
City Attorney shall constitute sufficient publication of notice.
If all of the bonds so called for redemption on any interest pay-
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ay-- ment date are registered as to principal, thirty days ' notice is
to be given to the registered holders by registered mail at the
addresses shown on the Registrar' s registration books , and in that
event no other notice need be given.
This bond is one of an issue of $6, 000, 000 of like tenor
and effect, except as to maturity (and interest rate) issued
pursuant to the Constitution and Laws of Florida and Resolution
Number 11410 adopted by the City Council of said city on April 7 ,
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1965, as supplemented by Resolution Number 76-15016 adopted by
said City Council on April 7 , 1976, for the purpose of
paying the cost of acquiring additional automobile parking
facilities and of equipping and improving parking facilities for
the City of Miami Beach. This bond and the issue of which it is
a part, together with certain Parking Revenue Bonds, Series 1965,
Series 1967, and such other bonds as may be hereafter issued on a
parity, are payable solely, as to both principal and interest , .
from the revenues derived by the city from the operation of its
automobile parking facilities, including both off-street parking
and metered on-street parking, and it is provided in said resolution
that the city shall fix and maintain rates and collect charges for
the use of its off-street and on-street parking facilities which
will be fully sufficient at all times to pay the expenses of
operating and maintaining such facilities, to provide a sinking
fund sufficient to assure the prompt payment of principal of and
interest on the bonds as each falls due, to provide such reasonable
fund for contingencies as is required by the resolution authorizing
this bond and to provide an adequate depreciation fund. For a
statement of the covenants, terms and provisions securing the bonds
of the issue of which this is one, including statements of the
right of the City of Miami Beach to issue additional bonds on a
parity therewith and the terms under which said resolutions can be
amended with the consent of the holders of seventy-five per cent
(75%) in principal amount of the bonds and parity bonds issued
thereunder, reference is made to the aforementioned Resolutions
Numbered 11410, and 76-15016 .
This bond is fully negotiable for all purposes but may
be registered as to principal in the manner and with the effect for
which provision appears on the back hereof.
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It is hereby certified and recited that all acts , condi-
tions and things required by the Constitution and Laws of Florida
and by the charter of the city to happen, exist and be performed
precedent to and in the issuance of this bond have happened,
exist and have been performed as so required. This bond does not
constitute an indebtedness or pledge of the general credit of the
City of Miami Beach within the meaning of any constitutional or
statutory provision limiting the incurring of indebtedness .
This bond is one of an issue 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, Florida, rendered on , 1976 .
IN WITNESS WHEREOF, the City of Miami Beach has caused
this bond to be executed by its Mayor and its Finance Director
and attested by its City Clerk (the signatures of said
and said being by facsimile) with
a facsimile of the corporate seal of said city printed hereon, and
has caused the interest coupons hereto attached to be executed by
said Mayor and City Clerk by their facsimile signatures, all as of
this first day of January, 1976 .
Mayor
Finance Director
- Attest :
City Clerk
(Form of Coupon)
Number $
On the first day of , 19 , unless the
hereinafter mentioned bond shall then be optional for redemption
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and shall have been duly called for redemption and provision made
for the payment of the redemption price duly made, the City of
Miami Beach, Dade County, Florida, will pay to bearer, solely out
of the revenues specified in the hereinafter mentioned bond, the
amount shown hereon in lawful money of the United States of America
at Chemical Bank, New York, New York, being interest due that day
on its Parking Revenue Bond, Series 1976, dated January 1, 1976,
and numbered
Mayor
Attest :
City Clerk
(Provision for Registration)
The within bond may be registered in the name of the
holder as to principal only on books to be kept by Chemical Bank,
New York, New York, as Registrar, or such other Registrar as may
be duly appointed by resolution of the City Council of the City
of Miami Beach, such registration to be noted hereon in the
registration blank below, after which no transfer shall be valid
unless made on said books by the registered holder or his attorney
thereunto duly authorized and similarly noted in said registration
blank below, but this bond may be discharged from registration
by being transferred to bearer, after which it shall be trans-
ferable by delivery but may be again registered as before.
Such registration shall not impair the negotiability by delivery
of the coupons attached to the bond.
(No writing in this blank except by the Registrar)
Date of Name. of Signature
Registration Registered Holder of Registrar
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FLOW OF FUNDS
Section 4 . That from and after the issuance of any of
the bonds, all income and revenue of every nature derived from the
operation of the system, including speficically, in addition to
direct fees and charges made for
g parking, all indirect revenues
received through the supplying of any other automobile services
legally suppliable by the city to users of the system, and all
rents received by the city from the rental of space comprising
any part of the system, including receipts from concessionaires,
but excluding any revenues derived from the sale of advertising
privileges, (which income and revenue are hereinafter sometimes
referred to as "the revenues" ) shall continue, to the extent necessary
therefor, to be pledged for the purpose prescribed by Section 4 of
Resolution Number 11410 adopted on April 7, 1965, authorizing the
Parking Revenue Bonds , Series 1965. For the purpose of this resolu-
tion reference to "the system" shall have the same meaning as pre-
scribed by Section 4 of said Resolution Number 11410.
Section 5. That the bonds herein authorized, being issued
on a parity with the Parking Revenue Bonds, Series 1965, and Series
1967, of the City of Miami Beach, shall be payable from the Parking
Revenue Bond and Interest Redemption Fund created by said Section 4
of said Resolution Number 11410 including the Reserve Account therein
to the same extent as the Parking Revenue Bonds, Series 1965, and
Series 1967. The holders of the bonds herein authorized shall have
. the same rights as the holders of said Parking Revenue Bonds ,
Series 1965 and Series 1967 , to enforce all of the covenants
contained in said resolution for the security of the bonds thereby
authorized including the covenants as to the payments into the
various funds created by said resolution, the employment of traffic
engineers and, if required, the obtaining of reports of such
engineers, the obtaining of copies of the annual budget , the efficient
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maintenance and operation of the system, the fixing and collection
of rates and charges, the prohibition against free parking or
services, the keeping and auditing of books and records and the
right to receive auditors reports, the maintenance of insurance,
the prohibition against saleor other disposition of the system
or a substantial part thereof (subject to the exceptions mentioned
in said resolution) the restrictions on the issuance of additional
bonds payable from the revenues of the system, the maintenance
of parking meters and the bonding of officials and employees .
The rights of the holders of the bonds herein authorized and the
appurtenant coupons to enforce such covenants shall extend until
all of said bonds and coupons have been paid or funds sufficient
for their payment deposited with the paying agent .
All of the provisions of Resolution Number 11410 shall
inure to the benefit of and be enforceable by the holders of the
bonds herein authorized to the same extent as with respect to the
bonds authorized by said Resolution Number 11410; however, the
City reserves the right to amend said resolution without the consent
of the holders of any of the bonds herein authorized whenever such
amendment would not violate the rights of the holders of the
Parking Revenue Bonds, Series 1965 and Series 1967 to effect the
following changes :
(a) the audits and engineers ' reports contemplated
by Sections 5 and 6 of Resolution Number 11410 may be
prepared and furnished on the basis of a fiscal year
which corresponds from time to time with the fiscal
year then in use by the City for its general accounting
purposes; and
(b) monies in the various funds and accounts
prescribed by Sections 5 and 10 hereof may from time to
time be invested in whatever investments may be permitted
by state ,;law or the City Charter with respect to investment
of funds of the City generally.
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Section 6 . '" That from and after the issuance of the bonds
herein authorized the payments into the Parking Revenue Bond and
Interest Redemption Fund shall be increased as required by
Section 4 of said Resolution Number 11410 so as to pay into the
*, current requirements portion of said fund in each month a sum
equivalent to one-twelfth of the aggregate amount of principal and
interest falling due on July 1 of the sinking fund year and on
January 1 of the next succeeding sinking fund year on the bonds
herein authorized as well as the Parking Revenue Bonds, Series 1965
and Series 1967. -Th addition, there shall be paid into said fund
all accrued interest received from the purchasers of the bonds herein
authorized and any additional sum which may be necessary to assure
the prompt payment of principal and interest falling due during
the next succeeding twelve months to the extent that such amount
will• not be available from the aforementioned monthly payments .
Further, there shall be paid into the Reserve Account in said fund
the sum of $10,000 per month whenever and to the extent necessary
to accumulate in said account an amount equal to the highest future
annual principal and interest requirement of all Parking Revenue
Bonds, Series 1965 and Series 1967, and bonds herein authorized
outstanding. All of the payments mentioned in this section shall
be mae only from the revenues of the system (except for accrued
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interest received from the purchasers of the bonds herein authoriz d)
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and all monthly payments shall be made on the same day of each month
as payments for the benefit of the Parking Revenue Bonds, Series
1965 and Series 1967 . It is hereby found and declared that the
aforementioned $10, 000 monthly payments will accumulate in the
Reserve Account, within 60 months following the delivery of the
bonds herein authorized, an amount at least equal to the highest
future annual principal and interest requirement of all Parking
Revenue Bonds, Series 1965 and Series 1967, and the bonds herein
authorized. ,
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The city reserves the right, upon refunding or otherwise
providing for the retirement of the Parking Revenue Bonds, Series
1965 and 1967 , to apply to such retirement (including the payment
of principal, interest and redemption premiums) any available
r surplus in the Reserve Account in the Bond Fund. "Available surplus , "
for purposes of this paragraph, means any excess in said account
over and above either (a) the maximum principal and interest require-
ment for any future twelve month period of all bonds herein
authorized and future parity bonds outstanding on the day before
such application or, if less, (b) the amount which would be in said
account on said day before such application if the amount described
in clause (a) were being accumulated in said account at the rate
of one-sixtieth of such amount per month (or fraction of month)
commencing with a zero balance on the first day of the first full
month after delivery of the bonds herein authorized. Any such
application of available surplus shall automatically cause the
approximately equal monthly amounts to be paid into the Reserve
Account immediately thereafter to be increased if necessary so that
said account will contain the maximum principal and interest
requirement for any future twelve month, period of the bonds herein
authorized within sixty-one months after delivery thereof plus
such further amount as shall be required by proceedings authorizing
additional parity bonds.
Section 7 . On and after the first date upon which the
bonds herein authorized are callable for redemption, said date
to be determined by resolution of the City Council of said city,
the bonds herein authorized shall be subject to purchase or
redemption as provided in the paragraph designated "Surplus Revenues"
in Section 4 of said Resolution Number 11410, and shall share in
the funds available in the proportion borne by the amount of the
bonds herein authorized then outstanding to the amount of the Parking
Revenue Bonds, Series 1965, Series 1967 then outstanding. Such
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proportion may be reduced upon the issuance of further bonds on a
parity with the Parking Revenue Bonds , Series 1965, Series 1967,
and the bonds herein authorized.
Section 8. That the provisions of Section 7 of said
Resolution Number 11410 shall govern the amendment of said
resolution and it is hereby recognized that the holders of bonds
herein authorized have, dollar for dollar in principal amount,
equal rights to consent to amendments or to withhold consent as do
the holders of the Parking Revenue Bonds, Series 1965, Series 1967 .
In addition, the holders of seventy-five per cent (75%) in principal
amount of the bonds herein authorized at any time outstanding shall
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have the right from time to time to consent to and approve the
adoption by the city of a resolution or resolutions modifying or
amending this resolution. Such right shall be subject to the same
terms and conditions, and consents shall be established, as provided
in Section 7 of the said Resolution Number 11410 except that the
consents of only holders of bonds herein authorized shall be required.
Section 9. That the city hereby expressly reserves the
right to issue additional bonds on a parity with the Parking Revenue
Bonds, Series 1965 and Series 1967 and the bonds herein authorized
as provided in Subsection G of Section 6 of said Resolution Number
11410.
Whenever, (whether by virtue of the making of provision
for the retirement of the Parking Revenue Bonds , Series 1965 and
• Series 1967 or by virtue of amendment of the resolutions authorizing
said bonds in the manner provided in said resolutions or for any
other reason) the rights of the holders of the Parking Revenue
Bonds, Series 1965 and Series 1967 of the City of Miami Beach do
not preclude such issuance, the city may issue additional bonds on
a parity with the bonds herein authorized (and such Parking Revenue
Bonds , Series 1965 and Series 1967 as may then be outstanding) if
all of the following conditions are satisfied :
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A. Additional bonds may be issued on a parity with
the first lien bonds if all of the following conditions are
satisfied :
1. There shall have been procured and filed with
W the City Clerk a statement by an independent certified
public accountant of recognized reputation not in regular
employ of the city on a salary basis reciting the opinion
based upon necessary investigation that the average
annual net revenues of the system (as defined in Section 4
of Resolution Number 11410) for the two fiscal years
immediately preceding the issuance of the additional bonds
were at least equal to one and three tenths (1 . 30) times
the highest combined interest and principal requirement
of any succeeding twelve month period for all first lien
bonds then outstanding and the proposed additional bonds .
2 . There shall have teen filed with the City Clerk
a statement by the consulting engineer employed under
either Subsection A or B of Section 5 of Resolution
Number 11410, reciting the opinion that the average annual
net revenues of the system for the 36 months immediately
following the time at which such facilities as are to be
acquired with the additional parity bonds become fully
operational will be at least equal to one and five tenths
(1. 50) times the highest combined interest and principal
requirement of any succeeding twelve month period for all
first lien bonds then outstanding and the proposed
additional parity bonds . Said statement shall be based
on the accountant ' s certificate required under Subsection A 1
hereof with further adjustments to reflect not over 75%
of the net revenues attributable to facilities not fully
revenue producing on the date of such accountant ' s certi-
ficate . J
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3 . The payments required to be made into the
various accounts provided in Section 4 of Resolution
Number 11410 must be current.
4. The additional parity bonds must be payable
as to principal on January 1 of each year in which
principal falls due and payable as to interest on
January 1 and July 1 of each year, except that the first
interest coupon may fall due on any January 1 or July 1
not more than one year from the date of such bonds.
5. The proceedings authorizing the additional
parity bonds must require that the amount to be accumulated
and maintained in the Reserve Account in the Bond Fund
established by Resolution Number 11410 be increased within
61 months after delivery of such additional bonds to not
less than the maximum future annual principal and interest
requirement of all first lien bonds then outstanding and
said additional parity bonds .
6 . Said proceedings must require that the proceeds
of the additional parity bonds must be used solely for
paying the cost of improvements, extensions, renewals,
replacements or repairs to the system, including refunding
an equal or larger principal amount of other obligations
issued for such purpose or for the acquisition of existing
parking facilities in the City of Miami Beach (including
the payment of principal, interest and redemption premiums
to the extent permitted by law) .
B. By proceedings authorizing obligations junior in lien
on the revenues to the bonds herein authorized, but which meet the
requirements of Subsections A 4 and A 6 above, the city may provide
for the accession of such junior lien obligations to the status of
complete parity with the first lien bonds when there shall have
been filed with the City Clerk a certificate meeting the requirements
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of Subsection A 1 hereof but showing that the average annual net
revenues received in some twenty-four months period ending later
that the issuance of such junior lien obligations (and also later
than thirteen months prior to the date of such accession) amounted
to at least one and five tenths (1 . 50) times the highest combined
interest and principal requirement of any succeeding twelve months
period for all first lien bonds then outstanding and said junior
lien obligations, and further reciting the opinion:
1. That the requirements of Subsection A 5 above
have been met;
2 . That all payments into the funds and accounts
required by Section 4 of Resolution Number 11410 as
supplemented by Resolution Number 12086 and by this
resolution and by each resolution authorizing future
parity bonds are current as of the date of accession;
and
3. That the Bond Fund, including the Reserve
Account, contains the amount which would have been
required to be accumulated therein on the date of
accession if said junior lien obligations had
originally been issued as first lien bonds; such
amounts shall be shown in said certificate.
Section 10. That the bonds herein authorized shall be
sold at one time or in blocks from time to time pursuant to such
provision therefor as may be made by resolution or resolutions to
be adopted by the City Council, provided that no such sale shall be
made at less than par and accrued intere$t . The bonds so sold shall
be prepared and executed as soon as may be after sale and shall be
thereupon delivered to said purchasers upon payment in accordance
with the terms of sale. The proceeds of sale shall, to the amount
necessary to assure the proper payment of the costs to pay which
the bonds are herein authorized, be deposited in a special account
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or accounts in one or more banks and be paid out of such account or
accounts only when the requisition therefor shall have been made
by the City Manager, a check for the amount drawn on the account
in the manner required for the drawing of checks on general city
funds, the requisition accompanied by a certificate by the City
Engineer approving the making of the payment, and, in cases where
the requisition is for the payment for the purchase of real estate,
the requisition is also accompanied by a legal opinion by the City
Attorney certifying that the city either has obtained or will
obtain simultaneously with the making of the payment good and
merchantable title to the real estate so purchased.
Section 11. That in case any officer whose signature
or a facsimile thereof appears on any bond or interest coupon shall
cease to be such officer before delivery of any of the bonds , such
signature or facsimile thereof shall, nevertheless, be valid and
sufficient for all purposes the same as if such officer had re-
mained in office until such delivery.
In case any bond shall become mutilated or be destroyed
or lost, the city will, if not then prohibited by law, cause to be
executed and delivered a new bond of like date, number, maturity
and tenor, in exchange and substitution for any upon cancellation
of such mutilated bond and its interest coupons, or in lieu of and
in substitution for such bond and its coupons destroyed or lost ,
upon the holder or owner paying the reasonable expenses and charges
• in connection therewith, and in the case of a bond destroyed or
lost filing with the city evidence satisfactory to said city that
such bond and coupons were destroyed or lost and of the ownership
thereof, and furnishing indemnity satisfactory to the city.
Section 12. That Joseph A. Wanick, as attorney for the
city, is hereby authorized and directed to take appropriate
proceedings in the Circuit Court of the Eleventh Judicial Circuit
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of Florida in and for Dade County for the validation of the bonds
herein authorized and the proceedings incident thereto, and the
Mayor and the City Clerk are authorized to sign any pleadings
and said officials and the Finance Director are authorized to
offer testimony in such proceedings for and on behalf of the
city.
Section 13. That the principal proceeds of the sale
of said bonds shall be devoted to and used with due diligence for
the completion of the facilities for which said bonds are hereby
authorized to be issued. The City Council represents and
certifies that:
(1) the said city has heretofore incurred
a substantial binding obligation with respect to
the construction of a substantial addition to said
facilities; said binding obligation comprising a
construction contract in the amount of not less
than $4 , 000,000;
(2) the City Council expects that over 85%
of the spendable proceeds of said bonds (including
investment proceeds) will be expended on or before
April 1, 1979 , for the purpose of paying the cost
of said facilities, said date being within three
years following the date of issue of said bonds;
(3) work on the said facilities is expected
to proceed with due diligence to completion;
(4) said facilities have not been and are not
expected to be sold or otherwise disposed of in whole
or in part prior to the last maturity of said bonds ;
(5) all of the principal proceeds of the bonds
are needed for the purpose stated in the form of bonds
above set out, including expenses incidental to such
purpose and to the issuance of the bonds; and
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(6) to the best of the knowledge and belief
of the City Council there are no facts , estimates or
circumstances that would materially change the
conclusions and representations set out in this section.
*. Said City Council also certifies and further covenants with the
purchasers and holders of said bonds from time to time outstanding
that so long as any of said bonds remain outstanding, moneys on
deposit in any fund or account in connection with said bonds,
whether or not such moneys were derived from the proceeds of the
sale of said bonds or from any other sources, will not be used in
a manner which will cause such bonds to be "arbitrage bonds" within
the meaning of Section 103 (d) of the Internal Revenue Code of
1954,. as amended, and any lawful regulations promulgated or pro-
posed thereunder, including Sections 1. 103-13 and 1.103-14 of the
Income Tax Regulations (26 CFR Part 1) , as the same presently
exist, or may from time to time hereafter be amended, supplemented •
or revised. The City Council reserves the right , however, to
make any investment of such moneys permitted by state law if,
when and to the extent that said Section 103(d) or regulations
promulgated thereunder shall be repealed or relaxed or shall be
held void by final decision of a court of competent jurisdiction, •
but only if any investment made by virtue of such repeal, relaxation
or decision would not, in the opinion of counsel of recognized
competence in such matters, result in making the interest on said
.bonds subject to federal income taxation.
Section 14. That if any one or more sections, paragraphs,
clauses, or provisions of this resolution shall be held to be
invalid for any reason, such invalidity shall not affect the
validity or enforceability of any of the remaining provisions hereof.
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Section 15. That all resolutions and orders or parts
thereof in conflict herewith are to the extent of such conflict
repealed, and this resolution shall be in full force and effect
immediately after its adoption.
PASSED AND APPROVED this 7th day of April , 1976 .
/<7,7
Payor
Attest:
)24-76.76tr›
City Clerk
(SEAL)
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ORIGINAL
RESOLUTION NO. 76-15016
(Providing for issuance of $6,000,000 - - .
Parking Revenue Bonds,Series 1976,of CMB,
for sale,security and payment thereof)