Resolution 81-16537 •
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RESOLUTION NO. 81-16537
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT
EXCEEDING $2 ,500 ,000 PUBLIC IMPROVEMENT BOND
ANTICIPATION NOTES IN ANTICIPATION OF THE IS-
SUANCE OF NOT LESS THAN $2 ,500 ,000 CITY OF
MIAMI BEACH, FLORIDA, PUBLIC IMPROVEMENT
BONDS, SERIES 1979 , AUTHORIZED BY RESOLUTION,
FOR THE PURPOSE OF FINANCING ALL OR A PORTION
OF THE COST OF CONSTRUCTION OF VARIOUS CAPITAL
IMPROVEMENTS IN AND FOR THE CITY OF MIAMI
BEACH, FLORIDA, PROVIDING FOR THEIR TERMS AND
PAYMENT AND THE RIGHTS, SECURITY AND REMEDIES
OF THE HOLDERS THEREOF.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA:
WHEREAS, by resolution duly adopted on August 2 , 1978 ,
the City Commission of the City of Miami beach, Florida (the
"City") , ordered and provided for a special bond election to be
held on October 5 , 1978 , within the City, on the question of the
issuance of the City 's Bonds in the amount of $2 ,500 ,000 to fi-
nance all or a portion of the cost of construction of various capi-
tal improvements, including paving, sidewalks, curb and gutter,
storm sewer , lighting, landscaping, canopy structures, bus shel-
ters, signage, ornamental structures, and other structures on pub-
lic right-of-way, and acquiring land required for the plan of re-
construction of the following area: Arthur Godfrey Road from Bis-
cayne Bay to the Atlantic Ocean; Indian Creek Drive from 39th
Street to 44th Street; and Collins Avenue from 44th Street to 46th
Street (all said purposes to be hereinafter referred to as the
"Project") ; and
WHEREAS, pursuant to the Constitution and statutes of
the State of Florida, the question of the issuance of $2 ,500 ,000
Bonds, for the purpose of financing the cost of construction of
various capital improvements in the City, was duly submitted to
the qualified electors residing in the City at an election held on
October 5 , 1978 , and at said election the issuance of said
$2 ,500 ,000 Bonds for the construction of various capital improve-
ments in the City was duly approved by a majority of the votes
cast in said election; and
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OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
WHEREAS, by resolution duly adopted on February 7 , 1979 ,
as amended in March 7 , 1979 (the "Resolution" ) , the City Commis-
sion of the City of Miami Beach, Florida, authorized the issuance
of $2 ,500 ,000 Public Improvement Bonds, Series 1979 (the "Bonds")
to finance the Project; said Bonds to be payable from and secured
by a levy of a direct annual tax on all taxable property within
the City, which, together with collections theretofore made from
special improvement assessments made against abutting property,
shall be sufficient to pay the principal of and interest on said
Bonds as the same shall mature and become due and payable, 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; and
WHEREAS, it is deemed necessary and advisable and in the
best financial interest of the City to finance temporarily the
cost of the Project; and
WHEREAS, it is necessary and essential for the economic
welfare of the City that it borrow from time to time not more than
the sum of $2 ,500 ,000 , to be used for the purpose of temporarily
financing the Project; and
WHEREAS, the temporary financing shall be represented by
Public Improvement Bond Anticipation Notes (the "Notes") ; and
WHEREAS, the borrowing of said $2 ,500 ,000 by the City in
anticipation of the issuance of the Bonds and the issuance of the
Notes for all such monies so borrowed is authorized by Section
215. 431, Florida Statutes, and the $2 ,500 ,000 to be borrowed is
within the authorized maximum amount of said Bonds and shall be
paid within the period prescribed in said Section 215. 431, Florida
Statutes,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. That for the purpose of temporarily financ-
ing the cost of the Project, a provided in the Resolution, there
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OFFICE OF THE CITY ATTORNEY - 1700 CONVENTION CENTER DRIVE -MIAMI BEACH, FLORIDA 33139
is hereby authorized to be issued and sold Notes from time to time
in an aggregate principal amount of $2 ,500 ,000 .
SECTION 2. That the Notes shall be dated, may be
issued as coupon Notes in the denominations of $5 ,000 or any multi-
ple thereof; shall bear interest not exceeding 7 1/2% per annum,
may be payable semi-annually on such dates, at such place or
places of payment within or without the State of Florida; shall
mature, and may be redeemable prior to maturity; all as provided
for by subsequent resolution of the City.
SECTION 3. That said Notes shall be signed and exe-
cuted in the same manner as provided in the Resolution for the
Bonds.
Said Notes shall be in substantially the following form:
No. $
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY OF MIAMI BEACH
PUBLIC IMPROVEMENT
BOND ANTICIPATION NOTE
KNOW ALL MEN BY THESE PRESENTS, that the City of Miami
Beach, a political subdivision of the State of Florida, for value
received, hereby promises to pay to the bearer of this note or , if
this note be registered, to the registered holder as herein pro-
vided, on the first day of , , solely from the
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OFFICE OF THE CITY ATTORNEY -1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
moneys hereinafter referred to, the sum of . Thousand
Dollars ( $ ) , on the day of 19 , in
lawful money of the United States of America, at the
with interest thereon at
the rate of per centum ( %) per annum payable semi-
annually on the first day of and the first day of
of each year, commencing 1, 1981, upon the pre-
sentation and surrender of the annexed coupons as they severally fall
due. Both principal of and interest on this Note are payable at
in lawful money of the United States
of America.
This note is one of an authorized issue of Notes in the
aggregate principal amount of $ of like date, tenor and
effect , except as to number and interest rate, issued in anticipation
of the issuance by the City of Miami Beach, Florida, of Public
Improvement Bonds , Series 1979 (hereinafter referred to as the
"Bonds" ) , authorized to be issued by said City for the purpose of
paying the cost of certain public improvements in the City of Miami
Beach, Florida, under the authority of and in full compliance with
-- - -. :tituti on and statutes of the State of F for is , _ _cludi: :
Chapter 100 , Florida Statutes , and the City Charter , being
Chapter 7672 of the Laws of Florida, Acts of 1917, and Acts amenda-
tory thereof and supplemental thereto, and pursuant to the approval
of the qualified electors residing in said City at an election duly
called and held, pursuant to a resolution duly adopted by the City
Commission of said City,. Both principal of and interest on this
note, unless paid from the proceeds of the Bonds authorized to be
issued, are secured by a pledge of and first lien on (i) the levy of
a direct annual tax on all taxable property within the City, together
with collections theretofore made from special improvement
assessments made against abutting property (the "Tax Revenues") and
( ii ) the first proceeds derived from the sale of said Bonds as
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provided in the Resolution. The Tax Revenues are irrevocably
pledged to the payment of the principal of and interest on this
note, as the same become due and payable.
This note may be registered as to principal only, or as
to both principal and interest, by the Clerk of the City of Miami
Beach, Florida, as Registrar , or by such other Registrar as may
hereinafter be duly appointed, in accordance with the provisions
endorsed hereon.
This note, and the coupons appertaining hereto, is and
has all the qualities of and incidents of a negotiable instrument
under the law merchant and the Uniform Commercial Code -
Investment Securities Law of the State of Florida, and the original
holder and each successive holder of this note, or of the coupons
appertaining hereto, shall be conclusively deemed by his
acceptance thereof to have agreed that this note and the coupons
appertaining hereto shall be and have all the qualities and
incidents of negotiable instruments under the law merchant and the
Uniform Commercial Code - Investment Securities Law of the State
of Florida.
It is hereby certified and recited that all acts,
conditions and things required to exist, to happen and to be
performed precedent to and in the issuance of this note, exist,
have happened and have been performed in regular and due form and
time as required by the Constitution and laws of the State of
Florida applicable thereto, and that the issuance of this note does
not violate any constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of Miami Beach, a political
subdivision of the State of Florida, has caused this note to be
signed by its Mayor either manually or with his facsimile
signature, and the seal of said City to be affixed hereto or
imprinted or reproduced hereon, and attested by the City Clerk,
either manually or with his facsimile signature, and the coupons
attached to be executed with the facsimile signatures of said Mayor
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OFFICE OF THE CITY ATTORNEY•1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139
and City Clerk, and this note to be dated the th day of
, 1981.
Mayor
ATTEST:
City Clerk
JAR:ab
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OFFICE OF THE CITY ATTORNEY- 1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139
FORM OF COUPON
City of Miami Beach, Florida
Public Improvement
Bond Anticipation Note
No. $
City of Miami Beach, a political subdivision of the State
of Florida, for value received hereby promises to pay to the bearer
of this note on the first day of , at the
solely from the revenues described in the note to which this coupon
was attached, the sum shown hereon being the semi-annual interest
then due on its Public Improvement Bond Anticipation Note, dated
, 1981 and Numbered
City Clerk Mayor
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PROVISIONS FOR REGISTRATION
This note may be registered in the name of the holder on
the books to be kept by the Clerk of the City of Miami Beach,
Florida, as Registrar, or by such other officer or agent as may be
designated Registrar by resolution of the governing body of said
City, as to principal only, such registration being noted hereon by
such Registrar in the registration blank below, after which no trans-
fer shall be valid unless made on said books by the registered holder
or his attorney or representative duly authorized and similarly noted
in the registration blank below, but may be discharged from registra-
tion by being transferred to bearer , after which it shall be trans-
ferable by delivery, but it may be again registered as before. The
registration of this note 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 note 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 C—iidNien of the City of i,iami beach, Florida, this note, Wien
converted into a note registered as to both principal and interest,
may be reconverted into a coupon note and again converted into a note
registered as to both principal and interest as hereinabove
provided. Upon reconversion of this note , when registered as to
principal and interest into a coupon note, coupons representing the
interest to accrue upon this note to date of maturity shall be
attached thereto by the Registrar and the Registrar shall note in the
registration blank below whether this note is registered as to prin-
cipal only or payable to bearer .
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Date of In Whose Name Manner of : Signature of
Registration : Registered Registration Registrar
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SECTION 4. That the payment of principal and interest on
the Notes shall be secured by a pledge of and a first lien on (i) the
Tax Revenues and (ii) the first proceeds derived from the -sale Of the
Bonds . The Tax Revenues and the first proceeds derived from the sale
of the Bonds are irrevocably pledged to the payment of the principal
of and interest on the Notes , as the same become due and payable.
(For the purposes of this resolution the term "first proceeds derived
from the sale of the Bonds " shall be deemed to be exclusive of
accrued interest. )
SECTION 5. That the City does hereby further covenant and
agree that it will pay and retire all the principal of and interest
on the Notes from the first proceeds of the Bonds, when the same have
been sold and delivered and that none of the proceeds of the sale of
the Bonds shall be used for any other purpose whatsoever until all
the principal of and interest on the Notes herein authorized to be
issued have been fully paid. Such proceeds, in an amount sufficient
to pay the principal of and interest on the Notes at maturity, shall
be deposited in a special fund to be held by the City and shall be
=ic= _ - on the
Notes . Such proceeds shall be invested and reinvested in direct
obligations of the United S_E-_,Lesof America, in obligations fully
guaranteed by the United States of America, or in Certificates of
Deposit fully secured by direct obligations of the United States of
America . Five (5) days before the date of maturity of the Notes, the
City shall transfer a sufficient amount necessary to pay the princi-
pal of and interest on the Notes to the paying agent. Any excess
remaining in such special funds from the investment and reinvestment
of such proceeds shall be used by the City to pay principal of or
interest on the Bonds .
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SECTION 6 . That the proceeds derived from the sale
of the Notes shall be deposited in the "Construction Trust Fund"
hereby created and established and shall for the purposes of
Section A and B hereof, be simultaneously disbursed therefrom as
follows:
A. The accrued interest derived from the sale of the
Notes, if any, shall be held separate and apart from other funds
of the City in the Construction Trust Fund and used for the pur-
pose of paying the interest becoming due and payable on the Notes.
B. The balance of Note proceeds shall remain in the
Construction Trust Fund and applied as provided in the Resolution.
SECTION 7 . That the City has the authority to renew the
Notes herein authorized for such periods of time as are authorized
by Section 215. 431, Florida Statutes, and the City does hereby cove-
nant that it will issue Bonds in an amount sufficient to pay the
principal of and interest on the Notes.
SECTION 8 . The Notes may be registered at the option
of the holder as to both principal and interest as provided herein.
SECTION 9 . The Notes shall be issued and sold from
time to time at such price or prices consistent with the pro-
visions and requirements of the Resolution as the City shall
hereafter determine by resolution.
SECTION 10. This resolution shall take effect upon
its passage in the manner provided by law.
PASSED and ADOPTED this 27th day of January , 1981.
a ,
Ma '�
ATTEST:
J€e
City Cl rk
APPROVED
LEGAL DEPT.
Date /ii -11-
OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE -MIAMI BEACH,FLORIDA 33139
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STATE OF FLORIDA
COUNTY OF DADE
Elaine Matthews
I , , Clerk of the City of Miami Beach, in and for
the County of Dade, State of Florida, do hereby certify that the
foregoing is a true copy of a RESOLUTION adopted by the City
Commission of the City of Miami Beach in session on the 27th day
of January, 1981 .
WITNESS My Hand and Official Seal this 5th day of
February 1981 in the City of Miami Beach, Florida.
22
Cit -Clerk
(SEAL)
ORIGINAL ,
RESOLUTION NO. 81-1653;
(Authorizing issuance of not exceeding
$2,500,000 Public Improvement Bond Antici-
pation Notes in anticipation of the
issuance of not less than $2,500,000 City
of Miami Beach Public Improvement Bonds, ,
Series 1979, authorized by Resolution,
for the purpose of financing all or a , * ••
portion of the cost of construction of •
various capital improvements in an for
the CMB; providing for their terms and f I+
payment and the rights, security and `' N
remedies of the holders thereof)
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