Loading...
RESOLUTION 83-17557 RESOLUTION NO. 83-17557 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $22, 000, 000 FOR THE PURPOSE OF FINANCING STRUCTURAL AND ACOUSTICAL ADDITIONS, RENO- VATIONS AND IMPROVEMENTS TO THE THEATER OF THE PERFORMING ARTS, AUTHORIZED AT AN ELECTION HELD ON NOVEMBER 1, 1983. WHEREAS, the City Commission (the "Commission" ) of the City of Miami Beach, Florida (the "City") , on the 20th day of July, 1983, adopted Resolution No. 83-17421, deeming it advisable and in the best interest of the City to issue general obligation bonds in an aggregate principal amount not to exceed Twenty-Two Million Dollars ($22, 000, 000) for the municipal purpose of financing structural and acoustical additions , renovations and improvements to the Theater of the Performing Arts (the "Project") , subject to the authorization of the duly registered and qualified voters of said City therein participating in the election to be held on November 1, 1983; and WHEREAS, the Commission on November 2, 1983 canvassed the returns of the aforesaid election and found that the issuance of said bonds in an aggregate principal amount not to exceed $22, 000, 000 had been approved , by a majority of the votes cast in said election, in which the qualified electors residing in said City participated, and declared and recorded , in the manner prescribed by law, the result of said election and canvass. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: SECTION 1. AUTHORIZATION OF BONDS. Pursuant to the election and subject and pursuant to the provisions of this Resolution, bonds of the City to be designated "City of Miami Beach, Florida General Obligation Bonds (Theater of the Performing Arts Project) , Series 1984, " herein sometimes referred to as "Bonds" , are hereby authorized to be issued in an aggregate principal amount not to exceed Twenty-Two Million Dollars ($22, 000, 000) for the purpose of financing the cost of the Project . SECTION 2. DESCRIPTION OF BONDS. The Bonds shall be in the denomination of $5, 000 or any integral multiple thereof, shall bear interest at such rate or rates, not exceeding the maximum rate allowable by law, to be determined upon the sale thereof, payable semiannually, shall be numbered , shall be dated, and shall mature in numerical order , lowest numbers first, on such date in such years and amounts, but not exceeding thirty (30) years from the date thereof, as shall be determined by subsequent resolution of the City adopted on or prior to the sale thereof. The principal of and the interest and redemption premium (if any) on the Bonds shall be paid in any coin or currency of the United States of America which, at the respective times of payment, is legal tender for the payment of public and private debts. The interest on the Bonds is payable by check or draft drawn on a bank or banks to be designated by the City as paying agent prior to the issuance thereof (the "Paying Agent") and the principal thereof and the premium, if any, payable upon redemption are payable at the principal corporate trust office of the Paying Agent, or at the principal corporate trust office of its successor as Paying Agent. SECTION 3. EXECUTION OF BONDS. All the Bonds shall be executed on behalf of the City by the manual or facsimile signature of the Mayor of the City and by the manual or facsimile signature of the City Clerk or any Deputy City Clerk, and a facsimile of its seal shall be imprinted thereon. If any of the officers who shall have signed any of the Bonds or whose facsimile signature shall be upon the Bonds shall cease to be such officer of the City before the Bonds so signed and sealed shall have been actually authenticated by the Registrar (hereinafter defined) or delivered by the City, such Bonds nevertheless may be authenticated, issued and delivered with the same force and effect as though the person or persons who signed such Bonds or whose facsimile signature shall be upon the Bonds had not ceased to be such officer or officers of the City; and -2- also any such Bond may be signed on behalf of the City by those persons who, at the actual date of the execution of such Bond, shall be the proper officers of the City, although at the nominal date of such Bond any such person shall not have been such officer of the City. The validation certificate appearing on said Bonds shall be executed with the facsimile signature of the Mayor . SECTION 4. NEGOTIABILITY AND REGISTRATION. The Bonds issued hereunder shall be and shall have all of the qualities and incidents of negotiable instruments under the laws of the State of Florida, and each successive registered owner, in accepting any of said Bonds , shall be conclusively deemed to have agreed that such Bonds shall be and have all of the qualities and incidents of negotiable instruments under the laws of the State of Florida. By subsequent resolution, the City shall duly appoint a registrar for the Bonds (the "Registrar" ) and there shall be kept by the Registrar at its principal corporate trust office books for the registration and transfer of Bonds, and the City shall appoint the Registrar its agent to keep such books and make such registrations and transfers under such reasonable regulations as the City or the Registrar may prescribe; and the Registrar shall register or transfer or cause to be registered or transferred thereon, as hereinbefore provided , any Bonds, upon presentation thereof at such office. The Bonds may be transferred on the registration books required to be kept pursuant to this Section by the registered owner in person or by his duly authorized attorney, by proper written instrument of transfer in form and with guarantee of signatures satisfactory to the Registrar provided, however , that the Registrar shall not be required to transfer any Bond between the Record Date and any interest payment date. Record Date, for the purposes hereof, shall mean the fifteenth day of the calendar month next preceding any interest payment date. Upon such surrender a new fully-registered Bond of the same maturity and in -3- the same aggregate principal amount and bearing the same rate of interest will be issued to and in the name of the transferee. Such transfers shall be without charge to the registered owners of the Bonds, but any taxes or other governmental charges required to be paid with respect to the same shall be paid by the registered owner requesting such transfer as a condition precedent to the exercise of such privilege. Every Bond shall be dated the interest payment date last preceding the date of its authentication (except that if any Bond shall be authenticated on any interest payment date, it shall be dated as of such interest payment date) . Every Bond shall bear interest from the date of such Bond. Each Bond delivered pursuant to any provision of this Resolution in exchange or substitution for , or upon the transfer of the whole or any part of one or more other Bonds, shall carry all of the rights to interest accrued and unpaid and to accrue which were carried by the whole or such part, as the case may be , of such one or more other Bonds, and notwithstanding anything contained in this Resolution to the contrary, such Bonds shall be so dated or bear such notation, that neither gain nor loss in interest shall result from any such exchange , substitution or transfer . Every exchange or transfer of Bonds under the foregoing provisions shall be effected in such manner as may be prescribed by the City or pursuant to its authorization, with the approval of the Registrar . The person in whose name any Bond shall be registered on the books maintained pursuant to this Section may be deemed and treated as the absolute owner thereof, whether or not such Bond shall be overdue, and the City, the Registrar and the Paying Agent shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of and redemption premium (if any) on, and the interest on, such Bond shall be made only to such registered owner thereof, but such registration may be changed as provided herein. All such payments shall be valid -4- and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. The City in issuing the Bonds may use "CUSIP" numbers (if then generally in use) , and the Registrar shall use such "CUSIP" numbers in notices of redemption as a convenience to the owners of the Bonds, provided that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the Bonds or as contained in any notice of redemption and that reliance may be placed only on the identification numbers prefixed "CMB" printed on the Bonds. SECTION 5. FORM OF BONDS. The form of the Bonds, as well as the manner of execution of Bonds, certificate of validation and assignment shall be substantially as follows : CITY OF MIAMI BEACH, FLORIDA GENERAL OBLIGATION BOND (THEATER OF THE PERFORMING ARTS PROJECT) SERIES 1984 $ , 198 Miami Beach, Florida, a political subdivision of the State of Florida (the "City" ) , for value received, hereby promises to pay to the registered owner hereof on the date shown hereon, unless this bond shall have been called for earlier redemption and payment of the redemption price shall have been duly made or provided for , upon surrender hereof, the principal hereof and to pay to the registered owner hereof at the close of business on the record date (hereinafter defined) , whether or not a business day, interest thereon from 19 , until payment of said principal sum has been made or provided for , at the annual rate shown hereon on the first days of and in each year , commencing Record Date, for the purposes hereof, shall mean the fifteenth day of the calendar month next preceding any interest payment date. The interest on this bond is payable by check or draft -5- drawn on , the paying agent (the "Paying Agent" ) hereinafter mentioned and the principal hereof and the premium, if any, payable upon redemption are payable at the principal corporate trust office of the Paying Agent, or at the duly designated office of any duly appointed alternate or successor paying agent. The principal of and interest on this bond shall be paid in any coin or currency of the United States of America which, at the time of payment, is legal tender for the payment of public and private debts. 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 said bonds limited to $22, 000, 000 in aggregate principal amount, each of like tenor (except as to date , amount, date of maturity, rate of interest and provision for redemption) , issued by said City for the purpose of financing structural and acoustical additions, renovations and improvements to the Theatre of the Performing Arts (the "Project") in the City of Miami Beach, Florida, and more particularly described in Resolution No. of the City Commission of said City, passed and adopted on and Resolution No. of the City Commission of said City, passed and adopted on (collectively, the "Resolution" ) under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including Chapter 100, Florida Statutes, and other applicable provisions of law, and has been duly authorized and approved by a majority of the votes cast in an election in which the 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. The bonds shall be redeemable prior to their respective stated dates of maturity, at the option of the City, in whole, at any time, or in part, in inverse order of maturities, and by lot within maturities (if less than all of the Bonds of any one • -6- maturity shall be called for redemption) on any interest payment date, on and after 19 , at the redemption prices (expressed as percentages of principal amount) , plus accrued interest to the redemption date, as follows: [INSERT REDEMPTION PRICE SCHEDULE AND OTHER REDEMPTION PROVISIONS ESTABLISHED BY SUBSEQUENT RESOLTUION] -7- Any redemption under any of the preceding paragraphs shall be made upon not less than thirty (30) days ' written notice to the registered owners of the Bonds . If the City deposits with the Paying Agent, funds evidenced by moneys or government obligations the principal of and interest on which, when due , will be sufficient to pay the principal or redemption price of any bonds , by call for redemption, or otherwise, together with interest accrued to the due date, in accordance with the terms of the Resolution, interest on such Bonds will cease to accrue on the due date or earlier redemption date, and thereafter the holders will be restricted to the funds so deposited as provided in the Resolution. This bond is transferable as provided in the Resolution only by the registered owner hereof or his duly authorized attorney at the principal office of , who has been duly appointed by the City as registrar for the Bonds (the "Registrar") , upon surrender of this bond, accompanied by a duly executed instrument of transfer in form and with guarantee of signature satisfactory to the Registrar , provided, however , that the Registrar shall not be required to transfer any bond between the record date and any interest payment date. Upon such surrender , a new fully-registered bond of the same maturity and in the same aggregate principal amount and bearing the same rate of interest will be issued to and in the name of the transferee. The City, pursuant to recommendations promulgated by the Committee on Uniform Security Identification Proccdures ("CUSIP") , has caused CUSIP numbers to be printed on the bonds and has directed the Registrar to use CUSIP numbers in notices of redemption as a convenience to registered owners of the bonds. No representation is made as to the accuracy of such numbers either as printed on the bonds or as contained in any notice of redemption and reliance may be placed only on the identification numbers prefixed "CMB-"printed hereon. To the extent permitted and as provided in the Resolution authorizing the issuance of the bonds, modification of • -8- the contract created by said Resolution and of the rights of the registered owners of the bonds thereunder may be made with the consent of the registered owners of not less than sixty-seven percent (67%) in principal amount of the bonds then outstanding; provided, however , that no such modification or amendment shall permit a change in the maturity of any bonds or a reduction in the rate of interest thereon, or in the amount of the principal obligation or affect the unconditional promise of the City to pay the principal of and the interest on the bonds as the same shall become due, or reduce such percentage of registered owners of such bonds required for consent to such modifications or amendments, without the consent of the registered owners of all of the bonds . The City, the Registrar and the Paying Agent may deem and treat the person in whose name this bond is registered, as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal of, interest on and redemption premium (if any) due hereon, and for all other purposes, and neither the City, the Registrar nor the Paying Agent shall be affected by any notice to the contrary. It is hereby certified and recited that all acts, conditions and things required to happen, to exist and to be done precedent to and in the issuance of this bond have happened, do exist, and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, and that the issuance of this bond, and the issue of bonds, of which this bond is one, does not violate any constitutional or statutory limitations or provisions; that the issuance of this bond and the issuance of bonds of which it is a part have been approved under the provisions of Chapter 80-98, Laws of Florida; that provision has been made for the levy and collection of a direct annual tax upon all taxable property within said City, without limitation as to rate or amount, sufficient to pay the interest and principal of this bond as the same shall become due; and that the total indebtedness of said -9- City, including this bond , does not exceed any constitutional or statutory limitation thereof. This bond is not valid unless the Registrar ' s Certificate of Authentication endorsed hereon is duly executed. IN WITNESS WHEREOF, the City of Miami Beach, Florida has caused this bond to be executed in its name and on its behalf by the manual or facsimile signature of its Mayor and the facsimile of its seal to be printed hereon and attested by the manual or facsimile signature of its City Clerk or any Deputy City Clerk and has caused this bond to be dated , 19 • [SEAL] CITY OF MIAMI BEACH, FLORIDA By Mayor Attest: [Deputy] City Clerk -10- (FORM OF STATEMENT OF VALIDATION) STATEMENT OF VALIDATION This bond is one of a series of bonds which were validated by judgment of the Eleventh Circuit Court for Dade County, rendered on . No appeal has been taken therefrom and the time for taking such appeal has expired. Mayor (FORM OF CERTIFICATE OF AUTHENTICATION) REGISTRAR' S CERTIFICATE OF AUTHENTICATION This bond is one of the bonds of the series designated herein, described in the within-mentioned Resolution. Printed on the reverse hereof is the complete text of the legal opinion of Morgan, Lewis & Bockius, Miami , Florida, bond counsel, delivered on and dated the date of the original delivery of the Bonds, an executed original of which is on file with the undersigned. As Registrar By Authorized Officer -11- ASSIGNMENT For value received, the undersigned hereby sells , assigns and transfers unto (Please print or typewrite name and address of transferee) the within bond , and all rights thereunder , and hereby irrevocably constitutes and appoints Attorney to transfer the within bond on the books kept for registration thereof, with full power of substitution in the premises . Dated: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within bond in every particular , without alteration or enlargement or any change whatever . -12- SECTION 6. TEMPORARY BONDS. Until Bonds in definitive form are ready for delivery, the City may execute, and upon its request in writing , the Registrar shall authenticate and deliver in lieu of any thereof, and subject to the same provisions, limitations and conditions, one or more printed, lithographed or typewritten Bonds in temporary form, substantially of the tenor of the Bonds hereinbefore described, with appropriate omissions , variations and insertions. Such Bond or Bonds in temporary form will be in the principal amount of Five Thousand Dollars ($5, 000) or any multiple thereof. Until exchanged for Bonds in definitive form, such Bonds in temporary form shall be entitled to the lien and benefit of this Resolution. The City, without unreasonable delay, shall prepare , execute and deliver to the Registrar and thereupon, upon the presentation and surrender of the Bond or Bonds in temporary form, the Registrar shall authenticate and deliver , in exchange therefor, a Bond or Bonds in definitive form in any authorized denomination, and for the same aggregate principal amount as the Bond or Bonds in temporary form surrendered . Such exchange shall be made by the Registrar without any charge therefor . SECTION 7. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any Bond shall become mutilated, or be destroyed, stolen or lost, the City may in its discretion issue and deliver a new Bond of like tenor as the Bond so mutilated , destroyed, stolen or lost, in exchange and substitution for such mutilated Bond , or in lieu of and substitution for the Bond, destroyed, stolen or lost, and upon the holder furnishing the City proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the City may prescribe and paying such expenses as the City may incur . All Bonds so surrendered shall be cancelled by the Registrar. If any such Bonds shall have matured or be about to mature, instead of issuing a substitute Bond, the City may pay the same, upon being indemnified as aforesaid, and , if such Bond be lost, stolen or destroyed, without surrender thereof. Any such duplicate -13- Bonds issued pursuant to this Section shall constitute original, additional contractual obligations on the part of the City whether or not the lost, stolen or destroyed Bonds be at any time found by anyone, and such duplicate Bonds shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the funds, and hereinafter pledged , to the same extent as all other obligations issued hereunder . SECTION 8. REDEMPTION OF BONDS. The Bonds shall be redeemable prior to their respective dates of maturity, at the option of the City, in whole or in part, upon such terms and conditions as may be approved by subsequent resolution of the Commission. SECTION 9. REDEMPTION NOTICE. At least thirty (30) days before the redemption date, a written notice of any such redemption, either in whole or in part, signed by the Registrar , shall be mailed, postage prepaid, to all registered owners of Bonds to be redeemed at their addresses as they appear on the registration books herein provided for , but failure so to mail such notice to any registered owner of a Bond shall not affect the validity of the proceedings for such redemption with respect to any other registered owner of a Bond. Each such notice shall set forth the date fixed for redemption, the redemption price to be paid and , if less than all of the Bonds then outstanding shall be called for redemption, the numbers of such Bonds. SECTION 10. EFFECT OF CALLING FOR REDEMPTION. On the date so designated for redemption, notice having been mailed in the manner and under the conditions hereinabove provided and moneys for payment of the redemption price being held in a separate escrowed account, the Bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such Bonds on such date, interest on the Bonds so called for redemption shall cease to accrue, such Bonds shall cease to be entitled to any lien, benefit or security under this Resolution, and the registered owners of such Bonds -14- shall have no rights in respect thereof except to receive payment of the redemption price thereof. Bonds called for redemption shall be cancelled upon the surrender thereof. SECTION 11. BONDS CALLED FOR REDEMPTION OR PAYMENT PROVIDED THEREFOR NOT OUTSTANDING. Bonds which have been duly called for redemption under the provisions of this Resolution and for the payment of the redemption price of which and the interest to accrue thereon to the date fixed for redemption sufficient moneys, or obligations in such amounts , bearing interest at such rates and maturing at such dates that the proceeds thereof and the interest thereon will provide such moneys, shall be held in a separate escrowed account, shall not be deemed to be outstanding under the provisions of this Resolution. SECTION 12. APPLICATION OF BOND PROCEEDS. The proceeds received upon the sale of said Bonds (except an amount equal to interest accrued on the Bonds, which shall be deposited in the hereinafter described Sinking Fund and used to pay such interest) shall be deposited into a Construction Fund and used, solely and alone to pay the cost of the Project authorized by this Resolution and the fees and expenses associated with the issuance of the Bonds . Pending their use, such proceeds may be invested in authorized investments (as hereinafter defined) maturing not later than the date or dates on which such proceeds will be needed for the purposes of this Resolution. Any income received upon such investment shall be retained in said Construction Fund and used for the construction of the Project. After the completion of the improvements herein authorized any remaining balance of proceeds of the Bonds shall be deposited into said Sinking Fund and used solely to pay principal and interest on the Bonds. The registered owners of the Bonds issued hereunder shall have no responsibility for the use of the proceeds of the Bonds, and the use of such Bond proceeds by the City shall in no way affect the rights of such registered owners. The City shall -15- be irrevocably obligated to continue to levy and collect the ad valorem taxes as provided herein and to pay the principal of and interest on the Bonds notwithstanding any failure of the City to use and apply such Bond proceeds in the manner provided herein. SECTION 13. INVESTMENT OF BOND PROCEEDS. The proceeds of the Bonds shall be invested and reinvested by the Finance Director of the City in any investment which is a permitted investment for public funds under Florida law which shall mature, or which shall be subject to redemption by the holder thereof at the option of such holder , not later than the date when the moneys held for the credit of said Construction Fund or said Sinking Fund will be required for the purposes stipulated therein. Investments so purchased for the credit of either of the aforementioned Funds shall be deemed at all times to be a part of said Funds . Interest accruing on obligations so purchased as an investment of moneys in any Fund shall be credited to such Fund . The Finance Director shall sell at the best price obtainable or present for redemption any obligations so purchased whenever it shall be necessary, in the sole judgment of the Finance Director , to do so in order to provide moneys to meet any payment or transfer from any such Fund. The Finance Director shall not be liable or responsible for any depreciation in the value of any such obligation or for any loss resulting from the sale thereof. SECTION 14. LEVY OF AD VALOREM TAX. There is hereby created a Sinking Fund to be held and administered by the City solely for the purpose of paying the principal of and interest on the Bonds as the same become due. In each year while any of such Bonds are outstanding there shall be levied and collected a tax, without limitation as to rate or amount, on all taxable property within the City, sufficient in amount to pay the principal of and interest on such Bonds as the same shall become due. Such tax shall be assessed , levied and collected in the same manner and at the same time as other City taxes are assessed, levied and collected. • -16- Moneys on deposit in the Sinking Fund may be invested and reinvested in direct obligations of the United States of America or in time deposits in banks or trust companies , evidenced by certificates of deposit and continuously secured as required by the Laws of Florida (hereinafter collectively called "Authorized Investments" ) , maturing prior to the date on which the moneys therein will be needed. SECTION 15. ARBITRAGE CERTIFICATION. The Mayor and the City Manager of the City (who are officers charged along with others, with the responsibility for the issuance of such Bonds) shall execute on the behalf of the City of Miami Beach an arbitrage certificate for the purpose of assuring the purchasers of said Bonds that the Bonds herein authorized are not "arbitrage bonds" within the meaning of Section 103 (c) of the Internal Revenue Code of 1954, as amended, and regulations proposed or promulgated thereunder . Such certificate shall constitute a certificate and representation of the City of Miami Beach and no investment shall be made of the proceeds of the Bonds herein authorized in violation of the expectations expressed in said arbitrage certificate . SECTION 16. VALIDATION. The firm of Morgan, Lewis, & Bockius of Miami and Philadelphia, Bond Counsel, is hereby authorized and directed to proceed in the name of the City to have the Bonds validated by the Circuit Court of Dade County, Florida. SECTION 17. EXECUTION. The Mayor and the City Clerk or any Deputy City Clerk are hereby authorized and directed to execute the Bonds under the seal of the City, a facsimile of which shall be imprinted upon each of said bonds, and each of said bonds shall be executed with the manual or facsimile signature of the Mayor and shall be executed with the manual or fascimile signature of the City Clerk, and that the Mayor , the City Clerk and the City Attorney for the City of Miami Beach are hereby authorized and directed to take such steps as may be necessary to effect an early sale and delivery of said Bonds. -17- SECTION 18. MODIFICATION OR AMENDMENT. No material modification or amendment of this Resolution or of any ordinance or resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the registered owners of sixty-seven per cent (67%) or more in principal amount of the Bonds then outstanding; provided, however , that no modification or amendment shall permit a change in the maturity of any Bonds or a reduction in the rate of interest thereon, or in the amount of the principal obligation or affect the unconditional promise of the City to pay the principal of and the interest on the Bonds as the same shall become due , or reduce such percentage of registered owners of the Bonds, required for consent to such modifications or amendments, without the consent of the registered owners of all of the Bonds. SECTION 19. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the covenants, agreements, or provisions of this Resolution should be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited , or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and in no way affect the validity of all the other provisions of this Resolution or of the Bonds issued thereunder . SECTION 20 . AUTHENTICATION. The Bonds shall not be secured hereby or entitled to the benefit hereof, and shall not be valid or obligatory for any purpose, unless there shall be endorsed on such Bonds a certificate of authentication, substantially in the form prescribed in this Resolution, executed by the Registrar, and such certificate on any Bond issued by the -18- City shall be conclusive evidence and the only competent evidence that it has been duly authenticated and delivered hereunder . SECTION 21. EFFECTIVE DATE. That this Resolution shall be in force and effect immediately upon its adoption. PASSED AND ADOPTED this 16th day of November , 1983. j Mayor Attest: (SEAL) City C r FORM APPROVLD LEGAL D Pt__ .By Lfilride Date ' -19- STATE OF FLORIDA COUNTY OF DADE I , ELAINE MATTHEWS, City Clerk of the City of Miami Beach , Florida- do hereby certify that the above and foregoing is a true and correct copy of Resolution No. 83-17557, duly passed and adopted by the City Commission of the City of Miami Beach, at a regular meeting duly held and convened on the 16th day of November , 1983, and that said resolution is in full force and effect , without amendment , on the date hereof. IN WITNESS WHEREOF, I have hereunto set my hand and the official seal of the City of Miami Beach, Florida this 16th day of November , 1983. EAL,4_ 72741)41Le-`-'1s L (SEAL) City Cler -20- ORIGINAL RESOLUTION NO. 83-17557 (Authorizing the Issuance of General Obli- gation Bonds in an Aggregate Principal amount not to exceed $22,000,000 for the purpose of financing structural and acous- tical additions, renovations and improve- ments to the Theater of the Performing Arts authorized at an Election held on November 1, 1983)