RESOLUTION 84-17729 RESOLUTION NO. 84-17729
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, AUTHORIZING THE SALE OF GENERAL
OBLIGATION BONDS IN THE AMOUNT OF $22,000, 000 FOR THE
PURPOSE OF FINANCING STRUCTURAL AND ACOUSTICAL
ADDITIONS, RENOVATIONS AND IMPROVEMENTS TO THE THEATER
OF THE PERFORMING ARTS, AUTHORIZED AT AN ELECTION HELD
ON NOVEMBER 1, 1983 ; FIXING MATURITY DATES; APPOINTING A
PAYING AGENT AND REGISTRAR; APPROVING THE FORM OF
PRELIMINARY OFFICIAL STATEMENT AND NOTICE OF SALE;
AUTHORIZING ADVERTISEMENT OF THE SALE OF THE BONDS;
SETTING THE SALE DATE AS MAY 16, 1984 ; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the duly registered and qualified voters of the
City of Miami Beach, participating in an election held according
to law in the City of Miami Beach, Florida, on November 1, 1983,
authorized the issuance of general obligation bonds of the City
of Miami Beach in an aggregate principal amount not to exceed
$22,000 ,000 (the "Bonds" ) for the purpose of financing structural
and acoustical additions, renovations and improvements to the
Theater of the Performing Arts .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA THAT:
SECTION 1. Pursuant to said election, $22, 000, 000 of
general obligation bonds of the City of Miami Beach, Florida,
shall be issued in fully registered form, bearing the date of
June 1, 1984, and bearing interest at a rate per annum to be
hereafter determined, not to exceed the maximum rate permitted by
applicable law, payable semiannually on each September 1 and
March 1, commencing September 1, 1984. 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 mailed to the registered
owners thereof, drawn on the hereinafter designated paying agent
(the "Paying Agent" ) and the principal thereof and the premium,
if any, payable upon redemption are payable upon presentation and
surrender thereof, at the principal corporate trust office of the
Paying Agent, or at the principal corporate trust office of its
successor as Paying Agent.
SECTION 2. The Bonds shall be designated "City of Miami
Beach, Florida General Obligation Bonds (Theater of the
Performing Arts Project) , Series 1984" and shall mature as
follows:
DUE
SEPTEMBER 1 AMOUNT
1985 $ 450, 000
1986 500, 000
1987 550 ,000
1988 600, 000
1989 650 ,000
1990 700, 000
1991 750,000
1992 850, 000
1993 850 ,000
1994 950, 000
1995 1,050,000
1996 1, 100, 000
1997 1,200,000
1998 1, 300, 000
. 1999 1,400,000
2000 1, 550, 000
2001 1,600,000
2002 1, 800, 000
2003 1,900 ,000
2004 2, 250, p00
SECTION 3. The Bonds maturing in the years 1985 to
1994, inclusive, shall not be subject to redemption prior to
their stated dates of maturity. The Bonds maturing in the years
1995 to 2004, both inclusive, shall be redeemable prior to their
stated dates of maturity, at the option of the City, from any
funds legally available for such purpose on or after September 1,
1994 ( i) as a whole at any time, and ( ii) in part, from time to
time on any interest payment date, in inverse order of maturity
and by lot within each maturity at the principal amount thereof
and accrued interest to the date of redemption, plus the
following premiums , expressed in percentages of the principal
amount of the -Bonds to be redeemed, if redeemed in the following
periods:
-2-
PERIOD REDEMPTION
(both dates inclusive) PREMIUM
September 1, 1994 to August 31, 1997 2%
September 1, 1997 to August 31, 2000 1%
September 1, 2000 and thereafter 0%
SECTION 4. The Bonds herein authorized and referred to
in Section 2 of this Resolution shall be in the denomination of
$5,000 .00 each or any integral multiple thereof and shall be
alike in form, except as to maturity dates, interest rates and
numbers . The Bonds shall be lettered "A" and bear the last two
digits of the year of maturity of such Bonds . All Bonds of the
same year of maturity shall be numbered consecutively from one
( 1) upwards in order of issuance. If more than one fully-
registered
ully-
registered bond of a series is issued in a simultaneous
transaction, such bonds shall be numbered in such manner,
consistent with the above, as the hereinafter mentioned Registrar
shall determine.
SECTION 5 . Chemical Bank is hereby appointed Registrar
and Paying Agent for the Bonds .
SECTION 6 . The Commission hereby approves the form of
preliminary Official Statement with respect to the Bonds , subject
to such changes as may be approved by the City Attorney, and the
Notice of Sale presented to it at this meeting and authorizes
advertisement of the sale of the Bonds and release of the
preliminary Official Statement.
SECTION 7 . The Commission hereby determines that the
Bonds shall be sold on May 16, 1984.
SECTION 8 . That this Resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 2nd day of May, 1984.
AR-
//
Mayor
Attest:
APPROVED
'/
, FORM'L..L;17 �
EGPCity ClerkL
(SEAL) 8 _ _._.
nate °
_3_
ORIGINAL
RESOLUTION NO. 84-1 7 729
(Authorizing the sale of General Obligat-
ion Bonds in the amount of $22.000,000
for the purpose of financing structural
and acoustical additions, renovations
and improvements to the Theater of the
Performing Arts, authorized at an Elect-
ion held on November 1, 1983; fixing
maturity dates; appointing a paying
agent and registar; approving the form of
preliminary official statement and notice
of sale; authorizing advertistment of
the sale of the bonds; setting the sale
date as May 16, 1984; and providing an
effective date)