HomeMy WebLinkAboutItem #14 - First Reading Ordinanceon, F,R -- I f-4—s10 toF_ Tn
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J-90-310
4/10/90 1
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ORDINANCE NQ, j
AN OR nINANCC OF THE CITY iOF MIAMI, FLORIDA,
AUTHORIZING THE ISSUANCE' SUBJECT TO THE
t4ECTION AS HEREIN PROVIDE , OF NOT TO EMCEED
THIRTY MIL61ON DOLLARS $301000,OOOj LOCAL
STREET AND DRAINAGE IMPROVPMENT BONDS OF THE
CITY OF MIAMI, FLORIDA, POR THE PURPOSE OF
PAYING THE COST OF LOCAL TREET AND DRAINAGP.
IMPROVEMENTS; CALLINQ AN ELECTION FOR, THE
PURPOSE OF SUBMITTING TO THE ELECTORS THE
QUESTION OF WHETHER SUCH I SUE OF BONDS SHALL
BE ISSUED; AND PROVIDING AN ,EFFECTIVE DATE.
At IT ORDAINED BY THE COMMISS ON OF THE CITY OF MIAMI,
FLORIDA:
SCCTION 1. This Or`dina ee is: enaQted pur :ui-alt, to the
Charter of the Cipy) of cMiami, Flot'ida, Chab,tier 166, Florida
9tatutce, he c1stitution or the tate 10;, Florida and other
applicable rovisions of the . wt11(
SECT14N 2. For the pur opc of ,paying the costs of local
street and drainage implrovemets in The City of Miami, Florida,
including the constructing, reconstrulting, extending, widening,
grading, paving, ce:paving, macadamizing, remacadamizing and
repairing of highways, streets and! other public ways,' with
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necessary drainage, sewer inlets, manholes, catch basins,
sidewalks, curbs, gutters and appurte ances and the acquisition
of land and rights of way and the ,landscaping, clearing and
leveling thereof, and the parformane of other activities and
construction of other improvements related thereto, there shall
he issued under the authority of thej,Constitution and the laws
of the State of Florida, including tCie Charter of The City o£
Miami, Florida and Chapter 166, Florift Statutes, and subject to
the election herein after provided forl general obligation bonds
of Tho City of Miami, Florida, in aggr gate principal amount not
exceeding thirty million dollars ( 3000000000) (the "Local
Street and Drainage Bonds"), such L cal Street and Drainage
Rondo to be issued at one time ofrom time to time as
determined by subsequent ordinance of resolution of the City
Commission adopted prior to the sale and issuance of such Local
Street and drainage Bonds.
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