HomeMy WebLinkAboutItem #70 - First Reading OrdinanceMEW
J-86-433
6/12/88
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ISSUANCE,
SUBJECT TO THE ELECTION HEREIN PROVIDED
FOR, OF $ 8,000,000 GENERAL OBLIGATION
BONDS OF THE CITY OF MIAMI, FLORIDA, FOR
THE PURPOSE OF PAYING THE COST OF
DESIGNING, CONSTRUCTING, DEVi&LOPING,
EXTENDING, ENLARGING AND IMPROVING THE
BAYFRONT PARK OF THE AMERICAS IN THE
CITY OF MIAMI, INCLUDING FACILITIES
PROPERLY APPURTENANT THERETO, AND THE
IMPROVEMENT OF LAND FOR SUCH PURPOSES
AND THE ACQUISITION OF EQUIPMENT
THEREFOR, ALL SUCH ACTIVITY CONSTITUTING
THE BAYFRONT PARS REDEVELOPMENT PROJECT;
PROVIDING FOR THE LEVY AND COLLECTION OF
AD VALOREM TAXES TO PAY SUCH BONDS.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. For the purpose of paying (with any other
available funds) the cost of designing, constructing, developing,
extending, enlarging and improving the BAYFRONT PARK OF THE
AMERICAS in the City of Miami, Florida (the City"), including
facilities properly appurtenant thereto, the design,
construction, development, extension, enlargement or improvement
of such facilities, the improvement of land for such purposes,
and the acquisition of equipment therefor, all such activity
constituting the Bayfront Park Redevelopment Project, there shall
be issued, under the authority of the Constitution and the laws
of the State of Florida, including particularly the Charter of
the City and the Municipal Home Rule Powers Act (Chapter 166 of
the Florida Statutes, as amended), and subject to the election
hereinafter provided for, bonds of the City in an aggregate
principal amount not
exceeding eight million
Dollars ($ 8,000,000 ), such bonds to be issued
at one time or from time to tim
installments two (2) to twenty-five
W
the issuance date of the respective bonds, it being estimated and
declared by the City Commission ("Commission") that the probable
life of said facilities is more than twenty-five (25) years after
the completion of acquisition and construction of said
facilities.
Such bonds shall be in the denomination of $5,000 each or
any integral multiple thereof, shall bear interest at a rate or
rates not exceeding the rate provided for by statutes of the
State of Florida, shall be in such form and shall be executed by
such officers of the City or any financial institution and in
such manner, as the Commission shall provide by resolution
adopted prior to the issuance of the bonds. The bonds shall be
issued as fully registered bonds; provided, however, that if the
Federal law, which presently subjects to Federal Income Tax the
interest on municipal bonds that are not in fully registered
form, should at any time be repealed or nullified, the bonds may
then be issued as coupon bonds or as bonds registered as to
principal only or as to both principal and interest, or in any
other form, consistent with applicable law, as the Commission
shall provide by resolution prior to the issuance of the bonds.
Section 2. The Commission reserves the right to make all
or part of such bonds redeemable prior to their respective
maturities at such times and prices and under such terms and
conditions as may be fixed by resolution prior to the sale of any
of the bonds.
s Section 3. For the prompt payment of the principal of and
the interest on such bonds, there shall be levied and collected
annual an a$ valorem tax upon all taxable property within the
City, over and above all other taxes authorized to be levied by
the City, sufficient to pay such principal and interest as the
same respectively become due and payable.
Section 4. A special municipal election is hereby called
to be held on Tuesday, September 2, 1986, for the purpose of
submitting to the electors of the City, authorized by law to
participate in such election, the question whether such bonds
shall be issued.
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Seotion S. Pursuant to applioable provisions of law, this
ordinanoe shall go into effeot immediately upon its passage and
shall not be subjeot to the right of referendum.
PASSED ON FIRST READING BY TITLE ONLY this 12th day
of_ June , 1986.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY
this day of , 1986.
ATTEST:
MATTY HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLERK
CHIEF DEPUTY CITY ATTORNEY
XAVIER L. SUAREZ, MAYOR
APPRQyS/AS TO -FARM AND CORRECTNESS:
LU91A A. DOUGHERIPY, CITY ATTORNEY
RFC/rr/M029
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