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HomeMy WebLinkAboutR-85-02890 J-85-312 RESOLUTION NO. 85-289 A RESOLUTION PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $30,000,000 STORM SEWER IMPROVE- MENT BONDS OF THE CITY OF MIAMI, FLORIDA BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The Commission of the City of Miami (herein- after sometimes called the "City Commission") has found and determined and does hereby declare that: (a) on January 26, 1984, the City Commission duly passed and adopted Ordinance No. 9781 authorizing the issuance, subject to the election therein provided for, of not exceeding $30,000,000 principal amount of bonds of The City of Miami, Florida (herein called the "City"), for the purpose of paying the cost of storm sewer improvements in the City, includ- ing the construction of storm sewers, pumping stations and outlets, culverts over or enclosing streams, wells, other types of local drainage facilities, the relaying of any damaged streets or sidewalks, and the acquisition of any necessary land; and said Ordinance provides for submitting, at the election held March 13, 1984, to the qualified electors of the City authorized by law to participate in such election the question of whether such bonds should be issued; (b) on January 26, 1984, the City Commission d1•1_v passed and adopted Ordinance No. 9782 providing for the holding on March 13, 1984 of the bond election, authorized by said Ordinance No. 9781, to submit to the qualified electors of the City the question of issuing said bonds of the City in a principal amount not exceeding $30,000,000. (c) notice of said bond election was duly published in the manner and for the time required by law, including the Charter hereinafter mentioned, and inspectors and clerks of election were duly appointed and their names published as required by law; CITY COMMISSION MEETING OF MAR 21 1985 RESOLo l (d) said election was duly and properly conducted in accordance with law and said ordinances at the time and places appointed therefor, every qualified elector of the City was given the opportunity of voting for or against the issuance of said bonds and the returns thereof were duly and I regularly certified; and (e) at a meeting duly held on March 29, 1984 the City Commission duly canvassed the returns of said bond election and caused the same to be recorded, and adopted Resolution No. 84-319 in which the City Commission found, determined and declared, among other things, that the issuance of not exceeding $30,000,000 principal amount of bonds of j the City authorized by Ordinance No. 9781 was approved by the vote of a majority of the qualified electors of the City voting thereon. Section 2. For the purpose of paying the cost of storm sewer improvements as provided in said Ordinance, there shall be issued under the Constitution of laws of the State of Florida, including the Charter, as amended, of the City (Chapter 10847, Special Laws of Florida, 1925, as amended), bonds of the City in an aggregate principal amount not exceed- b♦ ing Thirty Million Dollars ($30,000,000), to be designated K;= tt "Storm Sewer Improvement Bonds" (hereinafter called the s "bonds") and to consist of bonds of the denomination of $5,000 each or any integral multiple thereof. f y' s Section 3. Said bonds shall be issued at one time or from time to time, shall be dated and shall be sold as the r- i City Commission shall hereinafter determine and shall mature ;. in annual installments two (2) to twenty-five (25) years, inclusive, after the date of the respective bonds. All or any part of said bonds may be made redeemable prior to their respective maturities, at such times and prices and under -2- 8CC �36622 a�7-28foa- l such terms and conditions, as the City Commission shall determine by resolution prior to the sale of the bonds. Said bonds shall bear interest, payable semi-annually, from the date or dates thereof at a rate or rates not exceeding the rate legally permitted. Both the principal of and the interest on said bonds shall be payable at a bank or trust company in the Borough of Manhattan, City and State of New York, or, at the option of the registered owner, at a bank or trust company in the City of Miami, Florida, in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts. Section 4. Said bonds shall be signed by the Mayor of the City by his facsimile signature and by the City Clerk, and a facsimile of the seal of the City shall be imprinted on the bonds. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bond may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bond shall be the proper officers to execute such bond although at the date of such bc, such persons may not have been such officers. Said bonds shall be substantially in the form provided in Resolution No. 84-628, adopted on June 14, 1984 and shall have such other details as provided in Section 9 of sa._i Resolution No. 84-628. Section 5. Said bonds shall be general obligations of the City, and, for the prompt payment of the principal of and the interest on said bonds as the same shall fall due, the full faith, credit and taxing power of the City are hereby irrevocably pledged. -3- r 85-289 Section 6. Pursuant to the provisions of the Charter of the City and of said Ordinance No. 9781, there shall be levied and collected upon all property within the City subject to taxation for such purposes, in each year while any of said bonds shall be outstanding, an ad valorem tax sufficient to pay promptly the principal of and the interest on said bonds as the same respectively become due and payable, and to provide for probable failures of collection of such tax in such year. Such tax shall be levied and collected at the same time and in the same manner as ad valorem taxes levied for operating expenses of the City and shall be in addition to all other taxes authorized to be levied by the City. The City covenants that it will not accept payment of taxes levied for operating expenses of the City unless there shall be paid at the same time the tax levied to make the principal and interest payments required by this resolution. Section 7. This resolution shall be in full force and effect immediatley upon its passage. PASSED AND ADOPTED this 21 day of MARCH, 1985. I ATTEST: CITY CLERK PREPARED AND APPROVED BY: Z11/4 DEPUTY CITY ATTORNEY FORM AND CORRECTNESS: r -4- 0 Maurice A. Ferre M A Y 0 R a 85-28oil 'f U 0 STATE OF FLORIDA ) COUNTY OF DADE ) CITY OF MIAMI ) I, RALPH G. ONGIE, Clerk of the City of Miami, Florida, and keeper of the recrods thereof, do hereby certify that the attached and foregoing pages through , inclusive, contain a true and correct copy of a resolution adopted by the City of Miami Commission at a meeting held on the day of , 1985. SAID RESOLUTION WAS DESIGNATED RESOLUTION NO. 85- IN WITNESS WHEREOF, I set my hand and impress the official seal of the City of Miami, Florida, this day of , 1985. (OFF IC IAL SEAL) RALPH G. ONGIE CITY CLERK CITY OF MIAMI BY: Deputy Clerk 85w-2819 76 CITY OF MIAMf, FLORIDA INTER -OFFICE MEMORANDUM TO: Randolph B. Rosencrantz DATE- March 5, 1985 �`� City Manager SUBJECT: Agenda Item FROM: i REFERENCES: Carlos E. Garcia Director of Finance ENCLOSURES: It is recommended that the attached resolution authorizing the issuance of $30,000,000 Storm Sewer Improvement Bonds of the City of Miami, Florida, be adopted by the City Commission. The $30,000,000 Storm Sewer Improvement Bonds were authorized by the citizens of the City of Miami at a duly held election on March 13, 1984. The City Commission has duly adopted Ordinances 9781 and 9782, authorizing the election and issuance of the bonds. The attached resolution authorizes the issuance of these bonds and sets forth various other criteria for their sale. Such sale is to be from time to time and in such amounts and maturities as best befits the needs of the City. It is imperative that this resolution be adopted in the meeting of March 21, 1985 in order to proceed with the general obligation bond sale scheduled for April 11, 1985. cc: law Department 85--28g.