HomeMy WebLinkAboutItem #47 - First Reading Ordinancet
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ORDINANCE No.
AN ORDINANCE AUTHORIZING THE ISSUANCE
SUBJECT TO THE ELECTION HEREIN PROVIDED
FOR $55,000,000 ORANGE BOWL MODERNIZA-
TION BONDS OF THE CITY OF MIAMI, FLORIDA,
FOR THE PURPOSE OF PAYING THE COST OF
MODERNIZATION, REFURBISHING, RENEWING,
EXPANDING AND RECONSTRUCTION OF THE CITY
OF MIAMI ORANGE BOWL STADIUM AND SUR-
ROUNDING PROPERTIES, 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 the cost of moderniza-
tion, refurbishing, renewing, expanding and reconstruction of the
City of Miami, Florida, Orange Bowl Stadium and surrounding prop-
erties, there shall be issued, under the authority of the Consti-
tution and laws of the State of Florida, including particularly
the Charter of the City of Miami, Florida (:the "City") and the
Municipal Home Rule Powers Act (Chapter 166 of the Florida Stat-
utes, as amended), and subject to the election hereinafter provided
for, bonds of the City in an aggregate principal amount not exce-
eding Fifty -Five Million Dollars ($55,000,000), such bonds to be
issued at one time or}from tim4*to time and to mature, in the years
and principal amounts respectively as follows:
Years after Years after
Date or Dates ' Pr4cipal Date or Dates Principal
of Bonds Amount of Bonds Amount
2 $ 600,000 14 $1,920,000
3 $ 640,000 15 $2,130,000
4 $ 710,000 16 $2,350,000
t 5 $ 790,000 17 $2,580,000
6 $ 880,000 18 $2,860,000
7 $ 970,000 19 $3,160,000
8 $1,060,000 20 $3,480,000
ai 9 $1,170,000 21 $3,850,000
'! 10 $1,300,000 22 $4,230,000
11 $1,430,000 23 $4,690,000
12 $1,580,000 24 $5,170,000
13 $1,740,000 25 $5,710,000
it being estimated and declared by the Commission of the City
(the "Commission") that the probable
more than twenty-five ( 25 ) years afi CITY COMMISSION
MEETING OF
JAN 19
ORDINANCE NO... . •
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1st READING. ..D
2nd READING ........................
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