HomeMy WebLinkAboutR-80-0773RESOLUTION NO.
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)OGU a��� EN S
FOLLOW
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The Commission of the City of Miami (here-
inafter sometimes called the "City Commission") has found
and determined and does hereby declare that:
(a) The City Commission on July 10, 1980 duly adopted
Ordinance No. 9128 authorizing the issuance of bonds of
the City of Miami, Florida, in an aggregate principal amount
not exceeding $450009000 for the purpose of paying the cost
of improvements and extensions of the sanitary sewer system
of the City of Miami, including the construction, reconstruction
and extension of sanitary sewers and other sewer system
improvements, -intercepting sewers, force mains, trunk sewers,
pumping stations, outlets and connections to the sewage disposal
system of the City, the relaying of any damaged streets or
sidewalks, and the acquisition of any necessary land, and on
July 10, 1980 duly adopted Ordinance No. 9130, providing for the
holding of an election on October 7, 1980 for the purpose of
submitting to the qualified electors of the City of Miami the
question whether said $45,000,000 bonds should be issued.
(b) Notice of said election was duly published in the
manner and for the time required by law, and Inspectors and
Clerks of Election were duly appointed and their names
published as required by law. «uOCuNIf:N Te
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(c) Said election was duly and properly con ucted, t e
returns thereof were duly and are regularly certified and the
City Commission duly canvassed said returns and declared the
results of said election and caused the same to be r 'dCY% .
CITY COMMISSION
MEETING OF
0 C T 130 1980
MOON NO...1:4
ate :...........................
52
8a-773
A RESOLUTION PROVIDING FOR THE ISSUANCE
OF $45,0009000 SANITARY SEWER SYSTEM
BONDS OF THE CITY OF MIAMI, FLORIDA
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its minutes, all as provided by law, and it appears from the
returns of said election that the issuance of said $45,000000
bonds was approved by vote of a majority of the qualified
electors of the City of Miami voting thereon.
Section 2. For the purpose of paying the cost of im-
provements and extensions of the sanitary sewer system of
the City of Miami, including the construction, reconstruction
and extension of sanitary sewers and other sanitary sewer
improvements, intercepting sewers, force mains, trunk sewers,
pumping stations, outlets and connections to the sewage disposal
system of the City, the relaying of any damaged streets or
sidewalks, and the acquisition of any necessary land, there
shall be issued the negotiable coupon bonds of the City of
Miami, Florida, in the aggregate principal amount of Forty-
five Million Dollars ($45,000,000), to be designated "Sanitary
Sewer System Bonds" and to consist of 9,000 bonds of the deno-
mination of $5,000 each.
Section 3. Said Sanitary Sewer System Bonds shall be
issued at one time or from time to time and shall be dated
and sold as hereafter provided by resolution or resolutions
of the City Commission, and shall mature as follows:
Years After Principal Years After Principal
Date or Dates Amount Date or Dates Amount
3 $1,325,000 12 $24359000
4 18415000 13 2:6402000
5 1,515,000 14 27909000
6 13620,000 15 2:9859000
7 1,735,000 16 3,190000
8 1855,000 17 394159000
9 1:985,000 18 30655,000
10 2,125,000 19 3,910000
11 2,275,000 20 4,130000
All or any part of said bonds may be made redeemable prior to
their respective maturities, at such times and prices and
under such terms and conditions, as the City Commission shall
determine by resolution prior to the sale of the bonds.
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80-773
Said bonds shall bear interest, payable semi-annually, from
the date or dates thereof at a rate or rates not exceeding the
rate provided for in the statutes of the State of Florida, as shall
be determined at the time of sale thereof. 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 a bank or trust company in the City of
Miami, Florida, at the option of the holder or registered
owner, 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 Sanitary Sewer System Bonds shall be
signed by the Mayor of the City of Miami by his facsimile
signature and by the City Clerk, and a facsimile of the seal
of the City shall be imprinted on the bonds. The interest
coupons to be attached to the bonds shall be executed with
the facsimile signature of the City Clerk. In case any
officer whose signature or a facsimile of whose signature
shall appear on any bonds or coupons 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 bond such persons may not have been such officers. The
bonds and coupons and the statement of validation and
provisions for registration to be endorsed on the bonds
shall be substantially in the following forms:
" 80-773
No. $5,000
United States of America
State of Florida (�r�, ; I-.,
County of Dade �.a tJ i"pp �' o'+-'; �`I �/ r.
THE CITY OF MIAMI DOC 1,.,� I VI EN I �7
SANITARY SEWER SYSTEM BOND FOLLOW"
The City of Miami, in the County of Dade, State of
Florida, is justly indebted and for value received hereby
promises to pay to the bearer or, if this bond be registered,
to the registered owner hereof, on the 1st day of ,
19 , the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon from the date hereof at the rate
of percent ( S) per annum until payment of such
principal sum, such interest to the maturity hereof being
payable on the lst day of and of in each year.
Both the principal of this bond and, unless this bond be regis-
tered as to both principal and interest, the interest hereon
are payable at , in the Borough
of Manhattan, City and State of New York, or at
, in the City of Miami, Florida, at the option
of the holder or registered owner, 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. Payment of the interest on this bond to
the maturity hereof shall be made only upon presentation and
surrender of the coupons, if any, representing such interest
as the same respectively fall due; or, if this bond be
registered as to both principal and interest, payment of the
interest on this bond on any interest payment date shall be
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80-773
made to the person appearing on the bond registration books
of the City a_o the registered owner on the tenth (loth) day
next preceding such interest payment date, such interest to
be paid by check or draft in New York exchange mailed to the
.registered owner at his address as it appears on such
registration books. For the prompt payment hereof and the
interest hereon as the same shall fall due the full faith,
credit and taxing power of the City of Miami are hereby
irrevocably pledged.
This bond is one of a duly authorized issue of bonds of
the City of Miami issued under the authority of and in full
compliance with the Constitution and laws of the State of
Florida, including the Charter of said City, and the Munici-
pal Home Rule Powers Act, Chapter 66 of the Florida statutes,
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as amended, and pursuant to ordinances and resolutions duly
e'er C`�.-•;�
adopted by the City Commission of said City, for the purpose
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of paying the cost of improvements and extensions of the
sanitary sewer system of the City of Miami, including the
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construction, reconstruction and extension of sanitary
sewers and other sewer system improvements, intercepting
sewers, force mains, trunk sewers, pumping stations, outlets
and connections to the sewage disposal system of the City,
the relaying of any damaged streets or sidewalks and the
acquisition of any necessary land, and the bonds of this
issue were duly approved by vote of a majority of the qualified
electors of the City voting thereon.
(here insert redemption provisions, if any)
It is hereby certified and recited that all acts, con-
ditions and things required by the Constitution and laws of
the State of Florida to happen, exist and be performed pre-
cedent to and in the issuance of this bond have happened,
exist and have been performed in due time, form and manner
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as so required; that the total indebtedness of the City of
Miami, including this bond, does not exceed any constitu-
tional or statutory limitation thereon; and that provision
has been made for the levy and collection of a direct annual
tax upon all taxable property within said City sufficient
to pay the principal of and the interest on this bond as the
same shall fall due.
This bond may be registered as to principal alone and
also as to both principal and interest in accordance with
the provisions endorsed hereon.
IN WITNESS WHEREOF, the City of Miami has caused this
bond to be signed by its Mayor by his facsimile signature
and by its City Clerk, and a facsimile of its seal to be
imprinted hereon, and the interest coupons attached hereto
to be executed with the facisimile signature of said City
Clerk, all as of the lst day of , 19 .
Mayor
City Clerk
[Seal]
(Endorsements upon Bonds)
STATEMENT OF VALIDATION
This bond is one of a series of bonds which were vali-
dated by judgment of the Circuit Court for Dade County, ren-
dered on , 19
PROVISIONS FOR REGISTRATION
This bond may be registered as to principal in the Bond
Register of the City of Miami by the Director of Finance of
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80-773
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said City as Bond Registrar or by such other Bond Registrar
as may be legally appointed by the governing body of said
City, notation of such registry to be made hereon by such
Bond Registrar, and this bond may thereafter be transferred
on said Bond Regisz er only upon a written assignment of the
registered owner or his attorney, duly acknowledged or
proved, such transfer to be endorsed hereon by the Bond
Registrar. Unless this bond be registered as to both prin-
cipal and interest, such transfer may be to bearer and
thereby transferability by delivery shall be restored,
subject, however, to successive registrations and transfers
as before. The principal of this bond, if registered, shall
be payable only to the registered owner or his legal repre-
sentative. Notwithstanding the registration of this bond,
the coupons shall remain payable to bearer and shall continue
to be transferable by delivery, unless this bond shall be in
like manner registered as to both principal and interest,
notation whereof and of the cancellation of unmatured coupons
is to be made on this bond, after which registration both;
principal and interest hereof shall be payable to the persony4
in whose name it is registered, or his legal representative.
Date of Registry Registered Owner
. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .
Bond Register
. . .. . . . . . . . . . . 1 . . .. . .
. . . . . . . . . . . . . . .. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . of . . . . .
It is hereby certified that at the request of the holder
of the within bond for its conversion into a bond registered
as to both principal and interest, the undersigned has this
day out off and cancelled all unmatured coupons attached
80 -773
thereto, being in number, numbered from to
, inclusive, of the aggregate face value of $ ,
and that the within bond is hereby converted into a regis-
tered bond, the principal and interest of which are payable
to the registered owner nam(:d in the registration blank above
or his legal representative. Interest will be remitted by
mail in New York exchange.
Dated: , 19
DO -' I� �� j � and Registrar of the City of �� ami
FOLLOW!? (Form of Coupons)
No. $
On 12 19 , the City of Miami, in the
County of Dade, State of Florida, will pay to bearer at
, in the Borough of
Manhattan, City and State of New York, or at
, in the City of Miami, Florida, at
the option of the bearer, upon the presentation and sur-
render hereof, the sum of Dollars in any coin
or currency of the United States of America which at the
time of payment is legal tender for the payment of public
and private debts, as provided in and for the semi-annual
interest then due upon its Sanitary Sewer System Bond,
dated 1, 19 , No. (if said bond is
subject to redemption, here insert in coupons representing
interest payable after the first date on which said bond may
be redeemed the words "unless said bond shall have been
10
80-775
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called for previous redemption and provision made for the
payment thereof").
City Clerk
Section 5. Title to any bond and to the interest
coupons thereto appertaining shall pass by delivery in the
same manner as a negotiable instrument payable to bearer
unless such bond is registered in the manner therein provided.
The bonds shall be registrable as to principal alone and also
as to both principal and interest in accordance with the terms
and conditions provided in The Code of the City of Miami,
Florida. No charge shall be made to any bondholder for such
priviledge of registration.
Section 6. Said Sanitary Sewer System Bonds shall be
general obligations of the City of Miami, Florida, and for
the prompt payment of the principal of and the interest on
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said bonds as the same shall fall due the full faith, are-�
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dit and taxing power of the City of Miami are hereby irre-
vocably pledged.
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Section 7. Pursuant to the provisions of the Charter '"
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of the City of Miami and of said Ordinance No. 9128, there
shall be levied and collected upon all property within the
City of Miami subject to taxation for such purposes, in each
year while any of said Sanitary Sewer System Bonds shall be
outstanding, a special tax sufficient to pay 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
80-773
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City and shall be in addition to all other taxes authorized
to be levied by the City of Miami. 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 8. A part of the cost of the sanitary sewer
improvements for which said bonds are to be issued may, if
the Commission of the City of Miami shall so determine, be
specially assessed in the manner and to the extent authorized
and provided by Section 56 of the City Charter, as amended,
and any other applicable laws of the State of Florida, and
if any special assessments shall be levied on account of any
such sanitary sewer improvements, the annual tax levy pro-
vided for by Section 7 above may be reduced in any year by
such amount, if any, as may have been set aside and is then
held for such purpose in the special fund in which the pro-
ceeds of such special assessments shall have been placed.
Section 9. The proper officers of the City of Miami
are hereby authorized and directed to take appropriate pro-
ceedings for the validation of the Sanitary Sewer System Bonds
herein provided for.
Section 10. This resolution shall be in full force
and effect immediately upon its passage.
PASSED AND ADOPTED this 3o day of October, 1980.
ATTEST:
MAURICE A. FERRE
C tI,I A Y 77
PREP REEDS AND APP
ROVE/BY:
R cRT F. CLARK
Assistant City Attorney
APP ED AS TO FOR14 AND CORRECTNESS:
GEQ G NQ C, J
City torney
S0.773
r'.,
STATE OF FLORIDA )
COUNTY OF DADE
CITY OF MIAMI )
or"",
I, RALPH G. ONGIE, Clerk of the City of Miami, Florida
do hereby certify that the attached and foregoing pages
numbered 1 through 10, inclusive, contain a true and correct
copy of a resolution passed and adopted by the Commission
of said City at a meeting held on the day of October, 1980
designated Resolution No.
WITNESS my hand and the official seal of the City
of Miami, Florida this day of , 1980.
RALPH G. ONGIE
City Clerk
rrry
31
Richard Fosmoen October 9, 1980
City Manager
Issuance of Sanitary Sewer Bonds
Carlos E. Garcia
Acting Finance Di •td
It is recommended that the City Commission
approve the attached resolution authorizing
the issuance of Sanitary Sewer Bonds as
approved by the voters on October 7, 1980.
1
Inasmuch as the construction of sanitary sewers has been a
function that the City of Miami has performed for the residents
of the City, the issuance of General Obligation Sanitary Sewer
Bonds in the amount of $45,000,000 c•:as submitted to the public
election, and passed on October 7, 1.980.
At this time, the City Commission must approve the attached
Resolution so the City may move onto the validation proceedings
before any of these bonds may be sold.
CEO:hb
Enclosures
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"80-7►79
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