The URL can be used to link to this page

Home My WebLink AboutR-80-077410k" RESOLUTION NO. 8 0- 7 7 4 A RESOLUTION PROVIDING FOR THE ISSUANCE OF $309000,000 STREET AND HIGHWAY ��:� ; ' "'� •, r•. ,--, IMPROVE14ENT BONDS OF THE CITY OF `•' S MIAMI, FLORIDA a VDO � Z:� 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. 9129 authorizing the issuance of bonds of the City of Miami, Florida, in an aggregate principal amount not exceeding $30,000,000 for the purpose of paying the cost of street and highway improvements in the City of Miami, including the constructing, reconstructing, extending, widening, grading, paving, reparing, macadamizing and remacadamizing of highways, streets and other public ways, with necessary drainage, sewer inlets, manholes, catch basins, sidewalks, curbs, gutters and appurtenances, and the acquisition of land and rights of way and the landscaping, clearing and leveling thereof, and on July 10, 1980 duly adopted Ordinance No. 9131, 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 $30,000,000 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. "DOCUMENT INDEX ITEM NO,. rr CITY COMMISSION MEETING OF OCT3 0 1980 �uou M 8 0 ►� (c) Said election was duly and properly conducted, the 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 recorded in its minutes, all as provided by law, and it appears from the returns of said election that the issuance of said $30,000,000 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 street and highway improvements in the City of Miami, including the constructing, reconstructing, extending, widening, grading, paving, repaving, macadamizing and remacadamizing of highways, streets and other public ways, with necessary drainage, sewer inlets, manholes, catch basins, sidewalks, curbs, gutters and appurtenances, and the acquisition of land and rights of way and the landscaping, clearing and leveling thereof, there shall be issued the negotiable coupon bonds of the City of Miami, Florida, in the aggregate principal amount of Thirty '._. Million Dollars ($30,000000), to be designated "Street and Highway Improvement Bonds" and to consist of 6,000 bonds of the denomination of $5,000 each. Section 3. Said Street and Highway Improvement 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 $ 8801000 12 $ls6201000 4 9452000 13 17359000 5 10102000 14 1:8559000 6 1:0809000 15 1,9859000 7 191559000 16 2,125,000 8 1,2359000 17 29275,000 9 13250000 18 2430,000 10 1:4159000 19 2:6000000 11 12,5152,000 4:: 2,815,000 80-774 6 r. . r qA\ . 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. 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. 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 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 k. Said Street and Highway Improvement 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 .1 80-774 in office until suun delivery, and any bond maj'bear the .'1 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: No. United States of America State of Florida County of Dade THE CITY OF MIAI4I STREET AND HIGHWAY IMPROVEMENT BOND $5,000 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 ( %) 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 norougn 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 rail due; or, it' this bond be registered as to both principal and interest, payment of the interest on this bond on any interest payment date shall be 80-774 /"r1 t made to the person appearing on the bond registration books of the City as 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, as amended, and pursuant to ordinances and resolutions duly adopted by the City Commission of said City, for the purpose of paying the cost of street and highway improvements in the City of Miami, including the constructing, reconstructing, extending, widening, grading, paving, repaving, macadamizing and remacadamizing of highways, streets and other public ways, with necessary drainage, sewer inlets, manholes, catch basins, sidewalks, curbs, gutters and appurtenances, and the acquisi tion of land and rights of way and the landscaping, clearing and leveling thereof, 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, ��... 1 r�..s ►VE — 5— DOW 1 F NTH FOLLOW py 8Q-774 exist and have been performed in due time, form and manner 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 £aaisimile signature of said City Clerk, all as of the 1st day of , 19 . Mayor F01-1-OW99 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 -6- 80-774 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 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 Register 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(..,A` is to be made on this bond, after which registration both 1 a principal and interest hereof shall be payable to the person in whose name it is registered, or his legal representative. Date of Registry Registered Owner Bond Register . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . _7- 80-774 001, t 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 cut off and cancelled all unmatured coupons attached 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 named in the registration blank above or his legal representative. Interest will be remitted by mail in New York exchange. Dated: , 19 Bona Registrar of the ty o M am (Form of Coupons) No. $ On 19 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 Street and Highway Improvement bond, dated 1, 19 , No. (if said bond is j -3- 8.0-774 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 called for previous redemption and provision made for the payment thereof"). )v�v City Clerk FOLLOWSection 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 Street and Highway Improvement Bonds shall be general obligations of the City of Miami, Florida, 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 of Miami are hereby irrevocably pledged. Section 7. Pursuant to the provisions of the Charter of the City of Miami and of said Ordinance No. 9129, 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 Street and Highway Improvement 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 80-774 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 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 street and highway 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 street and highway improvements, the annual tax levy provided 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 proceeds 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 Street and Highway Improve- ment Bonds herein provided for. -10- 7, y 1 �'A %, ,'�.•��f4.9 i ... Rw •.J h 80-774 MEL rk, Section 10. This resolution shall be in full force and effect immediately upon its passage. PASSED AND ADOPTED this 30 day of October, 1980. ATTEST: MAURICE A. FERRE MAY OR CIT CLE K PR ARE AND APPROVED BY: ROBERT F. CLARK Assistant City Attorney APPROVED AS TO F ND CORRECTNESS: GER F. K0, JR. City j torney -11- 80-774 32 Richard Fosmoen City Manager Carlos E. Garcia Acting Finance Direct e4� October 9, 1980 Issuance of. Street & Highway Improvement Bonds It is recommended that the City Commission approve the attached resolution authorizing the issuance of Street and highway Improvement Bonds as approved by the voters on October 7, 1980. r Inasmuch as the construction and improvements of streets and highways has been a function that the City of Miami has per- formed for the residents of the City, the issuance of General Obligation Street and Highway Improvement Bonds in the amount of $30,000,000 was submitted to the public election, and passed on October 7, 1980. 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. CEG : hb Attachment • y C= ••' ( 0 r C �� •.r 80-774