HomeMy WebLinkAboutItem #73 - First Reading OrdinanceIA
ORDINANCE NO. # f
AN ORDINANCE OF THE CITY OF MIAMI,
FLORIDA, AUTHORIZING THE ISSUANCE, SUE�ECT TO
THE ELECTION AS HEREIN PROVIDED, OF (i) NOT TO
EXCEED FORTY MILLION DOLLARS (S4("1',OOC,OOC)
STREET AND HIGHWAY IMPROVEMENT BCNrCS, AN'D ( ii )
NOT TO EXCEED TEN MILLION DOLLARS
( $10, 000 , 000 ) WATERFRONT IMPROVEMENT BONDS OF
THE CITY OF MIAMI, FLORIDA, FOR THE PURPOSE OF
PAYING THE COST OF STREET AND HIGHWAY IMPROVE-
MENTS AND WATERFRONT IMPROVEMENTS, RESPEC-
TIVELY; CALLING AN ELECTION FOR THE PURPOSE OF
SUBMITTING TO THE ELECTORS THE QUESTION OF
WHETHER EACH SUCH ISSUE OF BONDS SHALL BE IS-
SUED; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
SECTION I. This Ordinance is enacted pursuant to
the Charter of The City of Miami, Florida, Chapter 166,
Florida Statutes, the Constit�u�tion of the Stalte of Florida
and other applicable provisions !of the law.
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SECTION 2. For the purpose pf paying the costs of
street and highway impre_vements in The City of Miami,
Florida, including the constructing-,, reconstructing, extend-
ing, widening, gqrading, paving,' repaving, macadamizing,
remacadamizing ar�d repairing of highways, streets and other
public ways, with Necessary drainage, sewer inlets, man-
holes, catch basins, sidewalks, curbs, gutters and appurten-
ances and the acquisition of land and rights of way and the
landscaping, clearing and leveling thereof, and the perform-
ance of other activities and construction of other improve-
ments related thereto, there shall be issued under the
authority of the Constitution and the laws of the State of
Florida, including the Charter of The City of Miami, Florida
and Chapter 166, Florida Statutes, and subject to the elec-
tion herein after provided for, general obligation bonds of
The City of Miami, Florida, in an aggregate principal amount
not exceeding forty million dollars ($40,000,000) (the
"Street and Highway Bonds"), such Street and Highway Bonds
to be issued at one time or from time to time as determined
by subsequent ordinance or resolution of the City Commission
adopted prior to the sale and issuance of such Street and
Highway Bonds.
SECTION 3. For the purpose of paying the costs of
waterfront improvements in The City of Miami, Florida, in-
cluding construction of new bulkheads and seawalls, reinfor-
cement of existing seawalls, shoreline stabilization, moor-
ing dolphins and fendering, bottom dredging and walkways and
related shoreline improvements, there shall be issued under
the authority of the Constitution and laws of the State of
Florida, including the Charter of The City of Miami,
Florida, and Chapter 166, Florida Statutes, and subject to
the election hereinafter provided for, general obligation
bonds of The City of Miami, Florida, in an aggregate princi-
pal amount not exceeding ten million dollars ($10,000,000)
(the "Waterfront Bonds"), such Waterfront Bonds to be issued
at one time or from time to time as determined by subsequent
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