HomeMy WebLinkAboutR-00073RESOLUTION Na. 736
i RESOLUTION AUTHORIZING THE REFUNDING 02
$300,000 REVENUE BONDS DUE MEMBER 1, 1921
WHEREAS, no tax levy was made in 1920 by the Oity 0oun--
oil of the City of Miami to meet the payment of $300,000 Revenue
Bonds of the City, maturing December 1, 1921; and,
WBBREAS, it is imposible to collect in time for the
payment of said bonds at their maturity the taxes levied in 1921
for such payment; and
WHERELS, it is believed to be necessary and for the
best interests of the citizens and taxpayers of the City of Miami
to issue notes to refund such maturing bonds; now, therefore:
BE IT RES OLVED‘ by the Commission of the City of Miami:
Section 1. That $300,000 negotiable notes of the
City of Miami shall be issued to refund, by payment or exchange
at par, a like amount of Revenue bonds due December 1, 1921.
Section 2. That said issue shall consist of notes
with customary recitals, but without interest coupons, dated De-
cember 1, 1921, due July 1, 1922, in denomirations to be fixed by
the officers signing the same, bearing interest at six per cent.
(6%) per annum from their date, both principal and interest to be
payable at United States Mortgage & Trust Company, in New York
City, such notes to be sealed with the City seal and signed by the
mayor, city manager, director of finance and city clerk.
Section 3. That said notes shall not be sold or ex-
changed at less than par; that no advertisement of sale or exchange
shall be r�ouired; and that the Director of Finance is authorized
to fix the form f note and effect the sale or exchange.
Section 4. That the First National Bank; the Banh of
Bay Biscayne; the Southern Ba _1_ c: Trust Company; and the Miami Bank
& Trust Company, all of Miami, Florida, are hereby designated Trus-
tees for the hclders of 000,000 Revenue Bonds of the City of Miami,
maturing December 1, 1921, and any notes that may be _ssued in lieu
of them, and of the ji y of Mianii in respect of its relation to such
holders.
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That the Director of lInanoe le hereby 7
reoted to pay toand. deposit With said First National Bank, Bank of-f
Biscayne, Southern Bank & Trust Company and the Miami Bank &. Trust
Company, as trustees, not later than the first and fifteenth days of
each and every month hereafter, all the proceeds of that certain le-
vy of five (5) mills, made October llth, 1921, for the paymentof
$300,000 Revenue Bonds, due Deoember 1, 1921, such deposit to be held
by said trustees until paid to the holders of said bonds or the hold-
ers of bonds or notes that may be issued in lieu thereof, or the in-
terest upon any of said bonds or notes.
Section 6. That in making payment to such holders of
bonds or notes it shall be the duty of said trustees to receive and
cancel a like amount thereof and return such cancelled bonds or notes
to the Director of Finance of the City of Miami, and no payment shall'
be made by the trustees except by warrant or order signed by the Di-
rector of Finance and City Manager of the City of Miami, unless such
warrant or order may not have been issued prior to the first day of
July, 1922, in which event said. Trustees may make each payment with
out such order or warrant.
Section 7. That each of said trustees be and is hereby
required to furnish bond to the City of Miami in a mil not less than
the aggregate amount to be deposited with each of said trustees under
this resolution.
Section 8. That this resolution shall be in force from
and after its passage.
PASSED AND ADOPTED this 22nd day of November, A.,D. 1921.
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