Loading...
HomeMy WebLinkAboutR-00609RESOLUTION NO. 609. A RESOLUTION AUTHORIZING THE CITY ATTORNEY TO GIVE PUBLIC NOTICE OF THE INTENTION OF THE CITY TO APPLY TO THE NEXT LEGISLATURE FOR THE PASSAGE OF THE SPECIAL OR LOCAL LAWS SET FORTH IN THIS RESOLUTION. BE IT RESOLVED BY THE COMMISSION OF THE_CITY OFACIAMP, Section 1. That the City At'orney be and he is hereby authorized to give notice by publishing once a week for siity (60) days in the morning and afternoon paper the intention of the City Commission to apply to the Legislature at it's ne*t regular session in 1923 for the passage of the following local or special laws, to —wit: An act amending Section 57 of the Charter of the City of Miami, Florida of 1921 so tat the same shall read as follows: "The Commission of the City of Miami, by resolution, may issue from time to time Revenue Bonds of the City, bearing interest at not more than six per cent. per annum, payable at the time of issuance or thereafter, for the purpose of providing funds in anticipation of current revenues, and :Lay issue Revenue Refundine; Bonds, with like limitations ae to interest, when deemed necessary to provide for the pay:Leht of any of such Revenue Bonds or Revenue Refunding Bonds at th ir maturity; no such Revenue Bonds or ..venue Refundini.: shall mature later than the close of the fiscal year in vhich the se are issued, except that Revenge Refundiht Bonds issued in the last three months of any fiscal year day .:atue either in said fiscal year or at any ti:fie in the ensuin6 fiscal year. Before the passage of any resolution authorizinb Revenue Bonds, the Director of Finance shall subr.it to the Co!r:fLission a state:Lent showin6: (a) the amount of uncollected taxes and revenues of the preceding fisca2 year, (b) the al.ount of un7;ollected taxes for the current "DOCUMENT INDEX ITEM NO. " "SUPPORTIVE DOCUMENTS fiscal year, if theretofore levied, but otherwise the amount of the tax levy for the preoeding fisoal year regardless of what part thereof shall have been oolleoted, (o) the estimated amount of uncollected revenues for the ourrent fiscal year excepting takes, and (d) the amount of all taxes and revenues embraced in (a) and (b) and (o) above, which are for sinking, funds for the payment of bonds maturing after the current fisoal year, and (e) the faoe value of all bonds, notes, warrants, judgments and other city obligations to pay money then outstanding or authorized, which have no fined time of payment, or which by their terms are payable within one year and three months from the date of their respective issuance. The substance of such statement of the Director of Finance shell be recited in said resolution and no Revenue Bonds shall therein be authorized whose face value, together with the amount of item (e) above shall exceed 75% of the remainder obtained by subtractinb item (d) from the sum of items (a), (b) and (c) above. Such Revenue Bonds and Revenue Refunding Bonds shall be Bold by the Commission upon such terms as it may elect, but shall not be sold at lees than par value, except by a vote of at least four thea:bers elect of the Commission and then at a price of not less than $99 on $100, but said resolution may authorize the Director of Finance to sell the bonds authorized by it, at one time or from time .to time in hie discretion as he deems for the best interest of the City, but any such authority to the Director of Finance ar—spaliderterIX shall specify the maximum amount of bonds to be issued, the :raxivur:i rate c interest, and the minimum vice for which they :nay be sold. The rroceeds of Revenue Bonds shall be paid into the Treasury of the City to the credit of any one or more of the funds for r.hicr the uncollected taxes and revenue anticipated are tc be collected in such amount and to such fund or funds as may be srecified in such resolution, but the Commission shall not arr roxresat e any E,reat sr amount of such rroceeds into -.ny one fund t1, ca% reascnab1y be r;raii therefrom tc meet the payment of such bonds at their maturity; provided, h that the validity of any such bonds aha11 not be affected by failure of the Commission to comply with the last mentioned direction. The prooeeds of Revenue Refunding Bonds shall be applied solely to the payment of the bonds for whose retire ment they shall be issued. For the payment of said Revenue Bonds and Revenue Refunding Bonds, andthe interest thereon, at such place or places in Florida or elsewhere as may be designated by the Commission, the Commission is hereby author— ized to levy sufficient taxes upon all the tauable property within the City of Miami over and above all other taxes authorized or limited by law, and said bonds shall be the absolute, direct and general obligations of said City. In each year at the time of the annual tax levy there shall be included therein a tax for the payment of the principal and interest of any Revenue Bonds which have matured and remain unpaid, and any Revenue Refunding Bonds whether matured or not. It shall be the duty of said City, after the authorization of any Revenue Bonds or Revenue Refunding Bonds, to reserve from current revenuee, as received, except revenues for sinking funds for bonds maturing after the current fiscal year, a sum sufficient to meet the payment of such Revenuedlinie and Revenue Refunding Bonds at maturity, and the interest thereon. Authority to issue any cr all bonds authcrized hereunder by resolution may be revoked by resolution of the Commission, thereby reducing, the amount of authorized bonds and m e tante_ reducing the amount of current revenues which must be reserved for their payment. It shall not be necessary to submit such bends, or the resolution authorizing the saee, to a vote of electors or taxpayers, and the resolution authorizing, the same shall be in force uyon its passage." PASSED AND ADOPTED this 2.5 �{ day of January, A.D. 1923. ATTEST: