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HomeMy WebLinkAboutR-009131 A. R 9bLt �t'IO N AUTfORI ZX NN mum BONDS UNDER SECTION'S? OF TIE CITY CHARTER AS AMENDED. BE TT RE$OtVED by the Commission of the City Of Ili Section 1. That the Commission does hereby firii declare: a - That the Direction' of Finanoe.pursuant to revels of the City Commission, has submitted to the Commission the following statement:. "SUPPORTIVE DOCUMENTS FOLLOW, "Miami, Florida. July 27th, 1923. To the City Commission of Miami: Pursuant to your direction that I submit to the City Commission the statement required by Section 57 of the City Charter, as amended by tte legislature of 1923, ratified by the qualified electors, July 17, 1923, I submit the statement which is true: a- ,b_ c- Sums CITY COMMISSION MEETING OF AUG 7— / 4 a3 Amount of uncollected taxes and revenues of the fiscal year ending December 31, 1922 is Taxes for the current fiscal year have not been levied; the amount of the tax levy for the fiscal year ending December 31, 1922, including the collected and uncollected portions, is The estimated amount of uncollected revenues, exlu.ing uncollected taxes, for the current fiscal year, is of items a, band c following $ 32,792.58 $1,136, 935.17 $ 325,000.00 The portion of items a, b and c which is for sinking funds for the payment of bonds rnaturirg after December 31, 1923 (counted twice where such portion appears in both a and b), is Remainder computed by subtracting d from the sum of a plus b plus o 75% of said remainder "DOCUMENT INDEX ITEM $1, 494, 727. 75 $ 157,193.9E $1, 337, 533.77 $1,003,150.33 The tact Value of all bonds, notes, warrants, judgments, and other . oity Obligations to pay money now out- etanding or ,-authorized which have no ' _- flied time of p ment or which by their terms are payable within one year and three months from the d0.tes of their respective issuances Judgments Done Revenue Bonds None' �Iaeven;e Refunding Bonds None Warrants $None,, Notes 11, 090.00 Certificates of indebt- edness *None Other temporary obliga- }:, tions $ 6,141.12' $17, 231.la` . Remainder oomput ed by subtracting e from 75% of the remainder obtained by subtracting d from the sum of a plus b plus c, $1,003,150.33, being the amount of revenue bonds which may now be authorized $ 985,919.21 Respectfully eubrnitted, F. H. Wharton City Manager C. L. Huddleston. Director of F inanoe. h b- That the Commission believes and declares said statement to be true. c- That the revenue bends authorized by this Resolution in the amount of $500, 000.00 do not exceed the amount of revenue bonds which the City is permitted to issue under Section 54 "SUPPORTIVE s A' of the City Charter, las amended by the Legislature DOCUMENTS of 1923, ratified by the qualified electors on FOLLOW" July 17,1923. upPcRitVE f L OWTS Section 2. That for the purpose of providing funds in anticipation of current revenues there be issued negotiable 1Sonds of the City of Miami in an aggregate sum of $500, 000.00 dated August, 1923, and maturing July lat, 1924, without option of prior payment, ' and bearing interest at E per annum payable January 1st, 1924 and at the maturity of said bonds, upon the presentation and surrender of interest coupons which shall be thereto attached, both principal and interest to be payable at the United States Mortgage & Trust Company in the City of New York, in lawful money. Section 3. That the proceeds of said revenue bonds shall be paid into the city treasury to the credit of the following funds in the proportion which the amounts respectively set opposite the names of said bonds bear to the total proceeds: Into General Fund . . . • . . $500, 000.00 Section 4. That the amounts hereinabove appropriated from the proceeds of said bonds to said fund' respectively are in nc case greater amounts than can be repaid therefrom, by taxes and revenue to be received into and by said funds, respectively, to meet the payment of suoh bonds at maturity and the i nt er ast thereon. Section 5. That said bends shall be sold by the City Commission without public advertisement calling for bonds, but after aseertaining the best price at which the same can be sold. Section o. That there shall be reserved from current revenues as received, except revenue for sinkinb funds for bonds maturing after December 31, 1923, a sum sufficient to meet the pay.L+ert of the bonds herein authorized at maturity and the interest thereon. Section 7. That said bonds shall be sealed with the city seal and siened by the Vayor and City Manager, Director of Finance and City Clerk, and the coupons thereto attached snarl be signed by the City Clerk, whose signature_upof;saidv, bonds may be in facsimile. Section 8. That said bonds .and oouponr;ahall substantially the following form: No. "SUPPORTIVE DOCUMENTS FOLLOW" UNITED STATES OF AMERICA $1000. STATE OF FLORIDA COUNTY OF DADE CITY OF MIAMI REVENUE BOND OF 1923 ISSUED UNDER SECTION 57, CITY CHARTER, AS AMENDED In 1923. The City of Miami, in Dade County, Florida, is justly_ indebted and for value received hereby promises to pay to the bearer on July let, 1924, the sum of ONE THOUSAND DOLLARS " with interest thereon at the rate of 1! per centum per annum, payable on and at the maturityereof, upon the presentation and surrender of the annexed interest coupons, both principal and interest to be payable at United States Mortgage & Trust Company in the City of Nev; York, in lawful money of the United States. This bond is one of a series issued by said City for the purpose of providing funds' in anticipation of current revenues under the authority of and in full compliance with Section 57 of the City Charter, as amended by the Legislature of 1923, ratified by vote of the qualified electors at an election duly held, and the laws and constitution of the State of Florida, ani a resolution duly adopted by t"r.e City Ccrwnission of said City, It is hereby certified and recited that all ants, con- ditions and things required to happen, exist and be done, precedent to and in the issuance of this bond, have happened, exist and have been done as required by said Constitution, laws and Charter, and that this bond, together with all other indebtednessof said City, does not exceed any limit imposed *intent of this bond with intireStt: is thl 014.0 due, :tithe full faith, oredit and taxiag power ;ef the ©i Miami are hereby irrevocably pledged,: aM thu.,proviiicet• been ne.de in aoaordanoe with said Charter to -reserve frog ourrent revenues as received, except revenues for ainkL r funds for bonds maturing after December 31, 1923, a sum sufficient to make payment of the principal and interest: hereof as the same shall fall due. IN WITNESS WHEREOF the said City of Miami has caused this bond to be signed by its Mayor, City Manager, Director of Finance and City Clerk, under the City seal, and the annexed interest coupons to be executed with the facsimile signature• of said Clerk, all as of the first day of August, 1923. City Manager Mayor. Director of Finance City Clerk. COUPON. No. $ Or, , 19 . , the City of Miami, Florida, will pay to bearer the sum of DOLLARS at in the City of for the interest then due on its Revenue Bond of 1923, dated ,1923, and Numbered "SUPPORTIVE DOCUMENTS FOLLOW" City Clerk. ItT it .