Loading...
HomeMy WebLinkAboutR-01551i CIS '; COMMISSION .,;c.ciiL\tG OF / r JUG i J �t' RESOLUTION NO... L� • " .I ... REMAita:. ........ J'SiP►D RTI,/E DOD I" � _.F.• ITEM NO. R SOLUTION NO. 1681 A Rit3OLU'TIOU AUTHORIZING $950, 000.00 MUNICIPAL IMPROYBMNT BONDS. BB IT Rii;SOLYBD EY THIC OuMMI33ION 0P TM OM 0P MIAMI i., Section 1. That pursuant to the vote of electors duly qualified, taken at an election held May 21, 1924, pursuant to ordinance Nob240, $950,000 negotiable coupon bonds of the City of Miami shall be issued under date of JUlly 1, 1924, bearing interest at a rate to be hereafter determined after receipt of bids for said bonds, but not exceeding six per centum per annum, which interest shall be payable semi-annually on the f first days of January and July in each year, and both principal and interest shall be payable in gold coin of the United States of the present standard of weight and fineness at the United States Mortgage & Trust Company in New York City, and that the principal of saidbonds shall be payable on the first day of Ju...y of the years provided for their maturities by said ordinance No. 240. Section 2. That the said bonds shall comprise six distinct classes, each class distinguished from the remaining classes by the numbers assigned thereto, as hereinafter in this resolution provided , and the amount and purpose of issuance of each class shall be as follows: For constructing an addition to the City Hospital, $100,000. For constructing incinerators or garbage and trash disposal plants $75,000. For extending and improving the street railway system, 4100,000. For to pay the City's share of the cost of con- structing sanitary sewers,$150,000. For constructing a bridge and approaches, together with the necessary land abutting and tid,lecanI I t r • (j) thereto, said bridge oonneoting N. W. Fifth Street on the east side of the Miami River` to Fourth Street, N. W. on the west side of the Miami River, 4800.000. For the acquisition of property for extension - and widening of streets, 4225.000. Section 3. That all the bonds herein authorized shall be in the denomination of 41,000 and shall be designated "Municipal Improvement Bonds" and shall be alike in farm, except as to dates of maturities and numbers; end that the form of said bondq, coupons and registration endorsement, as well as the manner of execution of said bonds and coupons, shall be substantially as provided 1 ordinance No. 29, passed November 15, 1921, being an ordinance providing the form of bonds issued under Section 58 of the City Charter; that each of said bonds shall recite its purpose of issuance as "paying the oast of a pertain permanent municipal improvement indic- ated en the reverse of this bond;" and a form shall be provided on the reverse of each bond for the certificate of validation provided by law. Section 4. That after the preparation of said bonds and coupons, with proper maturities as provided in said ordinance 240, the said bonds and coupons annexed thereto shall be stamped with the numbers 7829 to 8778 inclusive, in the order of maturities, the bonds bearing lowest numbers to be those first maturing of all the bonds herein authorized, and the bonds bearing consecutive numbers following to be those of the next succeeding maturity, and so on; and thereupon there shall be assigned to the Hospital Bonds the ;lowest numbers of bonde having such maturities ae uave been designat- ed for Hospital Bonds by said ordinance No. 240, after which there shall be assigned to each of the remaining five classes of bonds, in the order in which said bonds are described by Section 2 hereof, the lowest available numbers of the remaining bonds having euoh maturities as nave been so designated for such classes respectively; and on the reverse of each bond there shall be printed a statement and rohedule showing tbs amount, purpose and numbers and asturttlee of each of snob eiz Glasser of bonds; . and n espy et sISS statement and sohedule shall be rioordsd to the bond reward ai the dtty. 8eotion 5. That an annual general tax shall be levied sufficient to pay the prinoipal and interest of all said bonds. Section 6. That the Direotor of Ptnanoe is authorised to advertise for sealed bids for said bonds, but not for less than all thereof, to be reoeived until 10:00 A. Y. o'olook, July 29th, 1924, and is authorized to promise delivery of said bonds on or about August 19th, 1924, and form and manner of advertisement to be substantially as provided by Ordinanoe No. 28, passed November 16, 1921. PA88i.D AND ADOPTED this 15 th day of July, A. D. 1924.