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Home My WebLink AboutR-01673'SUPPORTIVE DOCUMENTS FOLLOW" Ez oLt Xog O. 1673 A R$SOLUTIO1I PlOVIDING FOR i'BM ISSUANCZ oP IUPROYEMSNT BONDS, BS MS X. WA3, pertain highway and sanitary sewer improveminti have been ordered by resolutions duly imbed by the City Comai$OtOn under Seotion 56 of the Charter, and such resolutions have been duly w nfirmed by the City Commission after advertisement published :, in accordance with the Charter, and after due estimates made by the' City Manager of the cost of each improvement and the incidental ex- penses thereto; and WHEREAS, contracts have been duly let after due public advertisement for the construction of all said improvements and it is deemed necessary immediately to issue bonds of the City to pay a portion of the costs of said improvements as hereinafter set forth; and WHEREAS, no special assessments have been made of any por- tion of the cost of any of said improvements; and WHEREAS, the following diagram oontains a true statement in its several columns of the following facts: 1. The designation of each improvement, the letter H indicating a highway im- provement, and the letters Sr a sani- tary sewer improvement. Column 2. The number of the resolution ordering each improvement. Column CITY COMMISSION MEETING OF OCT 14-19.1$1 mourn. No...Q.�.6.7.?. IMAM column 3. The date of confirmation of each re- solution ordering an improvement. ,olumn 4. The CityLlanager's estimate of the in- cidental expenses pertaining to eaoh highway improvement. column 5. The cost of each highway improvement as determined by contracts, excluding incidental expenses. Column 6. The estimated amount of special assess- ments hereafter to be made for each sanitur-. sewer- improvement. Improve- Resolu- Confirmation meat tion H - 224 1356 June '3,1924 H - 225 1357 June 3,1924 H - 226 1358 June 3,1924 H - 227 1359 June 3,1924 H - 228 1360 June 3,1924 H - 229 1361 June 3,1924 H - 230 1362 June 3,1924 "DOCUMENT INDEX ITEM Incidentals P, 392.40 1,351.30 2,607.53 7,101.42 813.30 7,184.40 1,799.12 Contract Estimated Assessment a121,860.37 12,634.13 41,100.00 68,404.06 12,349.00 M5,577,56 30,832.72 /*prove- Rewau- ment tion Oonfirrmstj.ot� It- li31 1363 June 88 2#4 H - 232 1364 June 3,1924 H - 233 1365 June 3,1924 H -"234 1866 June 3,1924 14 236 1367 June 3,1924 H - 236 1405 June 3,1924 H - 237 1428 June 3,1924 ...8 .-._,.238 .155.9_. July 22,1924 H - 289 1597 luguet5,1924 H - 240 1598 lugust5,1924 H - 241 1599 August5,1924 H - 242 1600 Luguet5,1924 H - 243 1601 luguet5,1924 8r - 96 1560 July 22,1924 Sr - 97 1561 July 22,1924 TOTALS and 'SUPPORTIVE OOCUMENTS FOLLOW" Estimated lnoid9nt s Contract .,Assassuuti #6,1 6. $ 9oO, 5 . 470.85 7,231.56 817.52 12,316.00 1,349.73 31,384.0, 352.20 2,626.22 •- 3,610.67 35,856.96 549.89 6,600.00, 8,666.67 62,798.11 668.22 4,195.13 1,029.69 7,021.80 1,493.35 9,412.45 869.31 5,347.92 1,012.74 6,700.0E ..air $1,501.59 8 739.74 ;55,241.31 $693,516.35 $1d,E41.5 WHEREAS, prior to the confirmation of each of said reso- lutions ordering sanitary sewer improvements, the City Manager duly • certified to the Commission in writing that funds were in the City Treasury applicable to and sufficient for the City's share of the cost of such sanitary improvements respectively; and WHEREAS, the amount of inoidental expenses incurred has in no case been less than the City Manager's estimate thereof, as stated in the foregoing diagram; and WHEREAS, the special assessments to be made for said im- provements will be subject to no pledge or application other than is provided in Section 5 of this resolution; NOW, THEREFORE , BE IT RESOLVED by the Commission of the City of Miami: Section 1. That in order to pay the cost of said highway improvements and incidental wxpenses pertaining thereto, and that portion of the cost of said sanitary sewer improvements which is to be specially assessed as estimated herein, and to reimburse any City fund or funds from which all or a portion of such cost has been paid or shall be paid before the receipt of the proceeds of the bonds here- in authorized, the negotiable bonds of the City of Miami in the aggre- gate amount of 759,000 shall be issued, and the proceeds thereof shall be applied to the several improvements hereinabove named in the proportion which the aggregate amount set out in columns 4, 5 and 6 of the above diagram, opposite the designation of each improvement, 2 8 to the aggrsgste of the totals of all figures in Ma 6th aolmmns Seotion 2. That Sid bonds shall be designated "I Mont Sonde, Series X", and shall be dated October 1, 1924, and ooneist of 759 bonds of $1,000 *soh, numbered from 5,05 to 446$, inolusive, and bear interest at a rate to be hereafter determined, not exoeeding six per oentum per annwn, payable semi-arinual17 on first days of, April and October of each year upon the presentation of oonpons to be attaohed to said bonds, both principal and interest to be payable in gold ooin of t40 United States of the present'etSnd. rd of weight and fineness at the United States Mortgage & Tryst Company in the City of New York. Section 3. That the said bonds shall mature without option of prior payment on October 1, annually as follows: $83,000.00....1926 83,000.00....1929 $82,000.00....1932 383,000.00----1927 $83,000.00...1928 383,000.00----1930 $83,000.00...1931 01,000.00----1933 498,000.00...1934 in numerioal order, lowest numbers first. Section 4. That said bonds °hall be signed by the Mayor and City Clerk, and attested by the Director of Finanoe, and sealed with the City Seal, and the coupons annexed thereto shall be signed by said Clerk, whose signature may be in facsimile; and the form of said bonds shall be substantially that provided by Resolution No. 941, passed August 21, 1923. Section 5. That the principal and interest of all special a::sess.iients which have heretofore been :nade or shall hereafter be made for any or all of the =ore-oing improvements, shall be placed in the fund known as "Improvement Fund i:o. 19" created by Resolution 1To. 940, passed bueust 21, 1923, and shall be used only for the purposes for which the said Improvement Fund No. 19 was oreated. Seotion 6. That notwithstanding the foregoing provisions for the segregation of special assessment. for the payment of the bonds herein authorized and other lmproveiaents bonds and the interest thereon, the principal and interest of the bonds herein authorized shall be pay- able from a general tax to be levied upon all taxable property in the - 3 • "SUPPORTIVE DOCUMENTS FOLLOW" City of Miami, sufficient in amount to meet the payment of the prise• oipal and interest thereof as the same shah, fell due as provided b7 Section 56 of the Charter now in force, and suoh levy shall be sate in saoh year while the bonds herein suthorised shall be outstanding, Section 7. The Director of Pinanos is authorised to o*U for sealed bide for said bonds, to be rsosivsd until 10:00 o'olook A. M., 0otobsr 24th. 1924, by publication once in the MIAMI HERALD, published in Miami, and onoe in the Daily Bond Buyer, a financial newspaper published in New York City, both publications to be male at least tea days before the said sate for reoeiving bids, of a no- tios which may be in substantially the following form: $759,000.00 CITY OF MIAMI,FLORIDA. EMPROVAMOIT BONDS. Sealed bide will be received by the City Com- iission addressed to the undersigned and marked "Pro- posal for Bonds" until 10:00 o'clock A. M., October 24th, 1924, for $769,000 Improvement Bonds of the City of Miami, dated October 1, 1924, maturing annually Ootober.1, 83,000.00 1926, 83,000.00 1927, $83,000.00 1928, 83,000.00 1929, 83,000.00 1930, $83,000.00 1931, 82,000.00 1932, 81,000.00 1933, and $98,000.00 1934, without option or prior payment. Principal and interest (A and 0 1) payable in gold in New York, denomination $1000, not registrable. Purpose: street and sanitary sewer improvement. General City obligations, payable from unlimited ad valotem tax levy. Bidders are requested to name the lowest inter- est rate at which they will pay par or more for the bonds. Interest rates must be stated in a multiple of one- fourth of 1% and must not exceed 5%. The bonds will be prepared under the supervi- sion of the United States Mortgage & Trust Company, New York City, which will certify as to the genuineness of the signatures of the officials and the seal impressed there- on. Purchase. will be furnished the approving legal opin- ion of Chester B. Lasslioh, Esq., New York City. aids are required on a printed force, to be fur- nished by said Trust Company or the undersigned, and must be accompanied by a certified check of ,315,180 upon a responsible bank or trust oompany, payable to the order of the undersigned. Delivery of bonds at place of pur- chaser'e choice on or about November 14th, 1924. The right to reject an;; or all bids ie reserved. C. L. fUDJLiSTON Director of Finance Section 8. That at the time so fixed for the reoeipt of sealed bids a meeting of the Commission shall be held to receive and consider the same. P4SSZD JIND AVOPT. D this 14th day of October, 4. D, 1924. ATTEST: ;-; ; 414 a.) c ,1* ep '‘ • • • •