HomeMy WebLinkAboutCC 1925-07-30 MinutesCITY OF MIAMI
COMMISSION
MINUTES
OF MEETING HELD ON JULY 30, 1925
PREPARED IY.THE OFFICE OF THE.CITY CLERK
CITY NALL '
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ES OF ADJOMZEUMEETING OP BOARD OF COMMISSIONERS OF THE CITY OF MIAMI, FLORIDA.
0n this 30th day of July, 1925
the Oity Halt in said City pursuant
Was celled to order at 3:00 o'olook
the following members were present:
, the Commission of the Oity of Miami, Florida, met at
to an adjournment taken July 28th, 1925. The meeting
P. M. by Acting Chairman 0. D. Leffler and on roll call
C . D. Leffler,
J..E. Lummus,
J. H. Gilman.
ABSENT: J. I. Wilson.
AUTHQRIZING $1.793,000.00 BONDS
SERIES "Y" SPECIAL IMPROV$MEN'T
A resolution authorising $1,793,000.00 3peoial Improvement Bonds Series "Y" was in-
trodnoed by Mr. Lummus and is as follows:
RESOLUTION NO. 2068.
A RESOLUTION AUTHORIZING $1,793.000.00 Ib ROVEMENT
BONDS SERIES "Y".
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI:
SECTION 1. That the Oommission has ascertained and does hereby find and
declare:
a. That after due advertisement for bids oontraots were let prior to May
9, 1925, for the construction of oertain looal improvements heretofore ordered
by resolutions duly passed and thereafter on January 13, 1925 duly confirmed.
each of said resolutions having deolared.the intention of the Commission to pro-
oeed under Section 56 of the °barter and the oonfirmation of such resolutions
having been preoeded by due notioe of bearing and by filing by the City Manager
at proper times and plaoes of plans and speoifiaations of each improvement and
an estimate of the oost thereof;
b. The following sobedule contains a true statement in its several columns
of the following facts oonoerning the said improvements:
Column 1. The designation'of each improvement, the letter H indioating a high-
way improvement, the letters SK a sidewalk improvement, the letters SAL a sani-
tary sewer lateral improvement, and the letters SR a sanitary sewer improvement
exoept that the designations Sr-103 and SR-120 indicate a storm sewer improve-
ment.
Oolumn 2. The number of the resolution ordering each improvement.
Column 3. The City Manager's estimate of incidental expense of eaoh improve-
ment.
Column 4. The contract post of each improvement.
Designation: Resolution: Inoidental Expense: Contraot Cost:
11-245 1748 0 881.40 1 9,848.10
11-246 1749 1531.62 17,110.91
11-247 1760 10245.00 105,308.60
11-248 1751 208.20 2,355.91
11-249 1752 7137.98 79,745.14
11-260 1753 1810.28 21,675.70
H-251- 1764 1133.82 13,576.08
11-252 1755 354.67 4,246.97
11-253 1756 1535.63 17,363.21
11-255 1758 3292.24 39,419.28
11-256 1759 2119.64 25,379.40
11-287 1760 1310.85 15,695.58
11-258 1761 1694.70 20,291.47
11-259 1762 2399.85 26,864.80
11-260 1763 865.35 10,360.79
11-261 1784 1585.74 18,805.42
11-262 1765 11,116.93 131,835.68
11-263 1766 7 265.10 84,720.91
Sk-55 1767 3752.03 31,103.82
8k-56 1768 969.13 3,108.25
S1-57 1769 3264.90 33,995.47
Sr-103 1770 614.79 5,180.90
Sr-120 1788 8345.23 74,999.46
Sr-104 1771 668.22 5,739.65
8r-106 1772 464.75 3,683.77
Sr-106 1773 1261.85 11,020.80
Sr-107 1774 1099.62 9,548.13
Sr-108 1775 795.53 7,355.32
Sr-109 1776 839.89 6,567.84
Sr-110 1777 966.71 8,202.63
Sr-111 1778 223.10 1,627.10
5r-112 1779 79.20 606.75
§r-113 1780 4956.29 41,117.38
r-114 1781 3563.38 32,992.78
3r-115 1782 610.74 5,597.31
Sr-117 1784 1471.06 11,956.16
Sr-118 1786 341.35 2,675.05
Sr-119 1786 127.25 1,777.81
8r-121 1789 2237.91 20,301.48
Sr-122 1790 833.99 7,993.35
SAL-3 1791 1769.12 16,696.10
TOTALS - $95,765.04 ,451.26
o. That in no case has the oust or the incidental expense of each improve-
ment been less than the figures set forth in the above schedule.
d. That assessments or charges against property have been made on or before
May 9. 1925 by the City of Miami for other local improvements which are authorized
by Seotion 56 of the City Charter as amended by an not approved May 9, 1925, to
wit: the construction of sanitary sewer laterals, for which assessments and charg-
es the City of Miami does now hold liens in the sum of 121,062.90 representing the
unoolleoted portion of such assessments and charges, no part of which are pledged
for the payment of any bonds or other obligations, the oost of said sani-
tary sewer lateral improvements having been paid from oertain funds of the
Oity, and the amounts of such assessments and oharges and the numbers of
the resolutions authorizing same or purohase orders representing same be-
ing as follows:
Resolution No: Amount:
801 423,112.35
1152 449.40
1229 18,860.21
1665 16,146.18
809 and 1171 58,293.39
Purohase Order No: Amount:
15849 and 17232 4,501.37
TOTAL ;121,362.90
e. That oertain other loosl improvements have been ordered by reso-
lutions duly passed by the Commission under Section 56 as amended May 9,
1925, which resolutions have been duly confirmed by the Commission after
the filing by the City Manager of plans and epeoifioations of each improve-
ment and an estimate of the ooet thereof and after due advertisement of no-
tice of bearing, all as required by said section as amended.
f. That no contracts have been let for any of the improvements nam-
ed in subdivision e of this section and no award in eminent domain pro-
oeedings has been made for any land, rights or easements neoessary to be
aoquired therefor.
g. That the following eohedule contains a true statement in its se-
veral oolumns of the following faots oonoerning the improvements referred
to in subdivision e of this section:
Column 1. The designation of each improvement, the letter H
indioating a highway improvement, the letters SIC a sidewalk
improvement and the letters SR a sanitary sewer improvement,
except that the designation SR-128 indioates a storm sewer
improvement.
Column 2. The number of the resolution ordering each improve-
ment.
Column 3. The date of confirmation of each resolution.
Column 4. The City Manager's estimate of incidental expense
of eaoh improvement.
Column 5. The City Manager's estimate of the oost of each im-
provement; and if the resolution provides alternative desorip-
tions of material, nature, obaraoter and size, the amount of
euob estimate is the lowest of the several estimates made.
Im rovement: Resolution: Confirmation: Incidental Expense; Estimateof Cost:
k-68 1962 June 2,1926 $ 689.93 $ 7,066.66
8k-59 1963 June 2,1925 472.36 4,844.40
Sr-128 1952 June 2,1925 1,893.09 14,847.71
8r-128 1947 June 2,1925 466.79 3,661.08
8r-124 1948 June 2,1925 453.08 3,552.95
Sr-125 1949 June 2,1925 3,310.08 26,961.37
8r-126 1950 June 2,1925 867.44 6,803.45
Sr-127 1951 June 2,1925 899.31 7,053.45
3r-134 1958 June 2,1925 4,735.17 33,229.34
5r-135 1959 June 2,1925 1,646.84 11,556.71
Sr-136 1960 June 2,1925 458.99 3,220.97
Sr-137 1961 June 2,1925 1,880.05 13,193.44
H-266 1946 July 14,1925 6,396.74 58,680.34
H-267 1964 July 14,1925 3,304.25 30,325.20
H-264 2032 July 14,1925 20,155.95 185,668.18
H-268 2034 July 14,1926 '655.50 5,985.20
H-265 2033 July 14,1925 15,540.78 143,865.50
3k-60 2036 July 14,1925 2,661.95 24,284.00
2k-61 2036 July 14,1925 1,045.46 9,482.68
Sk-62 2037 July 14,1925 148.38 1,216.60
467,682.13 4694,499.23
h. That it is advisable and neoessary that bonds be issued for the
following purposes:
(1) To pay the cost of the improvements referred to in subdivision
b of this section, except the sum of $74,072.09 being the City's share of
the sanitary sewer improvements there referred to for which share funds
have been provided by the issuanoe of bonds pursuant to an eleotion;
(2) To repay to any fund of the City amounts paid therefrom upon the
post of the sanitary sewer lateral improvements referred to in eubdivisi on d
of this section, and to pay any sums remaining due upon such oost; and
(3) To pay the oost of the improvements referred to in subdivision g
of this section;
(4) To reimburse any City fund from which any part of the cost of the
improvements referred to in subdivisions b and g have been paid or shall be
paid before the reoeipt of the prooeeds of the bonds herein authorized.
SECTION 2. That the negotiable bonds of the City of Miami are hereby au-
thorized in the aggregate face amount of $1,793,000.00 for the purposes set
forth in subdivision b of Section 1 of this resolution, that face amount being
not greater than the contract cost and estimated incidental expense of the im-
provements referred to in the schedule in subdivision b of said Section 1, lees
474,072:09 to be applied to the City's shoreof the cost of the sanitary sewer
improvements embraoed in said schedule, and the assessments and oharges referr-
ed to in subdivision d of said Section 1 and the estimated cost and estimated
incidental expense of those improvements referred to in the aohedule in sub-
division 6 of said Section 1.
SECTION 3. That said bonds shall be designated "Impronemont Bonds,
Series !" and shall be dated August 1, 1925 and shall consist of 1793 bonds
of $1,000 eaoh, numbered 4464 to 6256, both inclusive and bear interest at
not more than 4 1/2% per annum, payable semi-annually on the first days of
Pebruary and August of each year upon the presentation of coupons to be at-
taohed to said bonds, both prinoipal and interest to be payable in gold coin
July 30,1925.
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of the ..United States of the present atanderdof weight and fineness at
the: Unused States Mortgage 8o Trust Company in the City of New York.
SECTION 4. That said bonds shall mature, without option of prior
potent, on August 1, annually as follows, in numerioal order, lowest
numbers first:
191,000.00 - - - - 1927
181,000.00 - - - e 1928
180,000.00 - - - 1929
180,000.00 - - - - 1930
180,000.00 - - - - 1931
180,000.00 - - - - 1932
180,000.00 - - - - 1933
180,000.00 - - - - 1934
341,000.00 - - - - 1935
SECTION 6. That the form and manner of exeoution of said bonds
shall be in a000rdanoe with the provisions of Resolution No. 941, pass-
ed August 21, 1923.
SECTION 6. That the prinoipal and interest of all apeoial assess-
ments whioh have heretofore been made or shall hereafter be made for any
or all of the foregoing improvements, shall be plaoed in the fund known
as "Improvement Fund No. 19" crested by Resolution No. 940, passed Au-
gust 21, 1923, and shall be used only for the purposes for which the said
improvement Fund No. 19 was oreated.
SECTION 7. That notwithstanding the foregoing provisions for the
segregation of special assessments for the payment of the bonds herein
authorised and other improvement bonds and the interest thereon, the prin-
oipal and interest of the bonds herein authorized shall be payable from a
general tax to be levied upon all taxable property in the City of Miami,
sufficient in amount to meet the payment of the prinoipal and interest
thereof as the same shall fall due as provided by Section 56 of the Char-
ter now in f oroe, and such levy shall be made in each year while the bonds
herein authorized shall be outstanding.
SECTION 8. The Direotor of Finanoe is hereby authorized to oall for
sealed bide for said bonds to be received until ten o'clook A. M., Aug-
ust llth, 1925, by publioation once in the MIAMI HERALD published in Mi-
ami and once in the Daily Bond Buyer, a finanoial newspaper published in
New York City, botb publications to be made at least ten days before the
said date for receiving bids, of a notioe whioh may be in substantially
the following form:
$ 1,793,000.00
CITY OF MIAMI, FLORIDA,
IMPROVEMENT BONDS.
Sealed bids will be received until ten o'olook A. M., August llth,
1925 for above bonds dated August 1, 1925, maturing annually August 1,
$191,000.00-1927, $181,000.00 - 1928, $180,000.00 1929, $180,000.00
1930, $180,000.00 - 1931, $180,000.00- 1932, $180,000.00 - 1933,
$180,000.00 - 1934, $341,000.00 - 1935.
Prinoipal and semi-annual interest payable in gold in New York ; de-
nomination 41000; general city obligations; unlimiated ad valorem tax
levy; interest rate to be bid not exceeding 4 1/2%.
Approving legal opinion of Chester B. Masalioh, Esq. Certification
of bonds by United States Mortgage & Trust Company, New York City.
Bids must be on a printed form which, with other information as to
the City, the bonds and the oonditions of bidding, will be furnished by
said Trust Company or the undersigned. The right to rejeot any and all
bids is reserved.
C. L. Huddleston
Direotor of Finance
SECTION 9. That the Direotor of Finance stall secure the printing
and distributing by the United States Mortgage & Trust Company of a oir-
oular oontaining a proper form for the proposals for bonds, finanoial sta-
tistios concerning the City, and a call for bide whioh oall, as printed in
said oiroular, shall be substantially as follows:
$1,793,000.00
CITY OF MIAMI, FLORIDA
IMPROVEUENT BONDS.
Sealed bide will be received by the City Commission, addressed to the
undersigned and marked "Proposal for Bonds" until ten o'olook A. M., Au-
gust llth, 1925 for $1,793,000.00 Improvement Bonds of the City of Miami,
dated August 1, 1925 maturing annually August 1, $191,000.00 - 1927,
$181,000.00 - 1928, $180,000.00 - 1929, $180,000.00 - 1930, $180,000.00 -
1931 $180,000.00 - 1932, $ 160,000.00 - 1933, $160,000.00 - 1934. $341,
000.00 - 1935, without option of prior payment.
Principal and interest (August and February 1) payable in gold at the
United States Mortgage & Trust Company in New York; denomination $1000;
ooupon bonds not registrable; general city obligations; unlimited ad val-
orem tax levy; delivery at plaoe of purchaser's choice on or about Sep-
tember let, 1925.
The bonds will be awarded at the highest price, not less than par and
interest, offered for the lowest rate of interest bid upon not exceeding
4 1/2% in a multiple of our fourth of one percent.
The purposes of issuance are improvement of streets and sidewalks and
laying of storm and sanitary sewers.
These bonds will be prepared under the supervision 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. Purchaser will be furnished approving legal opinion of Chester B.
Masslioh, Esq., New York City.
s
Bide must be on printed forme to be furnished by the undersigned or said
Trust Company and be a000mpanied by a oertified cheek of $35,860.00 pay-
able to the order of the undersigned. Bids by mail will be given equal
oonsideration with bids presented personally; no variation in the print-
ed form will be permitted; if no aooeptable bid be submitted on the
printed form, all bide will be rejeoted and the bonds will. be readvertis-
ed.
The right to rejeot any and all bids is reserved.
C. L. Huddleston
Direotor of Finance
SECTION 10. That at the time so fixed for the receipt of sealed bids,
a meeting of the Commission shall be held to receive and consider the same.
On motion of Mr. Lummus, seoonded byMr. Gilman, the said resolution was duly adopted
by the following vote: AYES: Messrs. Leffler, Lummus, Gilman. NOES: None.
ADJOURNMENT
On motion duly made and seoonded, the meeting was adjourned.
OITY CLERK
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CITV OF MIAMI
DOCUMENT
MEETING DATE:
INDEX DULY 30, 1925
ITEM NO
1.
DOCUMENT IDENTIFICATION
COMMISSION
ACTION
RETRIEVAL
CODE NO.
AUTHORIZE $1,793,000.00 IMPROVEMENT BONDS SERIES "Y"
R-2068
02068