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HomeMy WebLinkAboutR-01889MINotwTxo>!r ro A RESOLUTION AUTHORIZING N1,E00,000.' MUNIOLPAL IMPHOVENENT BONUS. • BE IT RESOLVED BY THE OOMILISSION OF THE CITY OF YIANI: Section 1. That pursuant to the vote of elector' duly qualified, taken at an eleotion held January 29, 1925, pursu- ant to urdinanoe No. 315, $1,500,000. negotiable coupon bonds of the City of Miami shall be issued under date of March 1, 1925, bear- ing 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 first days of March and September 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 said bonds shall be payable on the first day of March of the years provided for their maturities by said Ordinance No. 315. Section 2. That the said bonds shall comprise nine distinot classes, eaoh class distinguished from the remaining classes by the numbers assigned thereto, as hereinafter in this resolution pro- vided, and the amount and purpose of issuance of each class shall be as follows: CITY COMMISSIO MEETING OF MRI 03—/91s lesownoN so...0../. F?9 "DOCUMENT INDEX ITEM NO / For erecting a rublic City Market, $75,000. For extending and improving the street railway system, $75,000. For the construction of incinerators or g rbage and trash disposal plants, $50,000. For the development and inorease of the facilities of the Miami City pocks bytkn erection and con- struction of additional wharves and docks, $400,000. "SUPPORTIVE 1 OCUMENTS FOLLOW" For acquiring and improving lands for publie paint purpose, $400,000. For the erection of a treating and filter plant for the softening and filtering of the water to be supplied for the use of the City of Miami and its inhabitants, $260,000. For the erection and construction of additional unite for hospital purposes and equipment therefor, $50,000. To pay the city's share of the cost of oonetruating sanitary sewers, $100,000. For the acquisition of property for the extension and widening of streets, $100,000. Section 3. That all the bonds herein authorised shall be in the denomination of $1,000 and shall be designated "Municipal Improvement Bonds" and shall be alike in form, except as to dates of maturities and numbers; and that the form of said bonds coupons and registration endoresement, as well as the manner of exe- cution of said bonds and coupons, shall be substantially as provided by ordinance No. 29, passed November 15, 1921, being an ordinanoe 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 cost of a certain permanent municipal improvement indicated on 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 No. 315, the said bonds and coupons annexed thereto shall be stamped with the numbers 8779 to 10278 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 a aligned to the !Earket Bonds the lowest numbers of bonds having such maturities as have been designated for Market Bonds by said Ordinance No. 315, after wnioh there shall be assigned to each of the "SUPPORTIVE DOCUMENTS FOLLOW" Sibling eight olasSei .ot bonds, in 4b _order in ALA .sitit are desoribed by S obioe =8-b reot1< thi lowest avaiiabie `der. the remaining' bonds having such maturities ae, bsve been so designs. ted for such classes respectively; and on the,reverse'of each bond there shall be printed a statement and schedule showing the amount, purpose and numbers and maturities of a aoh of such nine classes of bonds; and a copy of such statement and sohedule shall be recorded in the bond record of the Oity. Seotion 5. That an annual general tax shall 'be levied sufficient to pay the principal and interest of all of Said' bonds. Seotion 6. That the Director of Finance is author- ised to advertise for sealed bide for said bonds, but not for less than all thereof, to be reoeived until o'olock, m., 1925, and is authorised to promise delivery of said bonds on or about 1925, the form and manner of advertisement to be substantially as provided by ordinance No. 28, passed November 15, 1921. 1925. ATTEST: PASSED AND ADOPTED this day of March, A. p.