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HomeMy WebLinkAboutR-02160RESOLUTION NO. 2160. A RESOLUTION AUTHORIZING REVENUE BONDS UNDER SECTION.67 OF THE CITY CHARTER OF THE CITY OP MIAMI AS ENACTED BY THE LEGISLATURE OP THE STATE OF FLORIDA. BE IT RESOLVED BY THE COMMISSION OF TEE CITY OF =Ala: SECTION 1- That the dommission does hereby find and declare: a. That the Director of Finance pursuant to request of the City Commission, has submitted to the Commission the following statement: "Miami, Florida. September 19th, 1925 To the City Commission of Miami Miami, Florida. Gentlemen: Pursuant to your direotion that I submit to the City Commission the statement required by Section 57 of the City Charter, as enacted by the Legislehire of the State of Florida, Session of 1925, I submit the following statement ae of Aug- ust 31st, 1925, which is true: a - Amount of uncollected taxes and revenues of the fiscal year ending June 30, 1925, is $ 106,568.36 b - Taxes for the current fis- cal year ending June 30, 1926 o - The estimated uncollected reven- ues, excluding uncollected taxes for the current year, is Sum total of items a, b and o 2,503,484.61 $2,-610,052.97 817,974.04 $3,428,027.01 Less The amount of items a, b and c which is for sinkilig funds for the payment of bonds maturing after June 30, 1926 None -o- Remainder computed by subtracting d from the sum of a plus b plus c 7 "SUPPORTIVE DUCUMENTS OW" 43,428,027.01 of said Remainder ($3 428,027.01) L,471,020.26 CITY COMMISSION MEETING OF q- 2. /-(92 RESOLUTION O. .2- /6 0 REW,RAS: , "DOCUMCNT INDEX ITEM NO. /(6- " D a. The faoe value of all bonds, notes, warrants, judgments, and other City obligations to pay money now outstanding or authorized whioh have no fixed time of payment or whioh by their terms are pay- able within one year end three months from the dates of their respeotive iseuanoe: Judgments Revenue Bonds Revenue Refunding Bonds Warrants Notes Certificates of Indebtedness Other Temporary obligations 1924-25 Inoumbranoes $30,152.17 1925-26 Inoumbrances110,380.07 Remainder computed by subtracting e from 75% of the remainder obtained by subtracting d from the sum of a plus b plus c ($2,571,020.26) being the amount of revenue bonds which may now be authorized, in the sum of - 0 - - o - - o- -o- $95,000.00 30, 000.00 140,532.24 $265,532.24 $2,305,468.02 Respectfully submitted, C. L. HUDDLESTON, Director of .?inanoe" b. That the Commission believes and declares aaid statement to be true. o. That the revenue bonds 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 57 of the City Charter as enacted by the Legislature of the State of Florida, Ses- sion of 1925. SECTION 2 - That for the purpose of providing funds in an- ticipation of current revenues there be issued negotiable bonds of the City of Miami in an aggregate sum of 4500,000.00, dated Septem- ber 30, 1925, and .natu r ing June 30, 1926, without option of prior payment, and bearing interest 4i per cent, per annum payable march 31, 1926, 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 offioe of the Direc- tor of Finance of the City of Miami, in lawful money. SECTION 3 - -That the proceeds of said revenue bonds shall be paid into the oity treasury to the oredit of the General Fund. SECTION 4 - That the amount hereinabove appropriated from the prooeeds of said bonds to the General Fund is not greater than can be .repaid therefrom, by taxes and revenue to be received into and by said fund to meet the payment of such bonds at maturity and the interest thereon. SECTION 5 - That said bonds are hereby sold to the First National Bank of Miami and associates at their bid. of par and aoorued interest. SECTION 6-- That there shall be reserved from current revenues as received, except revenue for sinking Ihnds for bonds maturing after June 30, 1926, a sum sufficient to meet the payment of the bonds herein authorized at maturity and the interest thereon. SECTION 7 - That said bonds shall be sealed with the City seal and signed by the Mayor and eity Manager, .irector of Finance and City Clerk, and the ooupons thereto attached shall be signed by the City Clerk, whose signature upon said coupons may be in sub- stantially the following form: NO. UNITED STATES OF AL 2ICA STATE OF FLORIDA COUNTY OF DADE CITY OF MIAMI REVENUE BOND OF 1925 ISSUED UNDER SECTION' 57, CITY CF.ARTER AS ENACTED BY LEGISLATURE STATE OF FLORIDA 1925. The City of Miami, in Dade County, Florida, is justly in- debted and for value received hereby promisee to pay to the bearer on June 30, 1926, the sum of DOLLARS i'ITN interest thereon at the rate of 4j per centum per annum, pay- able on Maroh 31, 1926 and at the maturity hereof, upon the presenta- tion and surrender of the annexed interest coupons, both principal and interest to be payable at the office of the Director of Finance of the City of :.iiami in lawful money of the United States. ) C Y This bond is one of a series issued by said City for the purpose of providing funds in entioipation of current revenues under the authority of and in full compliance with Section 57 of the City Charter, as enacted by the Legislature of the State of Florida, Session of 1925. It is hereby certified and recited that all acts, conditions and things required to happen, exist and be done, precedent to and in the issuanoe- 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 in- debtedness of said City, does not exoeed any limit imposed by said constitution, laws or Charter. For the prompt payment of this bond with interest as the same shall fall due, the full faith, credit and taxing power of the City of Miami are hereby irrevocably pledged, and the provision has been made in accord- ance with said Charter to reserve from current revenues as re- oeived, except revenues for sinking funds for bonds maturing after June 30, 1926, a sum sufficient to make payment of the principal and interest hereof as the same shall fall due. IN WWITNESS AEHEOF zhe said City of _:iiami has caused this bond to be signed by its Mayor, City ;Tanager, Director of Finance and City Clerk, under the City Seal, and the annexed interest coupons to be exeouted with the signature of said Clerk, all as of the 30th day of September,. 1925. City Manager NO. May or Jireotor of l'luanoe " City Clerk C 0 U 2 0 N On ,1926, the City of Miami, Florida will pay to the bearer the sum of DOLLARS, at the office of the Director of Fivanoe in the City of Miami for the intere st then due on its Revenue Bond of 1925, dated September 30, 1925, and Numbered i t,y C ork