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HomeMy WebLinkAboutCC 1926-02-19 MinutesCITYOF IMAM COMMISSION MINUTES OF MEETING MELD OH FEBRUARY 19, 1926 PREPARED BY ME OFFICE OF THE.CITY f;LERK CITY HALL 262 February 19th, 192,6.. MINUTES OF ADJOURNED MEETING OF THE BOARD OF COMMISSIONERS OF THE CITY UT IITAMT, FLORIDA. On this 19th day of February, 1926, the Commission of the City of Miami, Florida, met at the City Hall in said City pursuant to an adjournment taL:en February lath. The meeting was oalled to order at 5;00 o'clock P. M. by Chairman E. C. Romfh, and on roll oall the following members of the Commission were present: E. C. Romfh, J. H. Gilman, J. E. Lummus, J. I. Wilson, O. D. Leffler. ABSENT: None. SALE OF SERIES "Z" BONDS . rt was announoed that the Commission was ready to oonsider bids for approximately $2,500,000.00 improvement bonds, Series "Zn, and the two following bids were submitte Daytona Beaoh, Fla. February 19, 1926. Hon. Mayor & City Commission Miami, Fla. Gentlemen: We hand you herewith our bid for your $2,500,000.00 approximately of 5% Improvement Bonds, of whioh bid this letter is hereby made a part, and the said bid is made with the understanding that the City of Miami will. not issue and sell any additional bonds of any kind fora period of ninety days from this date. Respectfully submitted, Stranahan, Harris & Oatis, Inn. ( New York) Eldredge & Company B. J. Van Ingen & Company Redmond & Company Wright Werlow & Company BY: Sgd. H. C. Wellborn Agent. Hon. Mayor & City Commission Miami, Florida Daytona Beaoh,,Fia. February :19, 1926. Gentlemen: For °$2,500,000.00 bonds approximately of the City of Miami, Florida, issued for Street Improvement purposes, said bonds to be dated Mar. 1, 1926 and bear interest at the rate of5%, per annum, payable semi- annually, prinoipal.and semi-annual interestlpayable at U.B. Mortgage & Trust Company, in the City of New York, N.Y., bonds to be of )1,000 de- nomination, and maturing serially 1927 to 1936 in approximately equal in- stallments all without option of prior payment, we will pay ,you in current money upon delivery of the bonds to us at some bank or trust company in the City of New York, N. Y., the sum of $981.61 per 1,000 bond (98.161) together with aocrued interest from date of bonds to date of delivery to US. You are to furnish us at time of delivery of bonds to us the approving opinion of 14r. Chester B. Masslieh, of New York, approving the legality of the bonds in all respects, together with certified transcript of proceedings upon whioh said opinion is based. We hand you herewith our certified check for 40,000.00, which is to be held by you pending our oompliance with the terms of this bid or to be forfeited as liquidated damages in the event of our failure to do so. Respectfully submitted, Stranahan, Harris & Oatis, Inc. (New York.), Eldredge & Company " Redmond & Company tt B. J. Van Ingen. & Company II Wright Warlow & Company BY: Sgd. H. C. Wellborn Agent. Miami, Florida Feb. 19, 1926. C. L. Huddleston, Direotor Finanoe and City Commission of City of Miami, Fla. Gentlemen: For the approximately $2,500,000.00 City of Miami, Fla. Im- provement Bonds bearing interest at rate of five per -cent per annum, denominations $1000 each, dated Maroh 1, 1926, and maturing in approxi- mately equal annual installments 1927 to 1936, bath inclusive, both principal and semi-annual interest to pa payable at some Bank or Trust Company in New York City we will pay you 971.6e for each 51000 bond and in addition thereto the aoorued interest from date of the bonds to date of delivery to us. • Fobrazary 19th, 1) e. • Prior to our taking up and paying for said bonds we ere to be furnished with the legal approving opinion el' esomo roipu.teble bond attorney, also the full oertified treneori.pt of 011 proceedings per- taining to the iasuaneo of these boncle. This offer is also made with the understanding tat no more bonds will be offered or sold by the City of iliaernl for a,period of sixty days from date of the contract. We enclose herewith Cobbler's cheek for. 00,000.00 rags evidenoo of our good faith to oarry out the contract if we are the successful bidders and to apply es part payment on the bands upon delivery to us. In oase we are not the successful bidders mid cl.seck is to be returned immediately. Respectfully submitted, The Weil Roth & Irving Co. (Cincinnati) By: Sgd. Wm. P. Davis, Agent The Provident Savings Bank & Trust Co. (Cincinnati) by: Sgd. Geo. V. Richard, Agent The Barnett National Bank (Jacksonville) By: Sgd. A. C. Biese. And upon oomparison of bids received, it appearing that the joint bid of Stranahan, Harris & Oatis, Inc., Eldredge & Co., Redmond & Co., B. J. Van Ingen & Co., and Wright Warlow & 0o. was the highest and beat bid submitted, the following resolution,k eooepting the joint bid of said bidders and awarding the bonds was introduoed by Mr.. Lummus, who moved its adoption: RESOLUTION NO. 2514. A RESOLUTION ACCEPTING TIIE JOINT BID OF STRANAHAN, HARRI S & OATIS, INC., ELDREDGE & CO., REDMOND & 00., B. J. VAN INGEN & CO., AND "MIGHT WARLOW & CO. FOR APPROXIMATELY 02,500,000. IMPROVEMENT BONDS SERIES "Z" OF THE CITY OF MIA.MI, FLORIDA. BE IT 6RESOLVFb BY THE COMMISSION OF THE CITY OF MIAMI: That the joint bid of Stranahan, Harris & Catis, Inv., Eldredge 8a Co.,'Redmond & Co., B. J. Van Ingen & Co., and Wright Warlow & Co., dated February 19th, 1926, for approximately $2,500,000. Improvement" Bonds, Series "Z", be, and the same is, hereby accepted, said bid reading as follows: "Daytona Beach, Fla., Feb. 19, 1926. Hon. Mayor & city Commission Miami, Florida Gentlemen: We hand you herewith our bid for your $2,500,000.00 approxi- mately of 5% Improvement Bonds, of which bid this letter is hereby made bopart, and the said bid is made with the understanding that the City of Miami will not issue and sell any additional bonds of any kind for a period of ninety days from this date. Respectfully submitted, Stranahan, Harris & 0atis, Inc. (NewYork) Eldredge & Co. B. J. Van Ingen & Co. Redmond & Co. Wright Warlow & Co. By (Signed) H. C. WELLBORN. Agent" "Daytona Beaob', Feb. 19, 1926.'.. Hon. Mayor & City Commission Miami, Florida Gentlemen: For $2,500,000.00 bonds approximately of the City of Miami, Florida, issued for Street Improvement parposes, said bonds to be dated about liar. 1, 1926 and bear interest et the rate of 5% per annum, payable semi-annual- ly, principal and semi-annual interest payable at U. S. Mortgage & Trust Co., in the City of New York, N. Y., bonds to be of ,1,000. denomination, and maturing serially 1927 to 1936 in approximately equal installments, all without option of prior payment, we will pay you in current money up- on delivery of the bonds to us at some bank or trust company in the City of New York, N. Y., the sum of $961.61. per $1,000 bond (98.161) together with accrued interest from date of bonds to date of delivery to us. You, are to furnish us et time of delivery of bonds to us the, approv- ing opinion of Mr. Chester B. Masslioh, of New York, approving the legali- ty of the bonds in all respects, together with oertified transcript of prooeedings upon which said option is based. We band you herewith our oertified check .for ;950,000.00, which is to be held by you pending our compliance with the terms of this bid or to be forfeited as liquidated damages in the event of our failure to do so. Respectfully submitted., Stranahan, Harris & Oatie, Inc. (NewYork) Eldredge & Co. Redmond & Co. B. J. Van Ingen & Co. Wright Warlow & Co. By: (Signed) H. C. WELLBORN, Agent". 264 February 19th, 1926. TME BE IT FURTHER RESOLVED that the ()becks of the unsuooessful bidders be returned forthwith. Upon being seoonded by Mr. Gilman, the said resolution was passed and adopted by the following vote - AYES: Messrs. Romfh, Gilman, Lummus, Leffler, Wilson. NOES: None. REPEALING CERTAIN CONFIRMATORY RESOLUTIONS 'Due to certain errors in notices published on Highway Improvement 274 and Sidewalk Improvement 64, the resolutions confirming the resolutions ordering these improvements .are repealed by the following resolutions: Resolution No. 2515 was introduced by Lir. Wilson, who moved its adoption: RESOLUTION NO. 2615. A RESOLUTION REPEALING RESOLUTION NO. 2349, ADOPTED DECEMBER 21ST, 1925. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI: That Resolution No. 2349, adopted.Deoember 21st, 1925, oonfirming Resolution No. 2260, whioh said Resolution No. 2260 ordered Highway Im- provement No. 274, be, and the same is hereby, repealed. Upon being seoonded by Mr. Lummus, the said resolution was passed and adopted by the. following vote - AYES: Messrs. Romfb, Gilman, Lummus, Leffler, Wilson. NOES; /One. ,-Resolution No. 2516 was introduced by Mr. Leffler, who moved its adoption: RESOLUTION NO. 2616. A RESOLUTION REPEALING RESOLUTION N0. 2417, ADOPTED- JANUARY 4TH, 1926. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI: That Resolution No. 2417, adopted January 4th, 1926, confirming Resolution No. 2404, whioh said Resolution No. 2404 ordered Sidewalk Improvement No. 64, be, and the same is hereby, repealed. Upon being seoonded by Mr. Gilman, the said resolution was passed and adopted by the following vote - AYES: Messrs. Romfh, Gilman, Lummus, Leffler, Wilson. NOES: None. It also being necessary to repeal Resolution confirming Highway Improvement 305, same was repealed by the following resolution; which was introduced by Mr. Leffler, who moved its adoption: RESOLUTION N0. 2517. A RESOLUTION REPEALING RESOLUTION NO. 2460, ADOPTED JANUARY 25th, 1926. BE IT RESOLVED BY THE COLLII36ION OF THE CITY OF MIAMI: That Resolution No. 2460, adopted January 25th, 1926, oonfirming Resolution No. 2435, which said Resolution No. 2433 ordered Highway Improvement No. 305, be, and the same is hereby, repealed. Upon being seconded by Mr. Wilson, the said resolution was passed and adopted by the following vote - AYES: Messrs. Romfh, Gilman, Lummus, Leffler, Wilson. NOES: None. REPEALING CERTAIN IMPROVEMENT PROCEEDINGS It appearing necessary to repeal proceedings taken by the Commission in reference tO Highway Improvements 303 and 311, the following resolution was introduced by Mr. Gil man, who moved its adoption: RESOLUTION N0. 2518. A RESOLUTION REPEALING:ALL PROCEEDINGS TAKEN BY THE COMMISSION IN REFERENCE TO HIGHWAY IM- PROVEMENTS 303 AND 311. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF LIIAMI: Section 1. That all proceedings taken by the Commission in reference to Highway Improvement 303, including Resolution No. 2289, adopted November 23rd, 1925 and resolution No. 2378, adopted December 2lst, 1925, be, and the same ate hereby, cancelled and repealed. Section 2. That a 11 prooeedings taken by the Commission in referenoe to Highway Improvement 311, including Resolution No. 2435, adopted January llth, 1926 and resolution No. 2462, adopted January 25th, 1926, be, and the same are hereby, oanoelled and repealed. Upon being seoonded by Mr. Leffler, the said resolution was passed and adopted following vote - AYES: Mosero. Romfh, Gilman, Lummus, Leffler, ,Wilson. NOES: REORDERING IIriPROVEISENT H-311 A resolution re -ordering Highway Improvement 311 was introduced by Lir. .Lummus, moved its adoption: RESOLUTION N0. 2519. A RESOLUTION ORDERING LOCAL IIr&i'ROVEi NT Ii-313. 111111 1111M1 February 19th, 1926. 'Iwr; BE IT RESOLVED BY THE C0MMI$SION OF THE CITY OF MlAkt: That a local improvement described anddesignatedas follows shall be made under Section 56, City Charter: Improvement Ii-311 as follows: 0n N. W. 5th Street, from Bsyshoro Drive to E. property line N. W. lot Averse as some aont.8.naaes south of N. W. 5tb Street; and from 150 feet E. of N. W. :Lst Court to W. property lino of N. W. 5th Avenue (except Lott) :L-2, Blook 67 R. Dorn' s Subdivision, 75") . Grading 7 foot on both sides el present r. o.idwey. Constructing a concrete cuxb 6 inches wide, end 14 inehos deep and a Concrete gutter 18 inches wide and 7;- inches deep on both sides of the street; (except Lots 1.1.-1.2, Block 60 N. Born' s Sub- division 100') . Laying a pavement of sheet asphalt 3 inches thick, upon a foun- dation of local pit rook not lass than 8 inches thiel., all being to a width of 7 feet on each side of the present roadway. Providing neoeaeary drainage inlets, eatoh-basins and manholes for sewers. The property against which apeoial assessments for the cost thereof shall be made is hereby designated District H-311. Upon being seconded by Mr. Gilman, the said resolution was passed and adopted by the following vote - AYES: Messrs. Romfh, Gilman, Lummus, Leffler, Wilson. NOES: None. AUTHORIZING REVENUE BONDS Pursuant to instruotiona, the Direotor of Finance submitted statement required by Section 57, City Charter, in reference to issuance of Revenue Bonds an4 was ordered filed. Whereupon a resolution authorizing Revenue Bonds was introduced by Mr. Leffler, who moved its adoption. RESOLUTION NO. 2520. A RESOLUTION AUTHORIZING REVENUE BONDS UNDER SECTION 57 OF THE CITY CHARTER OF THE CITY OF MIAMI AS ENACTED BY THE LEGISLATURE OF THE STATE OF FLORIDA. BE IT RESOLVED BY THE COMMISSION OF THR CITY OF MIAMI: Seotion 1. That the Commission 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 state- ment: Miami, Florida February 16, 1926. To the City Commission of Miami Miami, Florida Gentlemen:. Pursuant to your direotion that I submit to the City Com- mission the statement required by Seotion 57 of the City Charter, as enaoted by the legislature of the State of Florida, session of 1925, I submit the following statement as of January 31st, 1926, which is true. (a). Amount of uncollected taxes and revenues of the fiscal year ending June 30, 1925, is (b). Unoolleated taxes for the cur- rent fisoal year ending June 30, 1926 (o). Estimated unoolleoted revenues, excluding uncollected taxes, for the ourrent year, is Sum total of items a, b, and o is Leas (d). The amount of items a,b, and o which is for sinking funds for the payment of bonds ma- turing after June 30, 1926 Remainder oomputed by sub; traoting d from the sum of a plus b plus o 75% of said reminder (e). The faoe value of all bonds, notes, warrants, judgments, and other City obligations to pay money now outstanding or author- ized, which have no fixed time of payment or which by their terms are payable within one year and three months from the dates of their respective issu- ance: Judgments Revenue Bonds Revenue Refunding Bonds Warrants Notes Certificates of Indebtedness Other temporary obligations: 1924-1925 Inoumbranoes 1925-1926 Inoumbrances Remainder computed by subtracting e from 76% of the remainder obtained by subs 'traoting d from the sum of a 106,440.16 1,753,384.06 266,572.65 $2,126,396,85 42,126,596.85 None None 500,006.00 None None 109,000.00 30,000,00 461.26 436,179.89 None E,126,396.85 41,594,797.64 . 1,075,641.15 266 ,Februa_ry 19th,, - 1926.., plus b plus o (48,126,396.85J,being the amount of revenue bonds Which may now be'authorized, in the sum of 1519,156.49 Respeotfully submitted, C. L. HUDDLESTON, Direotor of Finanoe, (b). That the Commission believes and deoler.es said statement to be true. (o). That the revenue bonds authorized by this Hesolution in the amount of 3500,000.00 do not exceed the amount of revenue bonds Which the City is permitted to issue under Seotion 57 of the City Charter as emoted by the Legislature of the State of Florida, Session of 1926. Seotion 2. That for the purpose of providing funds in entioipa- tion of ourrent revenues there be issued negotiable bonds of the City of Miemi in an aggregate sum of 500,000.00, dated February 20th, 1926, and maturing June 30th, 1926, without option of prior payment, and bear- ing interest at five (5%) percent per annum, payable March 31et, 1926, and at the maturity of said bonds, upon the presentation and surrender of interest coupons which shall be thereto attached, both prinoipal and interest to be payable at the United States Mortgage & '1'ru.st Company in the City of New York, or at the offioe of the Direotor of Finanoe of the City of Miami, Miami, Florida, in lawful money. Seotion 3. That the proceeds of said revenue bonds shall be paid into the City Treasury to the credit of the General Fund. Seotion 4. That the amount hereinabove appropriated from the pro- ceeds of said bonds to the General Fund is not greater than can be re- paid therefrom, by taxes and revenue to be reoeived into and by said fund to meet the payment of such bonds at maturity and the interest thereon. Seotion 5. That said bonds are hereby sold to the First National Bank of Miami and associates at their bid of par and accrued interest. Seotion 6. That there shall be reeerved from ourrent revenues as received, exoept revenue for sinking funds for bonds maturing after June 30th, 1926, a sum suffioient to meet the payment of the bonds here- in authorized at maturity and the interest thereon. Seotion 7. That said bonds shall be sealed with the City seal and signed by the Mayor and City Manager, Direotor of Finance and City Clerk, and the ooupons thereto attached shall be signed by the City Cler k,'wbose signature upon said bonds may be in facsimile. Seotion 8. That said bonds and ooupons shall be in substantially the following form: No. UNITED STATES OF AMERICA 425,000.00 STATE OF FLORIDA COUNTY OF DADE CITY OF MIAMI REVENUE BONDS OF 1926 ISSUED UNDER SECTION 57, CITY CHARTER AS ENACTED BY LEGISLATURE STATE OF FLORIDA 1925. The City of Miami, in Dade County, Florida, is jugtly indebted and for value reoeived hereby promises to pay to the bearer on June 30th, 1926, the sum of TWENTY -FIVE -THOUSAND -DO L.L A R S with interest thereon at the rate of five (5%) peroentum per annum, payable on March 31st, and at the maturity there- of, upon the presentation and surrender of the annexed inter- est coupons, both principal and interest to be payable at United States Mortgage & Trust Company in the City of New York, or et the offioe of the Direotor of Finance of the City of Miami, Miami, Florida, in lawful money of the United States. This bond is one of a series issued by said City for the purpose of providing funds in anticipation of current revenues under the authority of and in full compliance with Section 57 of the City Charter, as emoted by the Legisla- ture of the State of Florida, Session of 1925. It is hereby certified and recited that all acts, con- ditions and things required to happen, exist and be done, precedent to and in the issuance 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 indebtedness of said City, does not exceed any limit imposed by said oonatitu tion, 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 pro- vision has been made in aaaordance with said Charter to reserve from ourrent revenues as received, except revenues for sinking funds for bonds maturing after a sum suffioient to make payment of the principal and in- terest hereof as the same shall fell due. IN WITNESS WHEREOF the said City of Miami has oaused this bond to be signed by its Mayor, City Manager, Direotor of Finance and City Clerk, under the City seal, and the an- nexed interest ooupons to be exeouted with the facsimile signature of said Clerk, all as of the 20th day of February, 1926. City Lianeger. Direotor of Finanoe. . Mayor. City Clerk 1 February 19th,:1926. 1 1 1 1 • 1 COUPON No 011 , 192_, the City of Miami, Florida, Will pay to bearer the sum of Dollars, at in the City of for the interest then due on its Revenue Bond of 1926, dated , 192 , and Numbered ---WITT7Trork Seotion 9. Said bonds shall be in the denomination of $25,000., and be numbered from 1 to 20, inclusive, Seotion 10. That said bonds shall be prepared under the super- vision of the First Trust 82 Savings Bank, Miami, Florida, which will oertify as to the genuineness of the signatures of the officials and the seal impressed thereon, and purchaser will be furnished the ap- proving legal opinion of Chester B. Masslich, Esq., New York City. Seotion 11. That this Resolution shall be in force and effect from and after its passage. Upon being seconded by Mr. Gilman, the said resolution was passed and adopted by the following vote - AYES: Messrs. Romfh, Gilman, Lummus, Leffler, Wilson. NOES: None. ADJOURNMENT There being no further business to come before the Commission atA08 meeting, and the next regular meeting date being February 22nd, a legal bo d , on motion duly made and seconded, it was resolved that the next meeting of mmission be held at 5:00 o'olook F. M., Tuesday, February 23rd. ATTEST: •.! 1, • • . 1. t • . 1 • ,c; M A Y 0 .44 crirlir OF MrAMI DOCUMENT INDEX MEETING DATE: FEBRUARY 19, 1926 ITEM NO. DOCUMENT IDENTIFICATION COMMISSION ACTION RETRIEVAL CODE NO. 1. 2. 3. 4 . 5. 6. 7. ACCEPT JOINT BID OF STRANAHAN, HARRIS & OATIS, INC. FOR IMPROVEMENT BONDS SERIES "Z" OF THE CITY OF MIAMI. REPEALING RESOLUTION NO. 2349. REPEALING RESOLUTION NO. 2417. REPEALING RESOLUTION NO. 2460. REPEALING ALL PROCEEDINGS TAKEN BY THE COMMISSION IN REFERENCE TO HIGHWAY IMPROVEMENTS 303 AND 311. ORDERING LOCAL IMPROVEMENT H-311. AUTHORIZE REVENUE BONDS UNDER SECTION 57 OF THE CITY CHARTER OF THE CITY OF MIAMI. R-2514 R-2515 R-2516 R-2517 R-2518 R-2519 R-2520 02514 02515 02516 02517 02518 02519 2520