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Home My WebLink AboutR-02520RESOLUTION NO. 2620 A RESOLUTION KOTHORI5ING.REVE.60.: BOTM UNDER 3ECd TIOIT 57 OF THE'CITVCHARTM-OF_THE CITY OF MIAMI AS ENACTED BY THE LEGISIATURE OF THE STATE OF FLORIDA. BE IT RESOLVED BY THE COMVISCION OF THE CITY OF rIAVI: SeCtien i,That the.Commission.does hereby find,and'deClares (A) That thelAreetor of7Financei-pursuantte'requestA)f the City Commistion, has submitted to, the Commissienthe,f0.110wiug:state* ment: , . r February 16, 1926 To the City CommissiOn. of' Miami, • Miami, Florida. Gentlemen: Pursuant to your direction that I submit to the City , Commission the statement required by Section 51-of.the City Charter, as enacted by the legislature of the State of Florida, session of 1925, 1 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) Uncollected taxes for the cur- rent fiscal year ending June 30, 1926 7stimated uncollected revenues excluding uncollected taxes, for the current year, is (0) Eum total of items •a,b,and c is (a) Less The amount of items agboand which is for sinl:inc funds for the payment of bonds maturing after June 30, 1926 Remainder computed by subtracting d from the sum of a plus b plus c 75c,, of said remainder (e) The face value of all bonds, notes, warrants, judgnents, other city obligations to pay money now outstanding or author- ized, which have no fixed time of payment or whi* by their terms are payable within one year and three ronths from the dats of their respective issuance: Juacuents Revenue nonda Revenue :.efundinc Bond.c. :EIrrants 17otes Certificates of rndebtednes2 Other temporary obligations: 1924-1925 Incumbrances 1925-1926 Incumbrances IIemaindercomputed by subtraoting e from 7.5,J of the rewainuer obtainea by subtracting d from the sum of a plus b plus c (2,126,396.85), being the tount of revenue bowls which may thorizedo in the Lux:1 of $106,440.16 1,753,364.06 266,572.63 02,126,396.65 "SUPPORT VE DOCUMENTS . FOLLOW" $2,12.396.85 Eone None one 500,000.00 :Tone ffone 109,000.00 30,000.00 461.26 436,179.89 2,126,396.85 1,594,797.64 CITY COMMISSION NI EET:iNG OF REsoonnr, .... . REMARKS: . ..... 7 ,641.15 "DOCUMENT INDEX .Jow be au4TEM NO. FOP 49 (b) That the to be true. Respeotfully submitted', C. 1.. MIDDLV,STON Director of Finance. ion believes and deelares i3sid etateiwini (o) That the revenue bonds authorized. by this -Reeelution-in the amount of c)500,00040 do not exeeed:the mmount.of revenue bonds which the City is permitted to issue:under Section 57 of. the CityGharter as enacted by the Legislature of the State of FloridaSessionef 'n 1925. Section 2. That for the purpose.of providing funds in pation ofcurrent revenues there be issued negotiable bonds Of the City of i:iami, in an aggregatesum of )5004000!0Q, dated -February. 20th, 1926, and maturing .June ,b0th, 1926iwithout option :pf,Hprior payment, an. bearing interest. at five ,(5(i'a percent, per annum*.,,payalole. Iaroh 31st, 1926, and at the maturity pf Said- hopdp,..upon-,thegm sentation and surrender of interest coupons' whioh shall.;be.thereto attached, both principal and interest to be payable at the United. States 77ortgage & Trust Company in the City of New York, or at the - office of the Director of Finance of the -City of:Miami, Elami-,-FlOrida, in lawful money. Section 3. That the proceeds of said revenue bonds shall be paid into the City 2reasury to.the credit of the General Furd.-- Section 4. nat the amount hereinabove appropriated from the proceeds of said bonds to the General Pund is not greater than can be repaid thel'efrom, by taxes and revenue to be received into and by said fund to meet the payment of such bonds at maturity and the in- terest thereon. Section 5. That said bonds are hereby soldto the rirst 7Jational an of riami and associates at their bid of par and accrued interest, ection 6. 1hat there shall be reserved from current revenues as received, ecept revenue for sinking fund for bonds maturing after June Oth, 1(226, a :-.11n1 sufficient to meet the payE:ent of the bonds, herein authorized at matrity and the interest thereon. oction 7. M.A. said L)onds shall be sealed with the City seal a2(3. sirned by the :"ayor and. City L:ara:-er, Dirctor of Finance and - City Clerk, and the coupons thereto attached shall be signed by the City Clerk, whose sir.na-lure upon said bonds may be in facsimile. Section S. That said bonds and coupons shall be in substantially the following form: • — t'^‘,„ "..4, ••• e.st t r:J '',t , ) , . . t FOL.LO Ui:ITED STATES OF AMICA. LUTE OF FLOi.ID! CoUYTY OF DADE CITY OF 1:121EI RINEIXE :901:DLi OF 1926 57, CITY E:.LCTED BY li-PLILIL2...:U7LE C.? :L:RIDA 1925. "5 000 00 * • :he r:,ity of in DLae County, Floriz, i justly value received Ile1.01.),yro:ises to is' to the bearer on June ;Oth, 192G, the EV4M of 1. I - .1. — :2 1 iCLD D with i:itoreLu ',....ereo!1 at the rate five (5:) 2ercentur2cr Lfl.nui:10 en LJCL at the ,..atrity thereof, u_xi:1 the preLelltato:1 ahL Lurre.uder of the anned interest coone, 1:ct i.1aLd intereot to be '.,ayaLle at :.!tLtes :.crtLL L :ruct OoLdi)any thf, it of :7e1,7 1-cr::, or at offi-e of the 1.fir,,ctor 0 0 the ±1 of 21oricia, in lawful L.oney of the United. L,ItCE. LorE i2 ono- of L. ceriec cd Ly caid j;ity for the L 0.0 of '.roviLinL of ella..rent reveilueE uner the authority of aLd in flal coLmlianee ction 57 of the Cit.: (ho_rter, LE e-actea the IeL,islature o.f: the -tate of 1710r1dL, LCEEiOL of 192t.. 11 i. aei iij nC:recited. thLt LTI Lets, eon- • - ditions aneihinite )14;quited10 ls iexist precedent to anittiti the iesilatioe b his,bohde hste haP dned, exist and. have been dorm as required by said. Constitution, laws and Charter, and. that this bond., together with an. other indebtedness of said City, doekppti exeped. any limit Atiposed, by said constitutiop,* laws, or -Chatter. :-For the'rn par met of this bond with 'interest a the sate sliaiifall" due' the full faith, credit and taxing" power Of the City .Of MiEt — are hereby irrevocably pledged, and the prOvisioti has beon , Made in accordance with said. Charter to reserve from current revenues as received, except revenues for ,sinkitg, fah& s for bonds maturing after , . a sum suffieient to make : payment of the principal an& interest hereof es the same shall , ;'. fall due. - r17 WITITESS'VEd.EREQF the saiCity of. laami has caused " this bon& to be signed by its Mayor, City. Manager, Mirector Of Finance and. City Clerk, -Under the .City , seal, and the annexe interest- o0upons to be executed with the 'facsimile signature of oaid Clerk, all as of the 20th. day of Februarys 196," ITO* Cfty Lanager . Layor - birector of Ffnance • ,bity. Clerk CCUPO IT • On , 192 the City of IA norida will, pay to bearer the sem of Dollars, at in the City of for the interest then due on its Revenue Bond of 1926; dated 192 and 7umbered City Clerk ection 9. Saidbonds shall be in the denomination of 25,000.00, and be numbered from 1 to 20, inclusive. Section 10. That e id bonds shall be prepared under the supar- vision of the 7irst Truet Javings Lanh, iami, Florida, which will certify as to the genuinenese, of the signatures of the officialc and the ceal imDressed thereon and purchaser will be furnished the aToroving leual opinion of Chester B. Disslich, :so., :ew 7or3c Yity. Section 11. That this Resolution shall be in force and effect freet and e,fter its pa2sace. P=D XrD LD722:D this 19th day of 7ebruary, D. 1926. AT "Srr: H. E. R07_, City Clerk