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HomeMy WebLinkAboutR-02675RESOLUTION NO. 2676. A RESOLUTION AUTHORIZING BOND ANTICIPATION NOTES. BE IT RESOLVED BY THE COmMT33ION OF THE CITY OF MIAMI: Section 1. That in order to anticipate the receipt of the pro- ceeds of the sale of $6000000.00 Bonds of the $1,606,000 Bonds author- ized by Ordinance No. 679 for the purpose of advancing to the Govern- ment of the United States of the Secretary of 10r funda to be, expended in the prosecution of worka of harbor improvement duly adopted and authorized by law of the United States being the deepening of the chip channel within Miami Harbor and the approacrhes thereto, which Bonds were ratified at an election held February loth, 1926, a temporary loan of not exceeding 500,000.00 ie hereby authorized, to be evidenced by negotiable notes of the City of Miami, bearing interest at not more than six per centum per annum and maturing not later than February 10, 1929. Section 2. That the Direotor of Finance be, and he is hereby, delegated with the poor to negotiate said notes at one time or from time to time and to fix the denomination or denominations, the aggre- gate amount, the rate of interest and the maturity or maturities thereof Section 3. Tat said notes shall be signed by the Mayor and City Clerk, attested by the City kanager and sealed with the seal of the City and the interest coupons thereto attached shall be signed by the City Clerk Whose signature upon said coupons may be in facsimile. Section 4. That the forth of said notes and interedt coupons shall be substantially as follows: No. UNITED ST4TE3 QE AMERICA STATE OF FLORIDA COUNTY OF DADE ITY 02 MI..LiiI BU11D ANTICIPATION NOT. $ "DOCUMENT INDEX ITEM NO. /5 The City of Miami, in Dade County, Florida, is justly indebted and for value received hereby promises to pay to Bearer on 19 , the suns of Dollars with interest thereon at per oentum per annum, payable semi annually on the days of of each year as evidenced by and upon the presentation and surrender of the annexed interest coupons as they severally fall due. Both pri*oipel and interest on this note are payable at City of , State of in the , in lawful money of the United States. For the prompt payment hereof, both principal and inter- est as the same Shall fall due, the full faith and oredit of said City of Miami are hereby irrevocably pledged. This note ie given for money borrowed in the amount of the face of this note, in antioipation of the receipt of proceeds of bonds of the City of Miami heretofore duly authorized by an ordinance of the City Commisaian thereof and ratified by a vote of more than a majority of the eleotors who are freeholders of said City voting thereof.at an election legally called and held, said bonds having been authorized for the purpose of advancing to the Government of the Chited States or the Seoretary of War funds to be expended in the prosecution of works of harbor improvement duly adopted and authorized by law of the United States, being the deepening of the ship channel within Miami Harbor and the approaches thereto, and this note. is isaued under the authori- ty of and pursuant to the provisions of the Charter of said City of Miami and in particular, Section 58 thereof and a resolution duly passed by said City Commission. It is hereby certified and reoited that all acts, conditions and things required by the Constitution and laws of Florida, including said Gity Charter, to happen, exist and be performed precedent to and in the issuance of this note, have happened, exist and have been performed in regular and due form and time as to required and that the total indebted- ness of said City, including the note, does not exceed any constitutional or statutory limitations thereon. IN WI7i;333 ViTT7T OF said ;ity of Miami bas caused this note to be signed by its mayor and Git y Clerk, attested by its City Dianager, and sealed with the City seal, and the annexed interest coupons to be signed with the facsimile signature of said City Cleri, all as of the day of , 192 . • Mayor. City Clerk. No. I do hereby approve the within note. COUPON City Attorney. The City of Miami, Florida, will pay to bearer at In , the sum of Dollars, being the semi interest then due upon its Bond Antici- pation Note dated , 19 and numbered City Clerk. Section 5. The proceeds of said notes shall be used solely for the purpose for which said bonds were authorized. Section 6. That this resolution shall be in force upon its passage. PASSZD MD ADOPTED this 10th day of May, A. D. 1926. ATTLST: - C CITY ciehatc thtY tOMMISSION 'AWING OF MAY • ;'. V. '.11.1".'.v.tiowo.v.v.