HomeMy WebLinkAboutR-02792RESOLUTION NO. 2792.
A RESOLUTION AUTHORIZING, M1POWERING AND DIRLCTING
TItE CITY MANAGER TO ISSUE RECEIPTS IN NUMERICAL OR-
DER, IN THE FOE.: SET FORTH HEREIN, IN EXCHANGE AND
IN LIEU OF SUBST.LITTIALLY SIMILAR RECEIPTS HERETOFORE
ISSUED TO THIRD ATEruE COI:21.NY PURSUANT TO AY AGREE-
= BETV=I THE CITY OF MIAMI AND SLID COL2A_NY DATED
APRIL 12TH, 1926; AND TO AUTHORIZE, E,20',IT,P. stIND DI-
RECT THE CITY MANAGER TO ISSUE FURTHER RECEIPTS IN
THE FORM SET FORTH HEREIN FOR SUCH FURTHER SULTS OF
MONEYS AS MAY BE ADVANCED BY PHIPPS MALTY COMPANY
OF FLORIDA OR JOHN S. PHIPPS, HENRY C. PHIPPS AND
HOWARD PHIPPS UNDER SAID AGI11.7EialiT BETWEIT THE CITY
OF MIMIAND THIRD AVENUE COLMOTY DAM) APRIL 16TH,
1926, AS litENDM BY THIS IESOLUTION
=IT DATED JULTE 21, 1926.
WHEREAS, under date of April 12th, 1926, a certain offer
was made to the City of Liami by Third. Avenue Company, a Florida
corporation, with respect to the extension and widening of North-
east Third Avenue in the City of Mdami, which said offer was duly
accepted by said. City of 'Miami by the City Commission of said. City
on April 1Gth, 192G; and.
WHEREAS, pursuant to the provisions of Paragraphs 4 and 5
of said contract entered into throuh and by reason of said offer
acceDtance, certain sums of money acgre.,:atinc J;1960,019.91 have
been advanceE by Third Avenue Company to the City or Yiami; and
7THERE;S, on account of said advance3, said. City of Hiami has
issued in favor of Third. Avenue Com:oany receits or certificates
of inde tc,6:-Less nunlbered from 1 to 18, both inclusive, eviaenciAg
advances of 960,019.91 E.12 aforesaid; and
has aLLressod to the City Com
::.izzion a LL.tc:a J-c_1'.o 41, 12,26, req.uesti4G a !JodificLtion
t CS or ILJ aLva:Ice r,cets cr cer-
ti: of JteLezps L,Lcvo
to
ciTY COMMISSION
HNC, OF'
JUr•.! „ -
RE4oLu I Ids wo, Cir.;-2
RE.AAMLS:
.• • '1.. .........
June
C..tho Citi cf
20 ic iLllows:
71oriaa
June LI, 19:.;3
tt. ..;IT
1..C;t :rCe,.::flt be-
tween yoa and the undersigned in the form of a letter
from the undersir;ned to you dated April 12, 1926 and
accepted by you April 16, 1926. Phipps Realty Company
of Florida covenanted to provide the undersigned with
funds to meet certain of the obliga-61ons of the under-
sicned under said asreement. Pursuant to said agree-
ment, the undersic,ned has advanced as loans to the City
of 1.7.1ami, on receipt or certificates of indebtedness,
iri accordance with Paragraphs 4 and 5 of said aereement,
960,019.91. All of the moneys constituting such ad-
va7ices were provided by Phipps Realt;; !ori1pal1,,, of Florida
Lra upon delivery of receipts or certificates of inCebted-
L[, E.-Love referreCt to, the undersined fcrthwith, End
concurrently with bein,:; provided with funds by Phipps
Realty Ccupany of Florida, transferrea its interest in
the indebtedness represented by such receipts or certifi-
cates cf indebtedness to Phipps Realty Company of Florida
as the real party in interest m.P.UnL; the advances repre-
sented by such receipts or certificates of indebtedness.
Phik:s aealty Comany of Flo:Ada has ill turn transferred
c.lia assigned its interest in the indebtedness represented
by the aforesaid receipts or certificates of indebtedness
to John S. Phipl,s, Henry C. Phipps anQ. Howard Thipps, who
in tarn *rovided it with funds.
In view of the fore:7cin, the unaersi:ned re-
cillests that 11.:on delivery to you by or or. behalf of said.
M.C.SZ2S. cf all the recei.::ts or certificates of in-
debteess aforesaid, heretofore issued by you to and in
favor of the undersined, you e:,:chance the salle for and
acliver in lieu thereof rcei":ts or certi2icates of in-
debtedness in the auc-nts, and in substa _tially the
i;Jsued. *IT' favor o:L John Z. Ihipps; Henry C.
and Howara and that, in the future, you
criit *11 advances reirea cf.,: the -1.art of the under-
sinoa under cA.d. :relent above referred to be made
dircet either ly 1:ealty Ccany of Flcrida or said
John Z. l'hip:ps, Henry C. l'hippo and ::card ihis, ana in
each cLse, on L,ccor..nt thereof to the ierson or '?er-
sons z:.id advances, receiTt.:2 or ertifictes of
indebteness a.; L..fclia. other resct is the
contract between us :!cflifia.
.Serejoin r.;:.cve the necessity for a:1y
reiJ;,',-.anees of r cit. er ce:..ti_icLtos of inLbtedness
L.-.1d Till, in .ffect, in c..,:ration ::.oc:.anics whereby
i.real intst, in t ir3t in:tance, re-
cr of i.tedcs for ka-
-
-1 ,C11
• ta. .
"-al •
dated June 21, 1926; and the City Manager of said City of Miami be,
and he hereby is authorized and directed to execute an acceptance
of said letter on the duplicate thereof and deliver it to Third
Avenue Company; and
F"'RTH ER RESOLVIO, that said City Manager be, and he hereby is
authorized and directed, on surrender and delivery to him of receipts
or certificates of indebtecness heretofore issued to Third Avenue
Company and above referred to, to -wit: receipts or certificates of
indebtedness Nos. 1 to 18, inclusive, evidencing indebtedness in the
aggregate principal amount of 960,019.91, to issue in lieu thereof,
in the amounts of the respective receipts or certificates of indebted-
ness heretofore issued, with the same dates, payable in favor of John
S. Phipps, Henry C. Phipps and Howard Phipps. •Receipts or certifi-
cates of indebtedness to be so delivered in exchange are to be sub-
stantially in the following form:
Miami, Florida
, 1926.
The City of Miami, Florida, hereby acknowledges
itself indebted to John S. Phipps, Henry C. Phipps and
Howard l'hip s in the sum of Pollard
) this day advanced in cash to said City in
accordance with the terms of a contract between Third
Avenue Company, a Florida corporation, and said City,
dated L.pr_.1 12th, 1926, which said contract is incor-
porated herein by reference. This receipt is issued in
lieu of and in exchange for a receipt of like amount and
of the saiue date, heretot'cre issued to Third. Ave_iue Com-
pany, the issuw._ce hereof beir ; in accordance with a mod-
ification, dated June 21, 1926, of said contract dated
12th, 1926, which :10dification is likewise incor-
Ncrated herein b;, reference. Said sum of AI
has been used by ai.c City for the purpor.es set out in
..jarLL7.cal,hs . and 5 of said cchtract dated :_pril 12th,1926;
- - ,
wi:c� ��lc� Cit;- of _:1��..:i. ...._•cL,, '._o :1.ca, w._tL binds itself
';c aid su:.i of :. to said John S. rhipps,
:cure C. :ihipi,L _:o. rard i:i . ti, with i::terest thereon
:rola ti_is d: to -1 �Jl_1`_ in aeeorda:.ce with the terms said :_c contract anc ..cciifice tion; time of paym:lent
c.'._ '�_:C1,;a.1, _._te ..il.. C_..iti c+. :day-u6._t o1 i'_:terost, and
11 (_:c.:c : :I on , un.._ c:'r __i. 1. this inC,o b ed_ ess has arisen
to Le aisced .)eir:.-; full, set c', in said con-
trc:i: _aid ..:cetiont ..__ich _re .:ia e j-.art 'iiereof.
in .. _ U _, i.. iJ.�7 �i�-it ?'L"�'_ , .`.'��i_Llrw Olt:: of ..-1 .�111, by
ei t. iG'.....:i : 1C..IIL2 caused its _.able
'eu E;C :.ere4_o Lj' , it
;c r, t:. s c.a: ci , 1O.
BY:
t:_at said or b _ , al.__ he hereby is
authorized and directed, on account of any and all advances herb
after made under or pursuant to said agreement dated April 12th,
1926, as modified by letter (and acceptance thereof) date& June 21,
1926, whether such advances be made by Phipps Realty Company of
Florida or John S. Phipps, Henry C. 'hipps and Howard Phipps, to ex-
ecute and deliver to the person or persons making; such advances un-
der said agreement and modification thereof as aforesaid, a receipt
or receipts or certificate or certificates of indebtedness in sub.
stantially the following form:
Miami, Florida
1926
The City of Miami, Florida, hereby acknowledges
itself indebted to in the sum of #
(gip ) this day advanced in cash by
to said City in accordance with the terms of a contract
between Third Avenue Company, a Florida corporation, and
said City, dated April 12th, 1926, and a modification
thereof, dated June 21, 1926, which said contract and
modification are made a part hereof by reference.
Said sum of 0 is to be used by said
City for the purposes set forth in Paragraphs 4 and 5 of
said contract, dated L.jril 12th, 1926; and said City of
hereby promises and binds itself to pay said sum of
-113 to said
with interest thereon from tl:is date until paid, in accord-
ance with the terms of said contract and modification;
time of payment of rinci j al, rate and terms of payment of
interest, and all conditions under which this indebtedness
has ar_sen and is tc be discharged being fully set out in
said contract andu.ou.ification, which are made a part here-
of.
In Testimony -Jhcreof, said City of :=1ami, by proper
resolution of its Cci:miission, has caused its name to be
sined hereto by , its City Manager,
this day of , 1926.
Jy:
:L,S 2D - L LI,C=D this -.1st day of June, :-. D. 192G.