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RESOLUTION NO. 2930.
A RESOLUTION AUTHORIZING REVENUE BONDS UNDER
SECTION 57 OF THE CITY CHARTER OF THE CITY OF
MTAMI AS ENACTED BYTHE LEGISLATURE OF THE
STATE OF FLORIDA.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI:
Section 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 statement: -
Miami, Florida,
August 15th, 1926.
To the Hon. Board ofCommissioners
City of Miami, Florida.
Gentlemen:-
Pursunnt to your direction that I submit to your Honorable Body the
statement required by Section 57 of the Charter of the City of Miami, as
directed by the leGislature of the State of Florida, Session of 1925, I
submit the followine statement as of July 31st, 1926, vhich is true:
(a) Amount of uncollected taxes
and revenues of the fiscal
year endinc June WIth, 1926:
rotes receivable
Accounts Receivable . . .
Uncollected Taxes -
1923-1924-1925 . .
Tax Sale Certificates . .
:787.50
26,173.57
. :143,671.92
. 1,319.32 c17 5
b Amount of uncollected taxes
for thecurrent year endinc
June 30th, 1927 ;;6,024,905.33
c - Amount of uncollected reve-
nues u:::collected
t=es) for the current year
enclini: June 1927 2,02:f;,9C0.71
7n755
of itc!_, a. b c
w'llich are funaL
t'o2 tLc-nanont of 1,-,ona:
7c)27
212.1)1-e1:i-i a
total o: 11vL J.
e
:,ace .value 0:
Lo
•Ylr-r
$ • IV
.(1,5E1774.2
111=1011=1M,
WIMM/IMIMA
REMAINDER
Bonds, Notes, Warrants & Judgments None.
Incumbrances 1925-1926 0128,848.03
incumbrances 1926-1927 0161,499.59 0290,347.62
Other temporary obligations 15,690.72
Deficit at closing June 30th, 1926 . . . . 435,598.42
$741,636.76
#a,839,840.66
Amount ft5r which bonds may be issued:
75,; of Remainder (5,839,840.66) 04,379,880.50
Respectfully submitted,
C. L. HUDDIESTON
Director of Finance
(b) That the Commission believes and declares said statement
to be true.
(c) That the revenue bonds authorized by this Resolution in
the amount of 03,500,000.00 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, Session
of 1925.
Section 2. That for the purpose of providing funds in anticipa-
tion of current revenues there be issued negotiable bonds of the City
of Eiami in an aggregate sum of 0'3,500,000.00, dated August 16th, 1926,
and maturing June 16th, 1927, without option of prior payment and bear-
ing interest at 4i per century per annum, payable February 16th, 1927,
and at the maturity of said bonds, upon presentation and surrender of
interest coupons which shall be attached thereto, both principal and
interest to be payable at United States Mortgage & Trust Company in the
City of 1Tew Yor::, or at the office of the Director of Finance of the
City od'
Miami, in the City of 7aami, Florida, in lawful money of the
7nitea St._te2.
:jection Z.
;aid *.:J!L,o iiC
That the p,-oceedz of said revenue bonds shall be
7'res.1,-Lry to the credit of t he GE:72PLAI
":ection That
roceed2 of sai(.1
the amount hereinabove
reIJaid therufror., by ta:::es
the -.77.7. 7D is
appropriated from the
not Greater than can be
and revenue to be received into and by said
fL.IC to cc Lei)a,::::,eJt of Luc, bonds at maturity and the interest
thereon.
fictior Th:_t tt Director c Finance be, and he is hereby
deIuc:Lted the -,er to sell the Lond hereby authorized, at one
..11.116
time or from time to time in his discretion as he deems for the
best interest of the City, at a price of not less than 099 on $100,
and accrued interest and to fix the denomination or denominations
thereof.
Section 6. That there shall be reserved from current revenues
as received, except revenue for sinking funds for bonds maturing
after 'Tune 30, 1927, a sum sufficient to meet the payment of the
bonds herein authorize& at maturity and the interest thereon.
Section 7. That said bonds shall be signed by the Mayor, Act-
ing City Manager, Director of Finance and. City Clerk and sealed with
the seal of the City, and the interest coupons thereto attached shall
be signed by the City Clerk.
Section 8. That said bonds and coupons shall be in substantially
the following form:
No.
UNITED STATES OF Al-,RICA
STATE OF FLORIDA
COUITTY OF DADE
CITY OF El=
REVENUE BOND OF 1926.
Issued under Section 57, City Charter as enacted by Legislature StEtte
of Florida 1925.
The City of Miami, in Dade County, Florida, is justly indebted,
and for value received, hereby promises to pay to the bearer on June
16th, 1927, the sum of
D °LIARS
with interest thereon at the rate of 4 per centun per annum, payable
on 7ebruary 1Gth, and at the maturity hereof, upon the presentation
and surronaor of the ,-.1.ne::ed interest coupons, both principal and
interest to be payable at United States rartGage & Trust Company in
the City of 7ew 7ork, or at the office of the Director of 7inance of
the City of liand, in the City 1,1orida, in lawful money of
the United 2tates.
"his bon :12 one of a series issued by said City for the purpose
of -,froviC nr. fund2 in anticipation of current revenues under the authori-
ty 07' full coliance with Section 57 of the City Charter, as
ei.acted br t:-_e Legislature of the State of "Florida, Se sion of 1925.
It is hereby certified and recited that all acts, conditions
and things required to iappen, exist and be done, precedent to and
in the issuance of this bond, have happened, exist and have been done
as required by the Constitution and laws of the State of Florida and
Charter of the City of Miami, and that this bond, together with all
other indebtedness of said City, does not exceed 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 accordance with said
Charter to reserve from current revenues as received, except revenues
for sinking funds for bonds maturing after June 30th, 1927, a sum
sufficient to make payment of the principal and interest hereof as
the same shall fall due.
IIT VIIl= iHEREOF , the said City of Miami has caused this bond
be
to/signed by its Mayo:', Acting City Tanager, Director of Finance and
City Clerk, under the City seal, and the annexed interest coupons to
be executed by said Clerk, all as of the 16th day of August, 1926.
Acting City Manager
7o .
cn ,1927, the Cite of Liami, Florida, vJill pay
Director of Finance
Mayor
C 0 U P 0 IT
•
City Clerk ?=
to bearer the sun of Dollars, at the United States Mortgage
C. ''211::t Conran:,', in the City of ITuw Yora_, or at the office of the Di-
rector of ?ina::ce of the City of 1'.umi, i'_1 the City of i:iaiai, Florida,
in lawful none of the 7nited State::, for interest then due on itc
Revenue .!3cnd of 1926, dated. August 1Gti_, 192C, and numbered
City Clerk
`section 9. That this resolution) shall be in force and effect
fro,.i and after its i)a::tio.he•
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