HomeMy WebLinkAboutR-03022Pursuant 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 follow
ing statement as of November lst, 1926, which is true:
a - Amount of uncollected taxes
and revenues of the fiscal
year ending June 30th, 1926:
Uincollectecd Taxes 037,416.76
b - Amount of uncollected taxes
for the current year ending
June 30, 1927 6,024,347.08
Amount of uncollected reven-
ues (excluding uncollected
taxes) for the current year
ending June 30th, 1927
total of items a, b and c
Amount of items a, b and c
which are sinking funds and
for the payment of bonds ma-
turing after June 30th, 1927
Remainder computed by subtracting
d. from the sum total of a, plus b
of said Hermainder (6,105,681.56)
The race value of all bonds,
notes, warrants, judgments and
other obligations to pay money
now outstanding or authorized
which have no fixed time of pay-
ment or which by their terms are
payable within one year and three
months from the date of their
respective issuance, viz:
Revenue Bonds of 1926 ;f2,
Iincumbrances :1925-1926 67,700.28
1926-1927 366,881.41
Other temporary obli,:atio s . . .
Remainder computed by subtracting
e from 75,73 of the remainder ob-
tained by subtracting d from the
suin of a plus b plus c, being the
amount of revenue bonds which may
now be authorized, in the sum of 01,605,364.74.
RE S OLUT I ON NO. 30 2 2 .
A RESOLUTION AUTHORIZING REVENUE BOLDS 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 COI,aTISSIOTT OF THE CITY OF MIAHI:
Section 1. That the Commission does hereby find and deal
e
(a) That the Director of Finance, purs»ant to request of the
City Commission, has submitted to the Commission the following
Statement: -
Miami, Florida,
November 1st, 1926.
To the Honorable Board of Commissioners,
City of Miami, Florida.
Gentlemen:-
Sum
d
e
01,685,276.65
07,747,042.49
01,641,360.93
plus c... n6 105 681.56
04,579,261.17
500,000.
CITY COMMISSION
MEETING OF
i(--I-(qz(
RESOLUTION 14O.,7 Z,
REMARKS: . ....................
434,58
. 39,31
. 69
.74
02,973,896.43.
"DOCUMENT INDEX
ITEM NO. r
Respectfully submitted,
(Signed) C. L. HUDDIESTON
Director of Finance.
(b) That the Commission believes and declared said statement
to be true.
(e) That the revenue bonds authorized by this Resolution in the
amount of 1500,000.00 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 if the City
of Miami in an aggregate stun of 500,000.00, dated November lst, 1926,
and maturing J'me 16th, 1927, without.option of prior payment and bear-
ing interest 5Q per annum, payable at the maturity of said bonds, up-
on presentation and surrender of interest coupon which shall be attach-
ed thereto, both principal and interest to be payable at United States
Mortgage 6: Trust Company in the City of New York, in lawful money of
the United States.
Section 3. That the proceeds of said revenue bonds shall be paid
into the City Treasury to the credit of the GENERAL FUND.
Section 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 received into and by said
fund to meet the payment of such bonds at maturity and the interest
thereon.
Section 5. The bonds hereby authorized shall be in the denomina-
tion of
elusive.
Section 6.
received, except
June 30, 1927, a
10,000.00 and shall be numbered 491 to 540, both numbers in -
That there shall be reserved from current revenues as
revenue for sinking funds for bonds maturing after
sum sufficient to meet the payment of the bonds here-
in authorized at maturity and the interest thereon.
Section 7. That said bonds shall be signed by the Mayor, City
iranager, Director of Finance and City Clerk and sealed with the seal
of the City, and the interest coupon thereto attabea �h, b$_fiined
by the City Clerk.
Section 8. That said bonds and coupons shall be in substantial-
ly the following form: -
No.
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
CITY 033'M:1AM
REVENUE BOND OF 1926.
Issued under Section 57, City Charter as enacted by Legislature
State of Florida, 1925.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
The City of Miani, in Dade County, Florida, ie justly indebted,
and for value received, -hereby promises to pay to the bearer on June
16th, 1927 the sum of
DOLLARS
with interest thereon at the rate of 5i per oentum per annum, payable
at the maturity hereof, upon the presentation and surrender of the
annexed interest coupon, both principal and interest to be payable at
United. States Mortgage (I Trust Company in the City of New York, 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 au-
thority of and in full compliance with Section 57 of the City Charter,
as enacted by the Legislature of the State of Florida, Session of 1925.
It is hereby certified and recited that all acts, conditions and
things reauired to happen, exist and be done, precedent to and in the
issuance of this bond, have hapDened, exist and have been done as re-
quired by the Constitution and laws of the State of Florida and. Charter
of the City of Miami, and. that this bond, torrether with all other in-
debtedness of said. City, does not exceed any limit imposed by said. Con-
stitution, laws or Charter, For the DromTA payment of this bond with
interest as the sane shall fall due, the full faith, credit and taxing
power of the City of r..:Lami arc hereby irrevocably pledged, and the pro-
vision 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 '46th, 1927, a sum sufficient to make payment
of the principal and interest hereof as the same shall fall due.
17 Vrf7:72S0 wEEn:T7, the said. City of Miami has caused this bond
to be nigneki by its Myer, City Manager, Director of Finance and City
Clerk, uid.er the City seal, and the annexed. interest coupon to be
r
executed by said. Clerk, all as of the lst day of November, 1926.
City Manager
No.
Mayor
Director of Finance City Clerk
COUPON
On , 1927, the City of Miami, Florida, will
pay to bearer the sum of Dollars, at the united
States Mortgage & Trust Company, in the City of New York, in lawfUl
money of the United States, for interest then due on its Revenue Bond
of 1926, dated November lst, 1926, and numbered
City Clerk
Section 9. That said, bonds are hereby sold to Eldredge & Company,
New York City, at their bid of 99 and accrued interest.
Section 10. That this resolution shall be in force and effect
from and after its passage.
PASSED AND ADOPTED this 1st day of November, A. D. 1926.
DOG j
FOLLOW