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RESOLuTtoN No. 78- n
A RESOLUTION FROVIb#N0 FOR THE ISSUANCE
OP $15,000,000 STORM SEWER IMPROVEMENT
E0NDS OF THE CITY OF MIAMI, FLORIDA
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The Commission of the City of Miami (herein-
after sometimes called the "City Commission") has found and
determined and does hereby declare that:
(a) The City Commission on January 11, 1978 duly
adopted Ordinance No. 8736 authorizing the issuance, subject
to the election therein provided for, of bonds of The City
of Miami, Florida, in an aggregate principal amount not
exceeding Fifteen Million Dollars ($15,000,000) for the
purpose of paying the cost of storm sewer improvements in
The City of Miami, including storm sewers, pumping stations
and outlets, culverts over or enclosing streams, wells,
other types of local drainage facilities, the relaying of
any damaged streets or sidewalks, and the acquisition of any
necessary land, and Ordinance No. 8737, providing for the
holding of an election on March 7, 1978 for the purpose of
submitting to the qualified electors of the City of Miami
the question whether said $15,000,000 bonds should be
issued.
(b) Notice of said election was duly published in the
manner and for the time required by law, and inspectors and
clerks of election were duly appointed and their names
published as required by law.
"DOCUMENT INULX
ITEM NO.
CITY COMMISSION
MEETING OF
MAR ?3r 1978
RESOI.UTION.�j.,,w,.? 1
REMARKS; ,..,......a ...K.
(e) Said election was duly and properly conducted, the
returns thereof were duly and regularly certified and the
City Commission duly canvassed said returns and declared the
results of said election and caused the same to be recorded
in its minutes, all as provided by law. It appears from the
returns of said election that the issuance of said $15,000,000
bonds was approved by vote of a majority of the qualified
electors of the City of Miami voting thereon.
Section 2. For the purpose of paying the cost of storm
sewer improvements in The City of Miami, including storm
sewers, pumping stations and outlets, culverts over or
enclosing streams, wells, other types of local drainage
facilities, the relaying of any damaged streets or sidewalks,
and the acquisition of any necessary land, there shall be
issued the negotiable coupon bonds of The City of Miami,
Florida, in the aggregate principal amount of Fifteen
Million Dollars ($15,000,000), to be designated "Storm Sewer
Improvement Bonds" and to consist of 3,000 bonds of the
denomination of $5,000 each.
Section 3. Said Storm Sewer Improvement Bonds shall be
issued at one time or from time to time and shall be dated
and sold as hereafter provided by resolution or resolutions
of the City Commission► and shall mature as follows:
Years after Principal Years after Principal
Date or Dates Amount Date or Dates Amount
2 $ 445,000 12 $ 795,000
3 470,000 13 845,000
4 500,000 14 895,000
5 530,000 15 945,000
6 560,000 16 1,005,000
7 595,000 17 1,065,000
8 630,000 18 1,130,000
9 670,000 19 1,195,000
10 710,000 20 1,265,000
11 750►000
2.
78 216
All or any part of said bonds may be made redeemable prior
to their respective maturities at such times and prices and
under such tees and conditions as the City Commission shall
determine by resolution prior to the sale of the bonds.
Said bonds shall bear interest, payable semi-annually,
from the date or dates thereof at a rate or rates not
exceeding the rate legally permitted. Both the principal of
and the interest on said bonds shall be payable at a bank or
trust company in the Borough of Manhattan, City and State
of New York, or at a bank or trust company in the City of
Chicago, Illinois, or at a bank or trust company in the City
of Miami, Florida, at the option of the holder or registered
owner, in any coin or currency of the United States of
America which, at the respective dates of payment thereof,
is legal tender for the payment of public and private debts.
Section 4. Said bonds shall be signed by the Mayor of
The City of Miami by his facsimile signature and by the City
Clerk, and a facsimile of the seal of the City shall be
imprinted on the bonds. The interest coupons to be attached
to the bonds shall be executed with the facsimile signature
of the City Clerk. In case any officer whose signature or a
facsimile of whose signature shall appear on any bonds or
coupons shall cease to be such officer before the delivery
of such bonds, such signature or such facsimile shall
nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery,
and any bond may bear the facsimile signature of, or may be
signed by, such persons as at the actual time of the execution
of such bond shall be the proper officers to execute such
bond although at the date of such bond such persons may not
have been such officers. The bonds and coupons and the
3.
78»216
statement of validation and provisions for registration to
be endorsed on the bonds shall be substantially in the
following forts:
No. $5,000
United States of America
State of Florida
County of Dade
THE CITY OF MIAMI
STORM SEWER IMPROVEMENT BOND
The City of Miami, in the County of Dade, State of
Florida, is justly indebted and for value received hereby
promises to pay to the bearer or, if this bond be registered,
to the registered owner hereof, on the 1st day of
19 , the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon from the date hereof at the
rate of percent ( %) per annum until
payment of such principal sum, such interest to the maturity
hereof being payable semi-annually on the 1st day of
and of in each year. Both the principal of this
bond and, unless this bond be registered as to both principal
and interest, the interest hereon are payable at
in the Borough of Manhattan, City and State
of New York, or at
in the City of Chicago, Illinois, or at
in the City of Miami, Florida, at the
option of the holder or registered owner, in any coin or
currency of the United States of America which at the
respective dates of payment thereof is legal tender for the
payment of public and private debts. Payment of the interest
on this bond to the maturity hereof shall be made only upon
i 78 216
presentation and surrender of the coupons, if any, repre=
senting such interest as the same respectively fall due; or,
if this bond be registered as to both principal and interest,
payment of the interest on this bond on any interest payment
date shall be made to the person appearing on the bond
registration books of the City as the registered owner on
the tenth (loth) day next preceding such interest payment
date, such interest to be paid by check or draft in New York
exchange mailed to the registered owner at his address as it
appears on such registration books. For the prompt payment
hereof and the interest hereon as the same shall fall due
the faith, credit and taxing power of The City of Miami are
hereby irrevocably pledged.
This bond is one of a duly authorized issue of bonds of
The City of Miami issued under the authority of and in
full compliance with the Constitution and laws of the
State of Florida, including the Charter of said City
(Chapter 10847, Special Laws of Florida, 1925, as amended),
and pursuant to ordinances and resolutions duly adopted by
the City Commission of said City, for the purpose of paying
the cost of storm sewer improvements in The City of Miami,
including storm sewers, pumping stations and outlets,
culverts over or enclosing streams, wells, other types of
local drainage facilities, the relaying of any damaged
streets or sidewalks, and the acquisition► of any necessary
land, and the bonds of this issue were duly approved by vote
of a majority of the qualified electors of the City voting
thereon.
(Here insert redemption provisions, if any)
It is hereby certified and recited that all acts,
conditions and things required by the Constitution and
7$ - 2 1 G
laws of the State of FlOrida to happen, exist and be
performed precedent to and in the issuance of this band
have happened, exist and have been performed in due tide,
EOM and manner as to required; that the total indebtedness
of The City of Miami,includinc this bond, does not exceed
any constitutional or statutory limitation thereon; and that
provision has been made for the levy and collection of a
direct annual tax upon all taxable property within said City
sufficient to pay the principal of and the interest on this
bond as the same shall fall due.
This bond may be registered as to principal alone and
also as to both principal and interest in accordance
with the provisions endorsed hereon.
IN WITNESS WHEREOF, The City of Miami has caused this
bond to be signed by its Mayor by his facsimile signature
and by its City Clerk, and a facsimile of its seal to be
imprinted hereon, and the interest coupons attached hereto
to be executed with the facsimile signature of said City
Clerk, all as of the 1st day of
1.9
MAYOR
(SEAL) CITY CLERK
(Endorsements upon Bonds)
STATEMENT OF VALIDATION
This bond is one of a series of bonds which were vali-
dated by judgment of the Circuit Court for Dade County,
rendered on , 19
78 1c
PROVIBIONB PbR RBdIBTRATION
This bond may be registered as to principal in the Bond
Register of the City of Miami by the Director of Finance of
said City at Bond Registrar or by such other Bond Registrar
as may be legally appointed by the governing body of said
City, notation of such registry to be made hereon by such
Bond Registrar, and this bond may thereafter be transferred
on said Bond Register only upon a written assignment of the
registered owner or his attorney, duly acknowledged or proved,
such transfer to be endorsed hereon by the Bond Registrar.
Unless this bond be registered as to both principal and
interest, such transfer may be to bearer and thereby trans-
ferability by delivery shall be restored, subject, however,
to successive registrations and transfers as before. The
principal of this bond, if registered, shall be payable only
to the registered owner or his legal representative. Notwith-
standing the registration of this bond, the coupons shall
remain payable to bearer and shall continue to be transfer-
able by delivery, unless this bond shall be in like manner
registered as to both principal and interest, notation
whereof and of the cancellation of unmatured coupons is to
be made on this bond, after which registration both principal
and interest hereof shall be payable to the person in whose
name it is registered, or his legal representative.
Date of Registry
Registered Owner Bond Registrar
. . •
r78M216
it is hereby certified that, at the request of the
holder of the within bond for its conversion into a bond
registered as to both principal and interest, the Under..
Signed has this day cut off and cancelled all unmatured
coupons attached thereto, being in number,
number from to , inclusive, of the aggregate
face value of $and that the within bond is
hereby converted into a registered bond, the prncipal and
interest of which are payable to the registered owner named
in the registration blank above or his legal representative.
Interest will be remitted by mail in New York exchange.
Dated , 19...
Bond Registrar of The City of Miami
(Form of Coupons)
No. $
On 1, 19 ,
The City of Miami, in the County of Dade, State of Florida,
will pay to bearer at
in the Borough of Manhattan, City and State of New York, or
at , in the City of Miami,
Florida, at the option of the bearer, upon the presentation
and surrender hereof, the sum of
Dollars in any coin or currency of the United
States of America which at the time of payment is legal tender
for the payment of public and private debts, as provided in
and for the semi-annual interest then due upon its Storm Sewer
Improvement Bond, dated 1, 19 . No.
(if said bond is subject to redemption, here insert its
coupons representing interest payable after the first date
on which said bond may be redeemed the words "unless said
bond shall have been called for previous redemption and
provision made for the payment thereof'
)•
City Clerk
Section 5. Title to any bond and to the interest coupons
thereto appertaining shall pass by delivery in the same manner
as a negotiable instrument payable to bearer unless such
bond is registered in the manner therein provided. The
bonds shall be registrable as to principal alone and also as
to both principal and interest in accordance with the terms
and conditions provided in The Code of The City of Miami,
Florida. No charge shall be made to any bondholder for such
privilege of registration.
Section 6. Said Storm Sewer Improvement Bonds shall be
general obligations of The City of Miami, Florida, and for
the prompt payment of the principal of and the interest of
said bonds as the same shall fall due the full faith, credit
and taxing power of The City of Miami are hereby irrevocably
pledged.
Section 7. Pursuant to the provisions of the Charter
of The City of Miami and of said Ordinance No. 8736, there
shall be levied and collected, upon all property within the
City of Miami subject to taxation for such purposes, in each
year while any of said bonds shall be outstanding, an ad
valorem tax sufficient to pay the principal of and the interest
on said bonds as the same respectively become due and payable
9.
and to provide for any probable failures of collection -of
such tax in such year. Such tax shall be levied and collected
at the same time and in the same manner as ad valorem taxes
levied for operating expenses of the City and shall be in
addition to all other taxes authorized to be levied by The
City of Miami. The City covenants that it will not accept
payment of taxes levied for operating expenses of the City
unless there shall be paid at the same time the tax levied
to make the principal and interest payments required by this
resolution.
Section 9. The proper officers of The City of Miami
are hereby authorized and directed to take appropriate
proceedings for the validation of the Storm Sewer Improve-
ment Bonds herein provided for.
Section 10. This resolution shall be in full force
and effect immediately upon its passage.
PASSED AND ADOPTED this 23rd day of March,
1978.
Maurice A. Ferre
RALPI G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
ASSISTANT CITY ATTORNEY
D AS TO FORM ' COR'- TNESS;
G •RGE � KNOX, JR.
CITY ARNEY
10.
MAU RICE A. FERRE
MAYOR
78- 2 1 6
STATE OP FLORIDA )
COUNTY OP DADE
CITY OE MIAMI
1, RALPH C. ONGIE, Clerk of the City of Miami,
Florida, and keeper of the records thereof, do hereby
certify that the attached and foregoing pages numbered 1
through 10, inclusive, contain a true and correct copy of a
resolution adopted by the Commission of said City at a
meeting held on the 23rd day of March, 1978.
SAID RESOLUTION WAS DESIGNATED RESOLUTION
NO 78-216.
IN WITNESS WHEREOF, I hereunto set my hand and
impress the official seal of the City of Miami, Florida,
this 19th day of December, 1978.
(Official Seal)
RALPH G. ONGIE
CITY CLERK
MIAMI, FLORIDA
1
34
CITY At it, EL;)13It3.
TO:
FROM:
Joseph RS Grassie
City f.tanager
'Janes L. Gunderson
Director of Finance
CATEf.
!March 6, 196
►rLr::
Autt.w.c1 Resolution Providing for the
Issuance of $15,000,000 Storm
Sewer Improvement Bonds
MEFERE.F! 1"C.
In order to conclude the process and introduce the City of t•liami $15,000,000
Storm Sewer i3ond issue in the courts for validation as soon as possible, it
%i11 be necessary to include the attached resolution on the tlarch 23, 1975
City Commission Agenda:
The resolution to be presented before the Commission will authorize valida-
tion procedures for the entire $15,000,000 Storm Se%er Bonds as %ell as the
bonds to be issued at one time, or from time to time.
It is requested that the City Commission adopt the attached resolution in
order that the court validation process may commence.
Attachment
cc: George F. Knox, Jr., City Attorney (Attn: Mike Anderson)
78-216