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HomeMy WebLinkAboutO-08683ORDINANCE MO AN ORDINANCE AUTHORIZING THE ISSUANCE, Stsbd'ECT TO THE ET CTtoN 150 NOVEHBER Of 1177, HEREIN PROVIDED POR, Cr $1*,000,000 GENERAL DELIt3A'ION MUNICIPAL 'STADIUM BONDS POR THE PURPOSE OP PAYING THE COST OP IMPROVEMENTS TO, AND MODERNt.i SATION AND EXTENSIONS OP, THE ORANGE BOWL MEMORIAL STADIUM: CONTAINING A REPEALER PROM• SION AND A 9EVEPADILITY CLAUSE. BE IT ORDAMNED BY THE COMMrSSION OP THE CITY OP MIAMI, FLORIDA: Section 1. Por the purpose of paying the cost of improve- ments to and modernization and extensions of the Orange Bowl Memorial Stadium, including improved seating, and all other improve- ments necessary to the maintenance of a modern stadium, including the acquisition of additional property and construction of parking facilities and structures; including the cost of consultant and appraisal services and all other incidental costs and expenses, there shall be issued under the authority of the City Charter, as amended, and subject to the election hereinafter provided for, bonds of the City of Miami in an aggregate principal amount not exceeding Fifteen Million Dollars ($15,000,000); such bonds to be issued at one time or from time to time and to mature in the years and principal amounts, respectively, as follows: YEARS AFTER PRINCIPAL YEARS AFTER DATE AMOUNT DATE 3 4 5 6 7 8 9 10 11 12 13 $ 320,000 340,000 360,000 380,000 405,000 430,000 455,000 480,000 510,000 540,000 575,000 PRINCIPAL AMOUNT 14 $ 610,000 15 645,000 16 685,000 17 725,000 18 765,000 19 815,000 20 860,000 21 915,000 22 970,000 23 1,025,000 24 1,085,000 25 1,105,000 it being estimate and declared by the City Commission that the probable life of the ©range Bowl and the improvements, modernization and extensions thereto is 25 yearn after the completion of the construction of said improvements, modernizations and extensions Bet ion 2 For the prompt payment of the principal of and the interest tn such bonds, there shall be levied and collected annually a special tax upon all taxable property within the City, over and above all Other taxes authorised to be levied by the City of Miami, sufficient to pay such principal and interest as the game respectively becomes due and payable. Said bonds shall be in the denomination of Five Thousand Dollars ($5,0O0) each and shall bear interest at a rate or rates not exceeding the rate legally permitted; such interest being payable semi-annually, and both the principal of and the interest on such 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 theCity 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, as shall be hereinafter designated by the Commission. The City Commission reserves the right to make all or a part of such bonds redeemable prior to their respective maturities at such time and prices and under such terms and conditions as may be evidenced by resolution prior to the sale of the bonds. Section 3. A special election is hereby called to be held on the 8th day of November, 1977, for the purpose of submitting to the electors of the City authorized by law to participate in such election the question of whether such bonds shall be issued, Section 4. All ordinances or parts of ordinances insofar as they are inconsistent or in conflict with the provisions of this ordinance are hereby repealed. Section 5. If any section, part of section, paragraph. clause, phrase or word of this ordinance is declared invalid, the reamining provisions of this ordinance shall not be affected. PASSED ON FIRST READING BY TITLE ONLY this 2E" day ► 1977, PASSED AND ADOPTED ON SECOND ,AND FINAI. BIND BY TITLE ONLY this end drsy of August , 1977, of Judy PREPARED AND APPROVED tYt ©N ASSISTANT CITY ATTORNEY APPRa AS TO FORM AND 'CORRECTNESS: 0^G i'0 CITY AT ° NE? 1n accordance with Section 58, paragraph (d) of the City Charter, the effective date of this ordinance is August 2, 1977. 6 8 10110001 FIRMUMY AND DAB. !Mean MUM Deily wept Sifted" Sole colt UM &WW1 Mad, bade Com Rea& *?At 'DP PLORIDA COUNTY CP ,OAD1h 'a attiiintsl"IUtfertY MenSl itft bal,41 an 2Ith Ilil hit thee , a V.rLINSI Adi Of the elent! evlaw andlatly eotd, a den(eeepSatutely, updaStf Lail li°Nays) newpapetpublished at Mien I Dade County, Planta that the atteehed tanyAf Raver. titeinant. MIMI a Lege, Advenisement et Tealtli III the Metter of CITY OP MIAMI - Ordinance No. 8683 Mt Subject to the election of Nov. 81 107 Modernization 7 Extensions of the Orange Bowl In the XXXX Court pubeched In said newspaper In the IseueS of &VAL 6 !,A 1977 4.1116. 4444 44444 .41.1..4.14114114.4444•444 Malt further keys that the Slid WWI Review ithd Deity Recotd 5 a_haYitpaant Published at MisMil. lh Said Side COunty, Florida. and that the *ale flews. pallet has heretotbre been etintintiOultty publithee 111 said bade County. Fibtlda, each day (extent Satutdest. Sunday and Legal Helldal) and has been *Meted as setohd climb Mail Matter et the poist OHIO, In Miami. in Wild Dade Bounty, 'Plaids, tot a period et one year next preceding the first publication of the attached copy of advettilement: and attleht further lays that she has nalthet p110 fob, promised any IsetsOn. firm or torp011tiOn any disttpht, rebate. tomniission et refund tot the bumble Of securing this allvefillianialff tor publitetion In the said ,4411.: V, 044 and subsorlidd ISRAU My Commission expires e this 77 et terse. . CITY �PMIAMI, GAGE COUNTY, PLORIDA LEGAL NOTICE Alt interested will flan notice that CM that/WI /Jaye, August M7 the' City Commission ot%SIMI, Plorifla adopted the fbilowIng titled; ordinances: • ORbINANCE NO. $60 AN ORDINANCEAUTHORIZING tHeISSUANCEAUBJECT TO THE ti.ectsoN ON NOVEMBERL OM HEREIN PROvIDEO FOR 4 -0,315,000,000 GENERAL OBLIGATION •MUNICIPAL STADIUM BONDS FOR THE PURPOSE OF PAYING HE'COST OF IMPROVEMENTS TO, AND MODERNIZATION AND EXTENSIONS Or, me ORANGE • BOWL MEMORIAL STADIUM: CONTAINING A REPE'ALER PROVISION AND 4 save RABILITY CLAUSE. RALPH G. ONGIE • • . CITY CLERK . A , MIAMI, FLORIDA- , -1Pubiliation of this notice on the'Sth 4ey of Almost, 1977. - r • egiais „,. Ralph do Onglet Clerk a t City, of h teby certify, that an the A. D. t9! '..,, u tun tram add terrett and Eorego;hg diM ee vies petted it the r,,,tth Duet aft the Dade County Court ti use rat the +hcc jtovidcct 'tit nukes sod pttbitatient by ittechitls said crag to the piste provided thank*. Wit ass my be •tad the tstfidet seat ot City thk.. .x.. ►y +A.- "`�- .....,A i} I