Loading...
HomeMy WebLinkAboutR-72-0015ter"► f'"`+"`*!"�t"'';"'"��. �'�... �...,, E _. . i I `. WEB tit RESOLUTION NO. Alt!, A RESOLUTION PROVIDING FOR THE ISSU- ANCE OP $39,890,000 PUBLIC PARR AND RECREATIONAL FACILITIES BONDS OP THE CITY OP MIAMI, PLORIDA , BE IT RESOLVED BY THE COHHISSION OP THE CITY OF MIAMI, FLORIDA: Section 1.. The ,Commission of the City of Miami (herein- after sometimes called the "City Commission,") has found and deter- mined and does hereby declare that: (a) The City Commission on January 20, 1972 duly adopted Ordinance No. Anla authorizing the issuance, subject to the elec- tion therein provided for, of bonds of The City of i4iami, Florida, in an aggregate principal amount not exceeding $39,890,000 for the purpose of paying the cost, together with any other available funds, of acquir- ing, constructing, developing, extending, enlarging and improving public PARK AND RECREATIONAL FACILITIES in the City of Miami, including facilities properly appurtenant thereto, the acquisition of land for the construction, development, extension, enlargement or improvement of such facilities, the improvement and filling of land for such purposes, and the acquisition of equipment, and on January 20, 1972 duly adopted Ordinance No. 8035, providing for the holding of an election on March 14, 1972 for the purpose of submitting to the qualified electors of the City of Miami the question whether said $39,890,000 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 re- quired by law. (c) Said election was duly arid properly conducted, the returns thereof were duly and are 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, and it appears from the returns of said election that the issuance of said $39,890,000 bonds was approved by vote of a majority of the qualified electors of. the City of MEETING OF APR 6 1972 �~'' RESOLUTION NO. 7 2 - / j e - .11.0 % itt Lr REMARKS: Miami voting thereon. Section 2. For the purpose of paying the coat, together with any other available funds, of acquiring, constructing, developing, extending, en- larging and improving public PARK AND RECREATIONAL FACILITIES in the City of Miami, including facilities properly appurtenant thereto, the acquisition of land for the construction, development, extension, enlargement or improvement of such facilities, the improvement and filling of land for such purposes, and the acquisition of equipment, in the aggregate principal amount of Thirty-nine Million Eight Hundred Ninety Thousand Dollars ($39,890,000), to be designated "Public Park and Recreational Facilities Bonds" and to consist of 7,978 bonds of the denomination of $5,000 each. Section 3. Said Public Park and Recreational Facilities 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 Date or Dates Principal Amount Years after Date or Dates Principal Amount 2 $1,665,000 14 $1,665,000 3 1,665,000 15 1,665,000 4 1,665,000 16 1,665,000 5 1,665,000 17 1,665,000 6 1,665,000 18 1,665,000 7 1,665,000 19 1,665,000 8 1,665,000 20 1,665,000 9 1,665,000 21 1,665,000 10 1,665,000 22 1,665,000 11 1,665,000 23 1,665,000 12 1,665,000 24 *1,665.000 13 1,665,000 25 1,595,000 All or any part of said bonds may be made redeemable prior to their respective maturities, at such times and prices and under such terms and conditions, as the City Commission shall determine by resolution prior to the sale of the bonds. r- Said bonds shall bear interest, payable semi-annually, from the date or dates thereof at a rate or rates not exceeding seven and one-half per centum (7-1/2%) per annum. Both the principal of and the interest on said bonds shall be payable at a bank or trust company -2- • 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 .icgal tender for the 'payment of public and private debts. Section 4. Said Public Park and Recreational Facilities Bonds shall bn.signed by the Mayor of The City of Miami by his fac- simile 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 cou- pons 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 statement of validation and provisions for registration to be endorsed on thn.bonds shall be substantially in -the following forms: No. $ 5 , 0 0 0 United States of. America State of Florida County of Dade Florida, THE CITY OF MIAMI PUBLIC PARK AND RECREATIONAL FACILITIES BOND The City of Miami, in the County of Dade, State of is justly indebted and for value received hereby promises -3- r to pay to the bearer or, if this bond be registered, to the regis- tered owner hereof, on the 1st day of , 19, the prin- cipal sum of FIVE THOUSAND DOLLARS together with interest thereon from the date hereof at the rate of . per centum ( S) per annum until payment of such prin- cipal sum, such interest to the maturity hereof being sayable semi- annually.on the 1st days.of• and 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 M • , 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 presenta- tion and surrender of the coupons, if any, representing such inter- est as the same respectively fall due; or, if this bond be regis- tered as to both principal and interest, payment of the interest on this bond on any interest payment date shall he 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 full 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 Consti- tution 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 c mmiasion of said City, for the purpose of paying the cost, together with any other available funds, of ac- quiring, constructing, developing, extending, enlarging and improving public PARK AND RECREATIONAL FACILITIES in the City of Miami, including facilities properly appurtenant thereto, the acquisition of land for the construction, development, extension, enlargement or improvement of such facilities, the im- provement and filling of land for such purposes, and the acquisition of equipment, and the bonds of this issue were duly approved by vote of a majority of the quali- fied electors of the City voting thereon. (Here insert redemption provisions, if any.) It is hereby certified and recited that all acts, condi- tions and things required by the Constitution •and laws of the State of Florida to happen, exist and be performed precedent to and in the issuance of this bond have happened,. exist and have been per- formed in due time, form and manner as so required; that the total indebtedness of The City of Miami, including 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 oro- visions endorsed hereon. IN WITNESS WHEREOF, The City of Miami has caused this bond to be signed by its Mayor by his facsimile sicnature 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 -5- fadaimile signature of said City Clerk, all as of the 1st day of. (Seal) • ig._.... Mayor City Clerk (Endoraements 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 . PROVISIONS FOR REGISTRATION 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 as 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 Reaister 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 prin- cipal and interest, such transfer may be to bearer and thereby transferability by delivery shall be restored, subject, however, to successive registrations and transfers as before. The principal of this bond, if registered, shall be navable only to the registered owner or his legal representative. Notwithstanding the registration of this bond, the coupons shall remain payable to bearer.and shall continue to be transferable by delivery, unless this bond shall be in like manner registered as to both principal and interest, nota- tion 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. -6- Date uof Registry fteaistered owner Bond Registrar 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 undersigned has this day cut off and cancelled all unmatured coupons attached thereto, being in number, numbered from to , inclusive, of the aggregate face value of $ , and that the within bond is hereby con- verted into a registered bond, the principal 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 Chicago, Illinois, 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 Public Park and Recreational Facilities Bond, dated 1, 19, No. (if said bond is subject to re- demption, here insert in coupons representing interest payable after the fir t 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 S. 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 regis- tered in the manner therein provided. The bonds shall be registra- ble 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 bond- holder for such privilege of registration. Section 6. Said Public Park and Recreational Facilities Bonds shall be general obligations of The City of Miami, Florida, and for the prompt payment of the principal of and the interest on 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. 8Q34 , 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 said Public Park and Recreational Facilities Bonds shall be outstanding, a special tax sufficient to pay the principal of and the interest on said bonds as the same respectively become due and payable, and to provide for 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 -8- e tO be levied by The City of Miami. The City covenants that it wia . 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 nayments required bv this resolu- tion. Section 8. The proper pricersof The City of Miami are 41 hereby authorized and directed to take appropriate proceedings for the validation of the Public Park and Recreational Facilities Bonds • • I herein provided for. Section 9. This resolution shall be in full force and effect immediately upon itS passage. PASSED AND ADOPTED this 6th day of April, 197Z. EXCERPTS OF CONVERSATION WHICH OCCURRED AT CITY COMMISSION MEETING HELD APRIL 6, 1972 IN CONNECTION WITH THE ADOPTION OF RESOLUTION NO, 72-15 ISSUANCE OF PARK AND RECREATIONAL BONDS: Alan Rothstein, City Attorney: Mr. Mayor, instead of moving on to the next one, would you do the City's Legal Depart- ment a favor and pass that resolution concerning the validation of the bonds now, because we have pleadings to prepare, and we need a resolution number. Mayor Kennedy: This is just a resolution providing for the issuance of $38,800,000 of Public Park and Recreational Facilities Bonds of the City of Miami, Florida. Mr. Plummer: I'll move it, Mr. Mayor. Mayor Kennedy: Moved by Mr. Plummer. Mrs, Gordon: Second. Mayor Kennedy: Seconded by Mrs. Gordon. Call the roll. Thereupon the motion was adopted unanimously and was de- signated Resolution No. 72-15, copy of which is attached. M. L. Reese, City Manager: Mr. Mayor, this action that you have just taken is not for the actual issuance of the bonds. For the news media and everybody, it's the first step in validation. U CUM E T