07-13-1945 Special Meeting MINUTES OF A SPECIAL MEETING
OF THE VILLAGE .COUNCIL OF MIAMI SHORES
VILLAGE, FLORIDA, HELD JULY 13, 1945
A special meeting of the Village Council of Miami
Shores Village, Florida, duly and regularly called by the Mayor
of said Village, was held on July 13, 1945, at 7:30 o1clock, P.M.,
at the regular meeting place of the Council at the Municipal
Office in said Village, and after all members had been duly noti-
fied thereof, for the purpose of considering a resolution to pro-
vide for the issuance of golf course bonds authorized on June 12,
1945. The following Councilmen were present:
L. J. McCaffrey, Mayor
J. C. Kilburn
W. H. McKee
Howard Parish
M. E. Reynolds
Absent: None
The following resolution was submitted:
RESOLUTION NO. 272
A RESOLUTION PROVIDING FOR THE ISSUANCE OF
$3500000 GOLF COURSE BONDS OF MIAMI SHORES
VILLAGE, DADE COUNTY, FLORIDA.
WHEREAS, the Village Council of Miami Shores Village,
Dade County, Florida, by Resolution No. 267, duly and regularly
adopted at its regular meeting held May S, 1945, ordered an election
to be held in said Village for the purpose of subfaitting to the
qualified electors thereof who were freeholders therein, the ques-
tion of issuing $350,000 bonds of Miqmi Shores Village for the
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purpose of providing funds for refinancing the municipal golf
course now owned and operated by the Village and known as the
"Miami Shores Golf Course" and improving the same; and
SEAS, due and proper notice of said- bond election
was given as required by law, the results thereof were duly and
regularly certified and canvassed, and said election resulted in
favor of the proposition to issue such bonds; . now, therefore,
BE IT RESOLVED by Miami ShoresVillage, Dade County,
Florida, as follows :
Section 1. For the purpose of providing funds for re-
financing the municipal golf course now owned and operated by the
Village and known as the "Miami Shores Golf Course" and improving
the same, there shall be issued, under the authority of the Charter
of said Miami Shores Village and the laws of the State of Florida,
the negotiable coupon bonds of Miami Shores Village in the aggregate
principal amount of $350,000, to be designated "Golf Course Bonds",
and to consist of 350 bonds alf the denomination of $1,000 each,
numbered 1 to 350, inclusive.
Section 2. Said Golf Course Bonds shall be dated as of
May 12 1945, shall bear interest at the rate of four per centum
(4%) per annum, unless the Village Council shall be able to sell
all or a part of said bonds bearing interest at a lower rate or
rates, in which case it is the intention of the Village Council
to sell said bonds at such lower rate or rates, and the interest on
said bonds shall be payable semi-annually on the first days of May
and November in each year. Said bonds shall mature annually, May 1,
without option of prior payment, in the order of their numbers,
lowest numbers first, as follows :
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Year of Year of
Maturity Amount Maturity Amount
1946 010,000 1956 $200000
1941 10,000 1957 20,000
1948 100000 1958 20,000
1949 100000 1959 252000
1950 10,000 1960 25,000
1951 10,000 1961 255,000
1952 10,000 1962 25,000
1953 10,000 1963 253,000
1954 150000 1964 25,000
1955 20,000 1965 25,000
Both the principal of and the interest on said bonds shall be payable
at Chemical Bank and Trust Company in the City of New York in any
coin or currency of the United States of America which, at the re-
spective dates of payment thereof, is legal tender for public and
private debts.
Section 3. Said golf Course Bonds shall be signed by the
Mayor and by the Village Manager and Clerk of Miami Shores Village,
and shall be sealed with the official seal of said Village, and the
interest coupons thereto attached shall be executed with the facsimile
signature of said Mayor. Said bonds and coupons and the validating
certificate to be endorsed on each bond shall be in substantially the
following forms :
No. $1,000
UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF DADE
MIAMI SHORES VILLAGE
GOLF COURSE BOND
Miami Shores Village, a municipal corporation in Dade
County, State of Florida, is justly indebted and for value received
hereby promises to pay to the bearer on the first day of Bray, 19—,
the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of __% per annum,
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payable semi-annually on the first days of May and November in
each year upon the presentation and surrender of the attached
interest coupons as they severally become due. Both the principal
of and the interest on this bond are payable at Chemical Bank and
Trust Company in the City of New York in any coin or currency of
the United States of America which, at the respective dates of pay-
went thereof, is legal tender for public and private debts.. For
the prompt payment hereof, both principal and interest as the same
shall fall due, the full faith, crddit and taxing power of said
Miami Shores Village are hereby irrevocably pledged*
This bond is one of a series issued by said Miami Shores
Village under the authority of and in full compliance with the
Constitution and laws of the State of Florida and the Charter of
said Village and approved by a majority of the votes cast in an
election duly called and held for that purpose in which a majority
of the freeholders who were qualified electors residing in said
Village participated, and is issued pursuant to resolutions duly
adopted by the Village Council of said Village for the purpose of
providing funds for refinancing the municipal golf course now owned
and operated by the Village and known as the "Miami Shores Golf
Course" and improving the same.
It is hereby certified and recited that all acts, con-
ditions and things required to happen, exist and be performed
precedent to and in the issuance of this bond, have happened, exist
and have been performed in due time, form and manner as required
by the Constitution and laws of the State of Florida; that the total
indebtedness of said Miami Shores Village, including this bond,
does not exceed any constitutional or statutory limitations thereon;
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and that provision has been made for the levy and collection of a
direct annual tax upon all taxable property within said Village
sufficient to pay the principal of and interest on this bond as the
same shall fall due.
IN WITNESS WHEREOF, said Miami Shores Village has caused
this bond to be signed by its Mayor and by its Village Manager and
Clerk, and the official seal of said Village to be hereto affixed,
and the attached interest coupons to be executed with the facsimile
signature of said Mayor, all as of the first day of May, 1945.
MIAMI SHORES VILLAGE
By
Mayor
Village Manager and Clerrc
(ENDORSEMENT ON BONDS)
Validated and confirmed by decree of the Circuit Court
of the Eleventh Judicial Circuit of the State of Florida, in and
for Dade County, rendered on , 1945•
Clerk of sa d Circuit Court
(COUPON)
No.
On 1, 19
Miami Shores Village, a municipal corporation in Dade
County, Florida, will pay to bearer at Chemical Bank and Trust Company
in the City of New York 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 public and private
1.53
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debts, as provided in, and for the semi-annual interest then due
upon, •its Golf Course Bond, dated May 1, 1945, No. •
Mayor
Section 4• For the prompt payment of the principal of
and the interest on the bonds authorized by this resolution as
the same shall fall due, the full faith, credit and taxing power
of Miami Shores Village are hereby irrevocably pledged.
Section 5. In each year while any of said Golf Course
Bonds shall be outstancliing, there shall be levied upon all property
within Miami Shores Village subject to taxation for such purposes,
a special tax sufficient to pay the interest on and the principal
of said bonds as the same respectively become due and payable,
and also a sum sufficient to provide for probably failures of
collection of such tax in the same fiscal year. Such taxes shall
be levied and collected at the same time and in the same manner as
ad valorem taxes levied for operating expenses of said Village,
and the proceeds of such taxes shall be used exclusively for the
purpose for which the same are levied. The Village covenants that
it will not accept payment of taxes levied for operating expenses
of said Village unless there are paid at the same time the taxes
levied to make the interest and principal payments required by this
resolution. The taxes so levied shall be in addition to all other
taxes levied by :Miami Shores Village•
Section 6. While any of the bonds authorized by this
resolution shall be outstanding, there shall be deposited in each
fiscal year for the crddit of a special fund, to be applied solely
to tete payment of the principal of and the interest on said bonds,
51
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all of the revenues of the Miami Shores Golf Course not required
in such fiscal year for the payment of the expense of maintenance
and operation thereof, and the amount of the annual tax levy re-
quired by Section 5 of this resolution may be reduced in any fiscal
year by the amount of such revenues then on deposit to the credit
of said special fund and available for the
P payment of such principal
and interest*
Section 7. The Village Attorney is hereby authorized
and directed to take proper proceedings for the validation of the
Golf Course Bonds authorized by this resolution,
Section S. This resolution shall be in full force and
effect immediately upon its passage.
Passed and Adopted this 13th day of July, A.D., 1945.
Mayor
Attest:
Village Manager and Clerk
Councilman Howard Parish moved that the foregoing
res®lution be adopted. The motion was seconded by Councilman
W. H. McKee. Upon roll calf, the motion passed with the following
voting aye :
L. J. McCaffrey
J. C. Kilburn
W. H. McKee
Howard Parish
'M. E. Reynolds
and the following voting Nay:
None*
0 AeT
149
g
The Mayor thereupon declared the resolution adopted.
There being no further business to come before the
Council, the meeting was adjourned•
Vil ge Manag andClerk/
APPROVED;
ayor
147