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07-29-1952 Special Meeting 12 5: SPECIAL MEETING MIAMI SHORES VILLAGE COUNCIL July 29, 1952 A special meeting of;the Village Council of Miami Shores Village, Florida, was held at 8:00 P. M. , July 29, 1952, at the Miami Shores Country Club, preceding the budget hearing, with the following Councilmen present: Mayor M. E. Reynolds Michael J. Franco William E. Carpenter S. D. Phillips, Jr. Absent: George A. Frix The following resolution was submitted by Mr. Anderson, Village Attorney: RESOLUTION NO. 325 A RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $135, 000 3 PER CENT REVENUE CERTIFI- CATES TO PROVIDE FUNDS FOR PUBLIC IMPROVE- MENTS; DESCRIBING THE FORM OF SAID CERTIFICATES,• AND PROVIDING FOR THE MANNER, CONDITIONS AND SOLE SOURCE OF FUNDS FOR THE PAYMENT OF SAID CERTIFICATES. WHEREAS, the Village Council has deemed it necessary and expedient to perform certain public works upon the alleys and streets, to purchase and install fire hydrants to be used in connection with the operation of the Village; and WHEREAS, it is necessary for said Village to borrow the money to accomplish the aforementioned public works; and WHEREAS, the said Village receives annzaal revenue from the Florida Power & Light Company pursuant to a franchise between said company and Village; NOW, THEREFORE, BE IT RESOLVED BY MIAMI SHORES VILLAGE, FLORIDA: 126 1 1 127_ -2 7/29/52 Section 1. For the purpose of raising funds for the paving of alleys, instal tion of street drains, street surfacing, the purchase and`in- stallation of fire hydrants, there is hereby authorized to be issued $135, 000 par value 310 revenue certificates of Miami Shores Village hereinafter referred to as the certificates; said certificates shall be in $1, 000 denominations and numbered consecutively from 1 to 135 inclusive. Said certificates shall be dated the 1st day of October, 1952, and shall bear interest at the rate of 316 per annum and mature as follows: Certificate Numbers Maturity Date 1 to 9 inclusive October 1, 1953 10 to 18 inclusive October 1, 1954 19 to 27 inclusive October 1, 1955 28 to 36 inclusive October 1, 1956 37 to 45 inclusive October 1, 1957 46 to 54 inclusive October 1, 1958 55 to 63 inclusive October 1, 1959 64 to 72 inclusive October 1, 1960 73 to 81 inclusive October 1, 1961 82 to 90 inclusive October 1, 1962 91 to 99 inclusive October 1, 1963 100 to 108 inclusive October 1, 1964 109 to 117 inclusive October.1, 1965 118 to 126 inclusive October 1, 1966 127 to 135 inclusive October 1, 1967 subject to the conditions of Section 2. hereof and shall be registered and be in words and figures as follows: MIAMI SHORES VILLAGE, FLORIDA PUBLIC IMPROVEMENT REVENUE CERTIFICATE Miami Shores Village, a municipal corporation of the State of Florida, acknowledges itself indebted to the registered holder hereof in the principal sum :of $1, 000, payable on the 1st day of October, 19 , with interest at 3% per annum, payable solely from the revenues received by Miami Shores Village from the Florida Power & Light Company, a Florida corporation, pursuant to a franchise agreement dated the 15th day of May, 1951, payable at Miami Shores Village Hall. This certificate shall be payable at the option of Miami Shores Village at any time at its face value plus accrued interest in accordance with the provisions of Resolution 128 1 1 129' -3- 7/29/52 No. 325, adopted by the Council of Miami Shores Village on the 29th day of July, 1952, entitled: A RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $135, 000 3 PER CENT REVENUE CERTIFICATES TO PROVIDE FUNDS FOR PUBLIC IMPROVEMENTS; DESCRIBING THE FORM OF SAID CERTIFICATES; AND PROVIDING FOR THE MANNER, CONDITIONS AND SOLE SOURCE OF FUNDS FOR THE PAYMENT OF SAID CERTIFICATES. which by reference is made a part of this certificate. This certificate and the other certificates of this issue are for the purpose of providing funds for the improvement of alleys, streets, purchase and installation of fire hydrants for said Village. This certificate shall not be deemed to constitute a debt of Miami Shores Village or a pledge of the faith and credit of the Village, but shall be payable solely from the funds derived by the Village from the Florida Power & Light Company, a Florida corporation, pursuant to the said franchise. The issuance of thiscertificate shall not directly or indirectly or contingently obligate the Village to levy or pledge any form .of taxation what- ever therefor or to make any appropriation for its payment, other than as is provided in Resolution No. 325 and the Village shall have no power to levy or pledge any form of taxation what- ever for such payment. This certificate shall be registered and no transfer here- of shall be valid, unless endorsed and acknowledged hereon by the Village Clerk as registrar. It is hereby recited, certified and declared that all acts, conditions and things required by the Constitution, laws of the State of Florida, by the Charter and ordinances of Miami Shores Village, Florida, have been complied with as a con- dition precedent to the issuance of this certificate and that said certificate is in the form and manner required by law. IN WITNESS WHEREOF, Miami Shores Village has caused this certificate to be executed by its Mayor and the Seal affixed thereto and attested by the Village Clerk, this 1st day of October, 1952. 1VIa:y©r ATTEST: MIAMI SHORES VILLAGE, FLORIDA 'Tillage Clerk 130 1 131 -4- 7/29/52 Section 2. The certificates shall be payable.solely from the revenues derived by the Village from the Florida Power & Light Company, a Florida corporation, pursuant to franchise between the Village and said corpor- ation dated the 15th day of May, 1951, and the revenues received by said Village pursuant to said franchise are hereby pledged and allocated to the pay- ment of the certificates to be issued pursuant to this resolution and no part of such revenues shall be used or applied by the Village, except upon the retire- ment of the revenue certificates issued pursuant hereto as the same shall mature and except as provided in Section 5. Section 3. The certificates shall be in registered form. The Village clerk shall be the registrar of said certificates, and no subsequent sale or transfer of any of said certificates shall be valid, unless and until such certif- icates shall have been submitted to the Village Clerk, accompanied by written assignment by the previous owner to the new owner and the acknowledgment and endorsement of the new ownership upon the certificate by the Village Clerk. Section 4. The certificates shall be redeemable at the option of the Village on any date at the face value thereof, plus accrued interest, without premium or penalty. Notice of any proposed redemption of any or all of the certificates shall be mailed to the registered holder thereof not more than thirty days and not less than fifteen days prior to the proposed redemption date, and similar notice of redemption shall be published in a newspaper of general circulation in Dade County, Florida, within the same limits of time. After the date specified in said notice the certificates described therein shall cease to draw interest. Section 5. The Village shall be obligated to allocate only so much of the funds received by it from the Florida Power & Light Company pursuant to said franchise as shall be necessary in any given year to pay interest upon the certificates outstanding and to redeem the certificates maturing in each calendar year that such funds are received from the Florida .Power & Light Company pursuant to said franchise. If the Village, in any given year, receives from the Florida Power & Light Company more moneys than are necessary to pay the interest upon the certificates outstanding and redeem the certificates maturing in that year, then the excess funds may, at the option of the Village, be used for any lawful municipal purpose. Section 6. The certificates hereby authorized to be issued shall not be deemed to constitute a debt of the Village or a pledge of the faith and credit of said Village, but shall be payable solely from the revenues derived by the Village from Florida Power & Light Company pursuant to the franchise between the Village and the Florida Power & Light Company dated the 15th day of May, 1951, and shall not directly or indirectly or contingently obligate the Village.to pledge any form of taxation whatever therefor or to make any 132 133 7/29/52 appropriation for their payment other than as herein provided, and the Village shall have no power to levy or pledge any form of taxation whatever for such payment, and the owner or holder of any such certificate shall not be entitled to any lien or claim upon or claim for payment from any of the moneys, in- vestments, properties, or business transactions of Miami Shores Village, or the people or property owners thereof. Section 7. The proper officers of the Village are hereby authorized to take any and all steps necessary to the accomplishment of the purposes of this resolution,- including the execution of agreements necessitated hereby and consistent herewith. PASSED AND ADOPTED this day of July, 1952. Mayor ATTEST: Village Clerk It was moved by Councilman Carpenter and seconded by Councilman Phillips that the foregoing resolution be adopted. Upon roll call the motion passed with the following voting Aye: Michael J., Franco William E. Carpenter S. D. Phillips, Jr. M. E. Reynolds and the following voting Nay: None The Mayor thereupon declared the resolution adopted. The meeting was then adjourned. 4 eputy C1erl O Mayor 1 1 1