R-267-45 MIAMI SHORES VILLAGE RESOLUTION NO. 7
RESOLUTION PROVIDING FOR THE ISSUANCE,
SUBJECT TO THE ELECTION HEREIN PROVIDED
FOR, OF $350j.000- BONDS, OF MIAMI SHORES .
VILLAGE FOR THE PURPOSE OF REFINANCING
THE MIAMI SHORES GOLF COURSE AND IMPROV-
ING THE SAME, AND ORDERING A SPECIAL
BOND ELECTION TO BE HELD IN SAID MUNICI-
PALITY...T'O VOTE ON THE QUESTION OF ISSUING
SAID. BONDS.
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WHEREAS, Miami Shores Village, a municipal corpora-
tion in Dade County, Florida (hereinafter sometimes called the
"Village") , heretofore acquired approximately 122 acres of land
within the corporate limits of the Village for the purpose of
improving and operating the same as a municipal golf course, and
now holds legal title to the same subject to the mortgages
hereinafter mentioned; and
WHEREAS, the Village acquired said land by purchase
from Bessemer Properties, Incorporated, and Ethel M. Hauk, and
executed and delivered in payment therefor purchase money obliga-
tions secured -by mortgage, and the Village has constructed exten-
sive improvements upon.said land and has acquired a large amount
of personal property and equipment for operating the same as a
municipal golf course (said land, improvements, personal property
and equipment being hereinafter sometimes collectively called
the "Miami Shores Golf Course" or the "Golf Course") , and the
Village has executed and delivered certain other obligations to
provide funds for constructing such improvements and acquiring
such personal property and equipment and for maintaining and
operating the Golf Course; and
WHEREAS, the following is a correct statement of all
of the obligations which are now outstanding and which are secured
in whole or in part by the Golf Course or the revenues thereof:
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P
1.
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1. First Mortgage held by
Bessemer Properties, Inc. ----- 124,518.00
Dated December 1, 1957s at 5%
interest with 6% interest on .
delinquent interest. Recorded
Mortgage Book 1092, Page 48,
Public Records of Dade County,
Florida. Subject to First Mort-
gage held by Mrs. Ethel M. Hauk
on a portion of Golf Course. in
SWJ of SE-34 Sec. 31-Township 52.
Range 42 East. Foreclosed in
Chancery Suit No. 59683-D.
Foreclosure Decree allowed Bessemer
advances of $717.06 for insurance
premium; 4472.86 for taxes; $200.00
Master's Fees; $109.71 Court Reporter's
Fees; .524.35 Court Costs; and
Attorney's Fees $112,500.00.
Total Additions ----- ----- 0 14,023.98
2. First Mortgage held by Mrs . Ethel
M. Hauk wft ---. --_-- $ 200000.00
Dated October 15, 1937. Due in 20
Years without interest. Recorded
Mortgage Book 1080, Page 491, Public
Records of Dade County, Florida.
Encumbers approximately thirty (30)
Acres in SWI. of BE-OX Sec. 31-Township
52-Range 42- East.
3. Second_Mortgage held by Bessemer
.Properties, Inc. --- 21,611.93
Dated June 9, 1942, with interest at
5% beginning June 15, 1944, Due
December 15, 1949. Recorded Mortgage
Book 1398, Page 302, Public Records
Of Dade County, Florida. Subject 'to
the two (2) previous first mortgages.
4. Miami Shores Village Certificates
of Indebtedness, dated December 1, 19370
at 4% interest. --- ----.. 42000.00
5. Golf Course Committee (Receivers)
Certificates at 5% interest. 12$ 00.00
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and
WHEREAS# approximately $265,000* will be required
for paying and satisfying all of the foregoing obligations and
perfecting title in the Village to the Golf Course and .its
revenues, free and clear of all liens and encumbrances thereon,
and it has been determined that approximately $85,000* will be
required for constructing additional improvements; and
WHEREAS, it is for the best interests of the Village
and its taxpayers to provide for the issuance of bonds of the
Village for the purposes of paying and satisfying the foregoing
obligations, including the interest thereon, and thereby avert
the loss of said properties through foreclosure, preserve the
recreational advantages afforded by the Golf Course to the
inhabitants of the Village, maintain property values in the
Village, and preserve the present high type residential character-
istics of the community; now, therefore,
BE IT RESOLVED by Miami Shores Village;
Section 1, That, for the purpose of providing funds
for r®financing the Miami Shores Golf Course and improving the
same, there shall be issued, subject to the election hereinafter
provided for, the negotiable coupon bonds of Miami Shores Village
in the aggregate principal amount of $3500000, bearing interest
at a rate or rates not exceeding four per centum (4f) per annum,
payable semi-annually, and maturing annually, MAY l , as follows ;
Year of Amount Year of Matur ter Amount
Tj� J 6 ,�
1947 10,000 1957 20,000
1948 10,000 1958 200000
1949 10,000 1959 25 000
1950 10,000 1960 25:000
1951 100000 1961 25x000
1952 10,000 1962 25,9000
1953 105000 1963 25,9,9000
1954 15,,000 '1964 25000
1955 20,000 1965 25000
Sectio, 2e A special election is hereby ordered to
be held on June 12, 19450 for the purpose of submitting to the
qualified electors of Miami Shores Village who are freeholders
therein the question whether such bonds shall be issued*
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Section 3. Notice of said special bond election
shall, be given (a) by publication in the MIa-►N+ i Hera.lei * a
newspaper published in Dade County and of general circulation
in the Village, there being no newspaper published in the Village,
such publication to be made at least once in each week for four
consecutive weeks before said election, the date of first publi-
cation in such newspaper to be at least thirty days before said
election, and (b) by posting copies of said notice in at least
ten different public places within the territorial limits of the
Village, which notice shall be in substantially the following
form=
NOTICE OF SPECIAL BOND ELECTION
MIAMI SHORES VILLAGE, FLORIDA
JUNE 12, 1945
As ordered by a Resolution duly adopted by the Village
Council of Miami Shores Village, Dade County, Florida, on
May 8, 19450 a special bond election will be held on
TUESDAY, JUNE 122 1945
between the hours of 7:00 A.M., Eastern War Time, and- Sun-down
of the same day, at which election there will be submitted to the
qualified electors of Miami Shores Village, Dade County, Florida,
who are freeholders therein, the following question;
Shall Miami Shores Village, a municipal
corporation in Dade County, Florida, issue
its negotiable coupon bonds in the aggregate
principal amount of $350,000, bearing
interest at a rate or rates not exceeding
four per centum (4%) per annum, payable
semi-annually, and maturing annually*
MAY 10 as follows
Year of- maturity Amount Year of Maturity Amount
46 l0,wo 1956 §20.,000
1947 109000 1957 20*000
1948 10,000 1958 20*000
1949 10,000 1959 25*000
1950 10,000 1960 25*000
1951 10*000 1961 25*000
1952 10*000 1962 25*000
1953 10,000 1963 250000
1954 15,000 1964 251000
1955 20,000 1965 25,000
For the purpose .of providing funds for
refinancing the Miami Shores Golf Course
and improving the same?
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Said election will be held at the Municipal Office
of Miami Shores Village, the place where elections are usually
held in said Miami Shores Village. The registration books will
be open at the office of the Village Manager from 9:00 otelock
A.M. until 12:00 M and from 2:00 P.M. until 5:00 P.M. on each
day, Sundays, holidays and half holidays excepted, until and
including June 6, 1945, for the registration of persons qualified
to vote at said election, who shall submit proof by affidavit
that they are freeholders who are qualified electors residing in
said Miami Shores Village*
The following election officers have been appointed to
conduct said election:
MAX A. BATH , Inspector
HARRY H. STAPEL Inspector
J. Lindsey Blair , Clerk
If said bonds shall be issued, an ad valorem tax will be
annually levied upon all taxable property in the municipality
sufficient to pay the interest on and the principal of said bonds
as such interest and principal shall become due; provided, however,
that such tax will be reduced in each year by ,the amount of net
revenues of the Miami Shores Golf Course actually available for
such purpose at the time of such levy
OSCAR E. DOOLY, JR.
Mayor of Miami Shores Village
Section 4. Said special bond election will be held at
the Municipal Office and Max A. Bath and Harry H. Stapel are hereby
appointed as Inspectors of Election and J. Lindse_ Blair as Clerk
of Election for such special bond election, each of whom is a
resident and registered qualified elector of the Village.
Section 5. Only qualified electors of Miami Shores Village
who are freeholders therein will be permitted to vote at said
special bond elections and the Village Manager is hereby directed
to furnish to the Inspectors of Election and Clerk of Election
hereinabove appointed a certified list of all the qualified
electors who are freeholders residing within such municipality,
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Section 6• The form of the ballot to be used at
said election shall be substantially as follows:
OFFICIAL BALLOT
SPECIAL BOND ELECTION
MIAMI SHORES VILLAGE, FLORIDA
JUNE 120 1945
INSTRUCTIONS TO VOTERS
1. To vote in favor of the proposed bonds, make
a cross (x) mark in the square to the left
of the words "For Bonds".
2s To vote against the proposed bonds, make a
cross (x) mark in the square to the left of
the words "against Bonds".
Shall Mismi• Shores Village, a municipal
corporation in Dade County, Florida, issue
its negotiable coupon bonds in the aggregate
principal amount of $3500000, bearing
interest at a rate or rates not exceeding
four per centum (4%) per annum, payable
semi-annually, and maturing annually,
MAY 1, as follows :
Year of Maturity Amount Year of MaturitZ Amount
19460�s 000 195 f 20 0,00
1947 .10,000 1957 20,000
1948. 10x000 1958 200000
1949 10,000 1959 25000
1950 10#000 1960 250000
1951 109000 1961 25#000
1952 10,000 1962 250000
1953 100000 1963 250000
1954 15$000 1964 25,000
1955 20,000 1965 25#000
For the purpose of providing funds for refinancing
the Miami Shores Golf Course and improving the
same?
FOR BONDS
s AGAINST BONDS
s •
Section 7• This Resolution shall be effective immedi-
ately upon its passage•
Passed and adopted .this _ 8 day of May, 1945•
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ATTEST; Mayor, Mlami IST-ores. 71.1r_F=orTd-fi—
Village
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