R-272-45 c
.REsou ION No. �
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. 2670 duly apd regularly adopted
at its regular meeting held May S, 1945, ordered an election to be
held in said Village for the purpose of submitting to the qualified
electors thereof who were freeholders therein, the question of
issuing $350,000 bonds of Miami Shores Village for the purpose of
providing funds for_ re€inanding•.,the municipal golf course now owned
and operated by the Village and known as the "Miami Shores Golf
Course" and improving the same; and
WHEREAS, 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 Shores Village, Dade County, Florida,
as follows:
Section 1. Fo:f the purpose of providing funds for refinancing
the municipal golf course now owned and operated by the Village and
Down 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 6350,000, to be designated "Golf Course Bonds",
and to consist of 350 bonds of the denomination of $1,000 each,
numbered 1 to 350, inclusive.
Section 2, Said Golf Course Bonds shall be dated as of
May 1, 19450 shall bear interest at the rate of four per centum
(4f) per annum, unless the Village Council shall be able to sell
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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:
Year of Year of
Maturity Amount maturity Amount
1946 610,000 1956 $203,000
1947 .102000 1957 20,000
1948 10,000 1958 20,000
1949 10,000 1959 259000
1950 10,000 1960 25,000
1951 10,000 1961 250000
1952 109000 1962 25,000
1953 103,000 1963 25,000
1954 150000 1964 25,000
1955 200000 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 respective 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 DADS
MIAMI SHORES VILLAGE
G PLF COURSE BOND
Miami Shores Village, a municipal corporation in Dade
County,. State of Florida, is justly indebted and for value received
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hereby promises to pay to the bearer on the first day of May,
19_, the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate. of __% per annum,
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 ate Chemical Bank
and Trust Company in any coin or currency of the United States of
,America which, at the respective dates of payment 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, credit 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, conditions
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
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said Miami Shores Village, including this bond, does not exceed
any constitutional or statutory limitations thereon; 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 i4a 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
Villggq7 Manager and lerk
(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 ourt
(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
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private 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 outstanding, 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 probable
failures of collection of such tax in the same fiscal year. Such
taxes shall be levied and collected at thesame 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 ex-
clusively 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 credit of a special fund,, to be applied
solely to the payment of the principal of and ,the interest` on said
bonds, all of the revenues of the Miami Shores Golf Course not
required in such fiscal year for the payment of the expense of
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maintenance and operation thereof, and the amount of the annual
tax levy required 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 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 8. This resolution shall be in full force and
effect immediately upon its passage.
Passed and Adopted this 113th Day of July, A.D. 1945
Mayo
Attest:
r
Village Manage and Cler
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