R-286-48 Rm7.miw No, 286
� OIITTION AIITliORIZING 1N—UA- E OF CEATIFICAMS OF
Il�TEDNE9S TO PERSONS PMFCRDMG LABOR AM SUPPLYING
MATF'.F TO MTA�IiI SHORES V ALM
MOW.Ot for some time last past certain public thoroughfares
and streets in Miami Shores Village have been in a bad state of repair
and in some instances almost impassable, and a great continuing necessity
has existed for the repair and restoration of such streets; and
WHCRFM9 the City Council of said Miami Shores Village author-
ized the making of repairs to such streets and,, in the name of such Village,
promised and agreed to pay to persons supplying labor and materials in such
work immediate payment for such work done and materials supplied; and
MEAS, upon the faith of such promise and in reliance upon
the punctual payment by said Village of the money due and to become due for
such work, Asphalt Paving Company, a Florida eorporatioa, and C. Be Brooks,
doing business as Brooks Paving Companyp and S. We Richardson have per-
formed work and supplied materials to said Village which the said Village
has received and accepted and which have benefitted the said Village and
its inhabitants to the extent of the value of the certificates hereinafter
authorized; and
EAS@ the said'Village is without such feuds with which to
pay the aforesaid persons and said persons have agreed to accept in payment
for such services and materials so rendered the certificates hereinafter
authorized; and
MMITAS9 the said Village is liable to said persons for the sums
represented by said certificates and such persons could successfully maintain
actions to recover from said Village the value of the labor and materials
so performed and supplied and could recover enforceable judgments against the
Village in said actions;
NOW9 T=WORE. BE IT RESOLVED by Miami Shores Villages
Section 1. That the labor and materials performed and supplied
to Miami Shores Village by Asphalt Paving Campanys a Florida coporation,
C• be Brookso doing business as Brooks Paving Company, and Sf Ne Richardson
be and the same are hereby accepted as constituting a necessary and public
benefit to said Village and its inhabitants•
Section 2, That the Mayor and the City Clerk of Miami Shores
Village are hereby authorized and instructed to make• execute and deliver in
the name of said Villageg from time to time as neededq paving certificates of
indebtedness in the amount to which said Village is indebted as hereinafter
stated to said personeg not to exceed in the aggregate $459000.
Section 3. Said certificates of indebtedness shall, be issued
in such sum to each of said persons as the said Village is indebted to them
and shall be payable at a rate not to exceed $159000 per year for all of said
certificates and shall bear interest at a rate not to_ exceed three percent
Q%) per annum from date. No transfer of any certificate shall be valid
except by appropriate endorsement thereon by the Village Clerk. Said certificates
shall be payable prior to maturity an any interest payment date at the option
of said Village. The form of such certificate shall be approved by the Village
attorney.
Section 49 The Village covenants that so long as any of the
certificates authorized hereby, or interest thereon# shall remain unpaid• provision
shall be made in each annual appropriation ordinance for the payment of all
such amounts due or to become due in any such fiscal year or on the first day
of the next following fiscal year# and that in any such appropriation ordinance
good and sufficient taxes or other revenue or income will be provided therefor.
At the option of the holder or holders of such certificates# any otherwise
unpledged revenues of the VilU ge of Miami Shores not derived from taxation
will be used for the payment thereof both as to principal and interest•
PASSED AND ADOPTED this nth day of March# 1948.
Mayor
Village Clerk