R-316-51 RESOLUTION NO.
A RESOLUTION AUTHORIZING ISSUANCE OF CERTIFICATES -
OF INDEBTEDNESS TO PERSONS PERFORMING LABOR AND
SUPPLYING MATERIAL TO MIAMI SHORES VILLAGE
WHEREAS, for some time last past certain public thorough-
fares, streets, and alleys in Miami Shores Village have been ina
bad state of repair and in some instances almost impassable, and
a great and -continuing necessity has existed for the repair and
restoration of such streets and alleys; and
WHEREAS, the City Council of said Miami Shores Village
authorized the making of repairs to such streets and alleys 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
WHEREAS, 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, 0. W. Collins has performed work and sup-
plied materials to said Village, which the said Village has re-
ceived and accepted and which have benefitted the said Village and
its inhabitants to the extent of the value of the certificates
hereinafter authorized; and
11HEREAS, the said Village is without such funds with which
to pay the aforesaid person, and said person has .agreed to accept
in payment for such services and materials so rendered the certifi-
cates hereinafter authorized; and
WHEREAS, the said Village is liable to said person for
the sums represented by said certificates and such person could
successfully maintain an action to recover from said Village the
value of the labor and materials so performed and supplied and
recover an enforceable judgment against the Village in said action;
NOW, THEREFORE, BE IT RESOLVED by Miami Shores Village:
Section 1. That the labor and materials performed and
supplied to Miami Shofes Village by 0. W. Collins be and the same
l _ t
are hereby accepted as constituting a necessary and public bone-
fit to said Village and its inhabitants.
Section 2. That the Mayor and the Village Clerk of Miami
Shores Village are hereby authorized and instructed to make, exe-
cute and deliver in the name of said Village, from time to time
as needed, paving certificates of indebtedness in the amount to
which said Village is indebted as hereinafter stated to said per-
son, not to exceed in the aggregate 060t000.
Section 3. Said certificates of indebtedness shall be
issued in such sum to said person as -the said Village is indebted
to him and shall be payable in one, two and three years, at a
rate not to exceed per year for all of said certificates,
and shall bear interest at a rate not to exceed three percent (3%)
per annum from date. iThis certificate may be transferred at any
time, but the Village shall not be required to recognize the rights
of any transferee unless and until there has been an appropriate
endorsement on said certificate by the Village Clerk; Said cer-
tificates shall be payable prior to maturity on any interest pay-
ment date at the option of said Village. The form of such cer-
tificate shall be approved by the Village Attorney.
Section 4. 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 appropria-
tion 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 follow-
ing 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 of such certificates, any,-
otherwise
ny:otherwise unpledged revenues of Miami Shores Village not derived
from taxation will be used for the payment thereof both as to prin-
cipal and interest.
Section 5. After maturity this certificate may be used
by the holder toward the payment of any taxes due on property
_2_
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