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R-478-67 RESOLUTION NO. 478 A RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $160, 000. 00 47o REVENUE CERTIF- ICATES TO PROVIDE FUNDS FOR ACQUIRING CERTAIN LANDS NECESSARY FOR THE OPERA- TION OF THE MIAMI SHORES VILLAGE GOLF COURSE AND COUNTRY CLUB; DESCRIBING THE FORM OF SAID CERTIFICATES AND PROVIDING FOR THE MANNER, CONDITIONS AND SOURCE OF FUNDS FOR THE PAYMENT THEREOF. WHEREAS, the Village Council of Miami Shores Village adopted Resolution No. 474, in which it was found and determined that it was necessary for the proper development of the recreational facilities furnished at the Miami Shores Country Club that the Village acquire by purchase a tract of land containing 5. 42 acres more or less, and more fully described in said resolution; and WHEREAS, it is necessary for the said Village to borrow the money to accomplish the purchase of said property; and WHEREAS, it is necessary, in order to secure the re-payment of the said indebtedness, that the Village issue certificates of indebted- ness to which will be pledged the revenues derived by the Village from the operation of said golf course in excess of its said operating costs and also certain revenues to be derived from the franchise issued to the Florida Power and Light Company, NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF MIAMI SHORES VILLAGE: Section 1. For the purpose of raising funds for the acquis- ition of the property hereinabove referred to there is hereby authorized to be issued $160, 000. 00 par value 476 revenue certificates of Miami Shores Village, hereinafter referred to as the Certificates. Said certificates shall be in the denomination of $8, 000. 00 and shall be numbered con- secutively from 1 to 20, said certificates shall be dated the 1st day of October 1967 and shall mature as follows: Cert. #1 March 1, 1968 $8, 000. 00 Cert. #2 March 1, 1969 8, 000. 00 Cert. #3 March 1, 1970 8, 000. 00 Cert. #4 March 1, 1971 8, 000. 00 Cert. #5 March 1, 1972 8, 000. 00 Cert. #6 March 1, 1973 8, 000. 00 Cert. #7 March 1, 1974 8, 000. 00 Cert. #8 March 1, 1975 8, 000. 00 Cert. #9 March 1, 1976 8, 000. 00 Cert. #10 March 1, 1977 8, 000. 00 Cert. #11 March 1, 1978 8, 000. 00 Cert. #12 March 1, 1979 8, 000. 00 Cert. #13 March 1, 1980 8, 000. 00 Cert. #14 March 1, 1981 8, 000. 00 Cert. #15 March 1, 1982 8, 000. 00 Cert. #16 March 1, 1983 8, 000. 00 Cert. #17 March I, 1984 8, 000. 00 Cert. #18 March 1, 1985 8, 000. 00 Cert. #19 March 1, 1986 8, 000. 00 Cert. #20 March 1, 1987 8, 000. 00 Section Z. Said certificates, subject to the further provisions of this resolution, shall be registered as herein provided and shall be in words and figures as follows: MIAMI SHORES VILLAGE, FLORIDA PUBLIC IMPROVEMENT REVENUE CERTIFICATE Miami Shores Village, a municipal corpor- ation of the State of Florida, acknowledges itself indebted to the registered holder hereof in the principal sum of $8, 000. 00, payable on the 1 st day of , 19_, with interest at 4% per annum, payable solely from the revenues hereinafter provided for. 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 pro- visions of Resolution No. 478, adopted by the Council of Miami Shores Village on the 15th day of August, 1967, entitled: A RESOLUTION AUTHORIZING THE EXECU- TION AND SALE OF $160, 000. 00 4% REVENUE CERTIFICATES TO PROVIDE FUNDS FOR ACQUIRING CERTAIN LANDS NECESSARY FOR THE OPERATION OF THE MIAMI SHORES VILLAGE GOLF COURSE AND COUNTRY CLUB; DESCRIBING THE FORM OF SAID CERTIFICATES AND PROVIDING FOR THE MANNER, CON- DITIONS AND SOURCE OF FUNDS FOR THE PAY- MENT THEREOF. which by reference is made a part of this certificate. -2- This certificate is issued for the purpose of providing funds for the acquisition of lands necessary to the proper operation of the Miami Shores Village Golf Course and Country Club. This certificate shall not be deemed to con- stitute a debt of Miami Shores Village or a pledge of the faith and credit of the Village, or any property of its inhabitants, but shall be payable solely from (1) the funds derived by Miami Shores Village from the operation of said Golf Course and Country Club in excess of the necessary and ordinary operating expenses except to the extent that said revenues are pledged to the payment of certificates issued by Resol- ution of Miami Shores Village No. 463, dated Septem- ber 20, 1966, and (2) the revenues derived by said Village from a franchise granted to the Florida Power and Light Company dated the 15th of May, 1951, except to the extent that said revenues are pledged to the payment of the certificates issued pursuant to Resol- ution No. 380 of said Village dated July 1, 1958. The issuance of this certificate shall not directly or indirectly or contingently obligate the Village to levy or pledge any form of taxation what- soever therefor or to make any appropriation for its payment, other than as provided in Resolution No. 478, and the Village shall have no power or authority to levy any taxation for such payment. This certificate shall be registered and no transfer hereof 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 and laws of the State of Florida, and by the Charter and ordinances of Miami Shores Village, Florida, have been complied with as a condition pre- cedent 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, 1967. Mayor, Miami Shores Village, Florida ATTEST: Village Clerk Section 3. The certificates authorized hereby shall be payable solely from the revenues derived by the Village from the -3- operation of the Miami Shores Country Club in excess of necessary and ordinary operating expenses and except to the extent that said revenues are pledged to the payment of certificates issued by Resolution of Miami Shores Village No. 463, dated September 20, 1966, and the revenues derived by said Village from a franchise granted to the Florida Power and Light Company dated the 15th of May, 1951, except to the extent that said revenues are pledged to the payment of the certificates issued pursuant to Resolution No. 380 of said Village dated July 1, 1958, and the revenues received by said Village from both of said sources are hereby pledged and allocated to the payment of the certificates to be issued pur- suant to this resolution and no part of such revenues shall be used or applied by the Village except upon the retirement of the revenue certif- icates issued pursuant hereto as the same shall mature, and except as provided by Resolution No. 463 of September 10, 1966 and Resolution No. 380 of July 1, 1958 and as provided for in Section 6, of this Resolution. Section 4. 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 certificates 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 5. 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 re- demption of any or all of the certificates shall be mailed to the regis- tered 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 -4- 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 6. The Village shall be obligated to allocate for the payment of the certificates issued pursuant to this Resolution only so much of the funds received by it from the operation of the golf course and country club and from the Florida Power and Light Company franchise as shall be necessary in any given year to pay interest and principal upon the prior certificates referred to in Resolution No. 463 and Resolution No. 380, as aforesaid, and to pay interest upon the certificates outstand- ing under this Resolution and to redeem the certificates maturing in each calendar year as such funds are received from the said golf course and country club and from the Florida Power and Light Company, pursuant to such franchise. If the Village in any given year receives from either of said sources more monies than are necessary to pay maturities on prior certificates issued in said resolutions and to pay the interest upon the certificates outstanding under this resolution and redeem the certif- icates hereunder maturing in that year, then the excess funds remaining may be used by the Village for any lawful municipal purpose. Section 7. The certificates hereby authorized to be issued shall not constitute a debt of the Village or a pledge of the faith and credit of said Village, but shall be paid solely from the revenues derived by the Village from the said golf course and country club and from the said Florida Power and Light Company franchise dated May 15, 1951, and shall not directly or indirectly or contingently obligate the Village to pledge any form of taxation whatever therefor or to make any 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 -5- shall not be entitled to any lien or claim upon, or claim for payment from, any of the moneys, investments, properties, or business trans- actions of Miami Shores Village, or the officials or the people or property owners thereof. Section 8. The proper officers of the Village are hereby authorized to take any and all steps necessary to the accom- plishment of the purposes of this resolution, including the execution of agreements necessitated hereby and consistent herewith, and the filing of proceedings for the validation of said certificates. PASSED and ADOPTED this 15th day of August, 1967. Edwin B. Cole Mayor ATTEST: Village Clerk -6-