R-507-70 RESOLUTION NO. 507
A RESOLUTION AUTHORIZING THE EXECUTION
AND SALE OF A $240, 000 5-3/4 PER CENT REVENUE
CERTIFICATE TO PROVIDE FUNDS FOR PUBLIC
IMPROVEMENTS, DESCRIBING THE FORM OF SAID
CERTIFICATE, AND PROVIDING FOR THE MANNER,
CONDITIONS AND SOLE SOURCE OF FUNDS FOR
THE PAYMENT OF SAID CERTIFICATE.
WHEREAS, the Village Council has deemed it necessary and
expedient to construct a recreational building at N. E. 96th Street and
Park Drive, Miami Shores, Florida; and
WHEREAS, it is necessary for said Village to borrow the
money to construct and equip said building; and
WHEREAS, the said Village receives annual revenue from the
Florida Power & Light Company pursuant to a franchise between said
company and Village; and
WHEREAS, The First State Bank of Miami has agreed to
finance the improvements by purchasing from the Village a Certificate of
Indebtedness for $240, 000, bearing interest at 5-3/4% per annum with
principal payable in 30 equal semi-annual installments and interest payable
semi-annually concurrently with installments of principal;
NOW, THEREFORE, BE IT RESOLVED BY MIAMI SHORES
VILLAGE, FLORIDA:
Section 1. For the purpose of raising funds for constructing
and equipping the proposed recreational building, there is hereby authorized
to be issued a $240, 000 par value 5-3/4% revenue certificate of Miami
Shores Village hereinafter referred to as the certificate. The certificate
shall be subject to the conditions of Section 2. hereof and shall be in words
and figures as follows:
MIAMI SHORES VILLAGE, FLORIDA
PUBLIC IMPROVEMENT REVENUE CERTIFICATE
Miami Shores Village, a municipal corporation
of the State of Florida, acknowledges itself indebted to
The First State Bank of Miami in the principal sum of
$240, 000. 00 with interest thereon at the rate of 5-3/4%
per annum. Principal shall be paid in thirty equal
semi-annual installments of $8, 000 each, commencing
6 months from the date hereof. Interest shall be pay-
able semi-annually concurrently with installments of
principal. This indebtedness and attorneys' fees, if
any, shall be payable solely from the revenues received
by Miami Shores Village, from the Florida Power and
Light Company, a Florida corporation, pursuant to a
franchise agreement dated the 15th day of May, 1951.
This obligation shall be payable at the offices of The
First State Bank of Miami, Miami, Flori da, or at such
other place as the Bank may from time to time designate
in writing.
In the event of default in the payment of
principal or interest or both and this Certificate shall
be placed in the hands of an attorney for collection or
a suit is instituted hereon, then and in any such event
Miami Shores Village shall be and it is hereby obli-
gated to pay to the holder hereof reasonable attorneys'
fees but solely from such revenues pursuant to said
franchise agreement and not otherwise.
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 provisions
of Resolution No. 507 adopted by the Council of Miami
Shores Village on the 7th day of April, 1970, entitled:
A RESOLUTION AUTHORIZING THE
EXECUTION AND SALE OF A $240, 000
5-3/4 PER CENT REVENUE CERTIFICATE
TO PROVIDE FUNDS FOR PUBLIC IM-
PROVEMENTS, DESCRIBING THE FORM
OF SAID CERTIFICATE, AND PROVIDING
FOR THE MANNER, CONDITION AND SOLE
SOURCE OF FUNDS FOR THE PAYMENT
OF SAID CERTIFICATE.
which by reference is made a part of this certificate.
This certificate is for the purpose of provid-
ing funds for constructing and equipping a recreational
building at N. E. 96th Street and Park Drive, Miami
Shores, Florida.
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, but shall be payable
solely from the funds derived by the Village from the
Florida Power & Light Company, a Florida corporation,
pursuant to the said franchise. The issuance of this
certificate shall not directly or indirectly or contin-
gently obligate the Village to levy or pledge any form
of taxation whatever therefor or to make any appropri-
ation for its payment, other than as is provided in
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Resolution No. 507 and the Village shall have no power
to levy or pledge any form of taxation whatever for such
payment.
It is hereby recited, certified and declared
that all acts, conditions and things required by the
Constitution, laws of the State of Florida, by the
Charter and ordinances of Miami Shores Village,
Florida, have been complied with as a condition
precedent to the issuance of this certificate and that
said certificate is in the form and manner required
by law. Nothing herein shall render the officers or
officials of said Village liable to any person for any
representation herein contained, all of said statements
having been made in good faith and in the belief of
their correctness.
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 day of
Mayor
Miami Shores Village, Florida
ATTEST:
Village Clerk
Section 2. The certificate shall be payable solely from the
revenues derived by the Village from the Florida Power & Light Company,
a Florida corporation, pursuant to franchise between the Village and said
corporation dated the 15th day 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 except to the
extent that said revenues are further pledged to the payment of the certifi-
cates issued pursuant to Resolution No. 478 dated August 15, 1967; and
the revenues received by said Village pursuant to said franchise are hereby
pledged and allocated to the payment of the certificate to be issued pursuant
to this resolution and no part of such revenues shall be used or applied by
the Village, except upon the retirement of the revenue certificate issued
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pursuant hereto as the same shall mature and except as provided by Resolu-
tion No. 380 of July 1, 1958 and Resolution No. 478 of August 15, 1967,
and as provided in Section 5.
Section 3. No subsequent sale or transfer of said certificate
shall be valid, unless and until such certificate 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 4. The certificate 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 redemption of the
certificate shall be mailed to the registered 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 in Dade County, Florida, within the same limits of time.
After the date specified in said notice, the certificate shall cease to draw
interest.
Section 5. The Village shall be obligated to allocate only so
much of the funds received by it from the Florida Power & Light Company
pursuant to said franchise as shall be necessary in any given year to pay
interest and principal upon the prior certificates referred to in Resolution
No. 380 and Resolution No. 478, as aforesaid, and to pay the installments
of principal and interest upon the certificate issued pursuant to this
Resolution maturing in each calendar year that such funds are received
from the Florida Power & Light Company pursuant to said franchise. If
the Village, in any given year, receives from the Florida Power & Light
Company more moneys than are necessary to pay maturities on prior
certificates issued under said Resolutions and to pay the installments of
principal and interest on the Certificate issued pursuant to this Resolution,
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then the excess funds may, at the option of the Village, be used for any
lawful municipal purpose.
Section 6. The certificate hereby authorized to be issued shall
not be deemed to constitute a debt of the Village or a pledge of the faith and credit
of said Village, but shall be payable solely from the revenues derived by the
Village from Florida Power & Light Company pursuant to the franchise
between the Village and the Florida Power & Light Company dated the 15th
day of May, 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, and the owner or holder of any such certif-
icate shall not be entitled to any lien or claim upon or claim for payment
from any of the moneys, investments, properties, or business transactions
of Miami Shores Village, or the people or property owners thereof other
than as is herein provided.
Section 7. The Village will not, so long as any sums remain
due on said certificate, do any act that will impair the holders rights there-
under.
Section 8. If the franchise granted to Florida Power & Light
Company, dated August 15, 1951, should not upon its expiration be extended
or renewed so that the sums receivable from said franchise and hereby
pledged, are no longer available, the Village will pledge whatever sums may
be necessary to discharge the remaining obligations hereunder out of any
other revenues which it may then have and which may legally be appropriated
for such purpose to the payment of all sums due or to become due on said
certificates from that date forward.
Section 9. The proper officers of the Village are hereby
authorized to take any and all steps necessary to the accomplishment of
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the purposes of this resolution, including the execution of agreements
necessitated hereby and consistent herewith.
PASSED AND ADOPTED this 7th day of April, 1970.
Mayor 4
ATTEST:
Village Clerk
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MIAMI SHORES VILLAGE, FLORIDA
PUBLIC IMPROVEMENT REVENUE CERTIFICATE
Miami Shores Village, a municipal corporation of the
State of Florida, acknowledges itself indebted to The First State
Bank of Miami in the principal sum of $240, 000. 00 with interest
thereon at the rate of 5-3/476 per annum. Principal shall be paid
in thirty equal semi-annual installments of $8, 000 each, commenc-
ing 6 months from the date hereof. Interest shall be payable
semi-annually concurrently with installments of principal. This
indebtedness and attorneys' fees, if any, shall be payable solely
from the revenues received by Miami Shores Village, from the
Florida Power and Light Company, a Florida corporation,
pursuant to a franchise agreement dated the 15th day of May,
1951. This obligation shall be payable at the offices of The
First State Bank of Miami, Miami, Florida, or at such other
place as the Bank may from time to time designate in writing.
In the event of default in the payment of principal or
interest or both and this Certificate shall be placed in the hands
of an attorney for collection or a suit is instituted hereon, then
and in any such event Miami Shores Village shall be and it is
hereby obligated to pay to the holder hereof reasonable attorneys'
fees but solely from such revenues pursuant to said franchise
agreement and not otherwise.
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 provisions of Resolution No. 507 adopted
by the Council of Miami Shores Village on the 7th day of April,
1970, entitled;
A RESOLUTION AUTHORIZING THE
EXECUTION AND SALE OF A $240, 000
5-3/4 PER CENT REVENUE CERTIFICATE
TO PROVIDE FUNDS FOR PUBLIC IM-
PROVEMENTS, DESCRIBING THE FORM
OF SAID CERTIFICATE, AND PROVIDING
FOR THE MANNER, CONDITION AND SOLE
SOURCE OF FUNDS FOR THE PAYMENT
OF SAID CERTIFICATE.
which by reference is made a part of this certificate.
This certificate is for the purpose of providing funds for
constructing and equipping a recreational building at N. E. 96th
Street and Park Drive, Miami Shores, Florida.
This certificate shall not be deemed to constitute a
debt of Miami Shores Village or a pledge of the faith and credit
of the Village, but shall be payable solely from the funds
derived by the Village from the Florida Power & Light Company,
a Florida corporation, pursuant to the said franchise, The
issuance of this certificate shall not directly or indirectly or
contingently obligate the Village to levy or pledge any form of
taxation whatever therefor or to make a.iy appropriation for its
payment, other than as is provided in Resolution No. 507 and
the Village shall have no power to levy or pledge any form of
taxation whatever for such payment.
It is hereby recited, certified and declared that all
acts, conditions and things required by the Constitution, laws
of the State of Florida, by the Charter and ordinances of Miami
Shores Village, Florida, have been complied with as a con-
dition precedent to the issuance of this certificate and that
said certificate is in the form and manner required by law.
Nothing herein shall render the officers or officials of said
Village liable to any person for any representation herein con-
tained, all of said statements having been made in good faith
and in the belief of their correctness.
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 ?-/ day
of April, 1970.
Mayor
Miami Shores Village, Florida
ATTEST:
Village Clerk
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