R-527-71 RESOLUTION NO. 527
A RESOLUTION AUTHORIZING THE ISSUANCE
OF A CERTIFICATE OF INDEBTEDNESS TO
PURCHASE LOTS 8 & 9, BLOCK 31, MIAMI SHORES
SECTION ONE, FOR MUNICIPAL PARKING
WHEREAS, Miami Shores Village has agreed with Bessemer
Properties, Incorporated to purchase two (2) lots, said lots being needed
for municipal purposes; to wit, off-street parking; said lots being legally
described as:
Lots 8 and 9, Block 31, Section One,
Miami Shores, per Plat Book 10, Page
70, of the Public Records of Dade
County, Florida;
WHEREAS, the Village is without the full amount of the necessary
funds in the amount of $20, 000. 00 with which to pay for said lands to be
acquired by the Village; and
WHEREAS, The First State Bank of Miami has agreed to lend the
Village said $20, 000. 00 re-payable in ten equal annual installments bearing
interest at 3-1/2% per annum, upon the execution and delivery by the Village
to said Bank of a Certificate of Indebtedness.
NOW, THEREFORE, BE IT RESOLVED BY MIAMI SHORES
VILLAGE that the Village borrow from The First State Bank of Miami the
sum of $20, 000. 00 payable in ten equal annual installments bearing interest
at 3-1/2% per annum secured by a pledge of proceeds derived by the Village
as hereinafter provided, and that the Mayor and Village Clerk execute the
Certificate of Indebtedness therefor;
BE IT FURTHER RESOLVED, that the said Village and its
officials shall in no wise be liable for any of the sums of money represented
by such Certificate of Indebtedness but the same shall be payable solely from
so much of the proceeds derived by the Village from the parking meters
streets
maintained on ityas may be necessary to pay the annual installments each
year as they become due, and the taxing power of this Village shall never be
exercised for the purpose of raising funds to pay for said Certificate or any
part thereof;
BE IT FURTHER RESOLVED, that the said Village will not
without the consent of said First State Bank of Miami while any portion of
said Certificate of Indebtedness remains unpaid discontinue the operation
and maintenance of any of the on-street parking meters which are now installed
at or near the curbs of the streets in the Village and the Village will continue
in effect the present rates and charges for the use of such on-street parking
meters provided that substitutions or changes required by any valid Dade
County ordinance may be made in the locations of parking meters which are
necessary to permit street widening or street closings or to provide necessary
regulation of traffic and relief of congestion and which will not materially
lessen the income and revenues to be derived from such meters;
BE IT FURTHER RESOLVED, that the surplus proceeds derived
from said parking meters shall not be affected by this pledge and shall be
available to the Village to use as it may desire.
PASSED AND ADOPTED this 16th day of November, 1971.
Mayor
ATTEST:
Village Clerk
CERTIFICATE
MIAMI SHORES VILLAGE does hereby certify that pursuant to
Resolution No. 527 adopted by its Council on the 16th day of November, 1971,
it promises to pay to the order of The First State Bank of Miami the sum
of TWENTY THOUSAND DOLLARS ($20, 000. 00) with interest thereon at
3-1/2% per annum, which said sum is payable to said First State Bank of
Miami, in annual installments of TWO THOUSAND DOLLARS ($2, 000. 00), the
first of said installments being due and payable on November 16, 1972 and a
like sum being due each year thereafter until the whole .sum, with interest as
aforesaid, is fully paid. Interest on said sum or the balance remaining from
time to time shall be paid semi-annually on November 16th and May 16th each
year until the principal is paid.
This Certificate shall in no wise be construed as a personal obligation
of the said Village or any of its officials, and shall be payable solely from the
proceeds derived by the Village from the parking meters maintained on its
streets, and the taxing power of this Village shall never be exercised or taxes
collected for the purpose of payment of the money represented hereby.
If suit is necessary to enforce the terms of this Certificate or the
collection hereof, the Village agrees to pay out of the proceeds of said park-
ing meters, in addition to the principal and interest collected by said suit, a
reasonable attorney's fee for the holder's attorney.
No transfer of this Certificate shall be valid or binding upon the
Village unless prior notice thereof is given to the Village.
IN WITNESS WHEREOF, the said Miami Shores Village has caused
this Certificate to be executed. in the name of the Village and the seal thereof
to be affixed this 16th day of November, 1971.
MIAMI SHORES VILLAGE
By
Its Mayor
ATTEST:
Its Clerk