R-544-73 RESOLUTION NO. 544
WHEREAS, Miami Shores Village is the owner of a golf
course and country club which constitutes one of its most valuable
assets and attractions; and
WHEREAS, the club, among other things, consists of a kitchen,
dining room, a bar and various other related structures; and
WHEREAS, the Council has determined that it is necessary in
the proper operation of said golf course and country club that substantial
repairs and alterations be made thereto and has found and determined
that the reasonable cost thereof is $150, 000; that the estimated annual
revenue of such project is $804, 370. 00 and the estimated revenues of
the proceeds from the Florida Power and Light Company, as herein-
after set forth over and above the presently pledged revenues is $52, 880. 00;
that the estimated annual cost of maintaining, preparing and operating
the project and the interest on the bonds and principal thereof as they
become due is $747, 520. 00; and
WHEREAS, the Village is without the necessary funds to pay
for the work necessary to be done, as above stated;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL
OF MIAMI SHORES VILLAGE:
Section 1: That certain repairs and alterations to the Miami
Shores Golf and Country Club, consisting, among other things, of the
remodeling of the kitchen, the installation of additional facilities, the
carpeting of the floor of the dining room and other related matters are
necessary to the proper operation and use of said facilities and that
the work therefor be proceeded in forthwith.
Section 2: That the offer of the Peoples First National
Bank of Miami Shores to loan to the Village, in order to perform and
pay for said work, the sum of $150, 000. 00 with interest at 4. 8% to be
evidenced by certificates of indebtedness of said Village and to be
paid solely and only from the revenues herein referred to over a period
of ten years, with interest at 4. 8% per annum, be accepted. The
revenues out of which said certificates are to be paid shall be primarily
the funds generated by the operation of the golf course and country club
and in addition thereto there shall be pledged to the payment of said
bonds the revenues to be collected from the franchise granted to the
Florida Power and Light Company and no other, and the certificates
of indebtedness shall not under any circumstances, be or become a
general obligation of the Village and the real property of the inhabitants
of the Village shall never be taxed for the purpose of paying the principal
and interest, or other costs, arising out of the issuance of said certifi-
cates.
PASSED and ADOPTED this 15th day of May, 1973.
or
ATTEST: 1�/ y
Village Clerk