R-545-73 RESOLUTION No. 545
RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $150,000 .
OF. 4. 8% REVENUE CERTIFICATES TO PROVIDE FUNDS FOR MAKING
NECESSARY REPAIRS TO THE MIAMI SHORES COUNTRY CLUB,
PRESCRIBING THE FORM OF SAID CERTIFICATES AND THE MANNER
OF PAYMENT THEREOF.
WHEREAS, the Council of Miami Shores Village approved
the making of extensive repairs for the reconditioning of the
existing clubhouse and it was estimated that the cost would be
$150,000. ; and
WHEREAS, it is necessary for the said Village to
borrow the money to accomplish the aforesaid purpose; and
WHEREAS, it is necessary in order to secure the repay-
ment for said indebtedness that the Village issue certificates of
indebtedness to which will be pledged the revenue derived by
the Village in the operation of the golf. course in excess of
its operating costs and also certain revenue to be derived from
the franchise issued to the Florida Power & Light Company,
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF
MIAMI SHORES VILLAGE:
Section 1. Fdr the purpose of raising funds for the
doing of the work hereinabove referred to, there is hereby
authorized to be issued $150,000. par value 4. 8% revenue certi-
ficates of Miami Shores Village, hereinafter referred to as
certificates, said certificates shall be in the denomination of
$15,000 . each and shall be numbered consecutively from 1 to � 0,
inclusive, and said certificates shall be dated the 1st day of
June, 1973, and shall mature as follows:
Certificate #1 June 1, 1974 $15,000.00
Certificate #2 June 1, 1975 15,000 .00
Certificate #3 June 1, 1976 15,000.00
Certificate #4 June 1, 1977 15,000.00
Certificate #5 June 1, 1978 15,000 .00
Certificate #6 June 1, 1979 15,000 .00
Certificate #7 June 1, 1980 15,000.00
Certificate #8 June 1, 1981 15,000.00
Certificate #9 June 1, 1982 15, 000.00
Certificate #10 .TJune_j,_1983 15,000.00
Section 2 . 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:
if MIAMI SHORES. VILLAGE, FLORIDA
COUNTRY CLUB REVENUE CERTIFICATE
Miami Shores Village, a municipal corporation
of the State of Florida, acknowledges itself indebted to
the registered holder hereof in the principal sum of
$150,000. , payable on the lst day of June, 1974,
with interest at 4. 8% 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 provisions
of Resolution No. 545, adopted by the Council of Miami
Shores Village on the 15th day of May, 1973, entitled:
'RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF
$150,000. OF 4. 8% REVENUE CERTIFICATES TO PROVIDE
FUNDS FOR MAKING NECESSARY REPAIRS TO THE MIAMI SHORES
COUNTRY CLUB, PRESCRIBING THE FORM OF SAID CERTIFICATES
AND THE MANNER OF PAYMENT THEREOF. '
which by reference is made a part of this certificate.
This certificate is issued for the purpose of
providing funds for the purpose of making necessary re-
pairs and improvements for the reconditioning of the
existence of the country club which are necessary to the
proper operation thereof.
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, 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
Resolution of Miami Shores Village No. 478, dated August
15, 1967, and (2) the revenues derived by said Village
from a franchise granted to the Florida Power and Light
Company 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. 507 of said
Village dated April 7, 1970.
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.
545, 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
-2-
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 ,-hereto and attested by the Village
Clerk, this 1st day of June, 1973.
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 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. 478, dated
August 15, 1967, and the revenues derived by said Village from
a franchise granted to the Florida Power and Light Company 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. 507 of said Village dated April 7, 1970, 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 pursuant to the resolution and no part of such
revenues shall be used or applied by the Village except upon
the retirement of the revenue certificates issued pursuant
hereto as the sam& shall mature, and except as provided by
Resolution No. 478 of August 15, 1967 and Resolution No. 507
of April 7, 1970, 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,
-3-
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 redemption of any or all of the certificates 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 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. 478 and Resolution No. 507, as
aforesaid, and to pay interest upon the certificates outstanding
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
-4-
outstanding under this resolution and redeem the certificates
hereunder maturing in that year, then the excess funds remaining.
may be used by the Village for. any lawful municipal purpose.
Section U. 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 shall not be entitled to any lien or
claim upon, or claim for payment from, any of the moneys, invest-
ments, properties, or business transactions 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
accomplishment of the purpose of this resolution, including the
execution or agreements necessitated hereby and consistent
therewith, and the filing of proceedings for the validatiQnn of
said certificates.
PASSED and ADOPTED this 15th day of May, 1973.
Mayor
FITTEST
Village erk
_5_
,.
CERTIFICATE NO. $15, 000. 00
MIAMI SHORES VILLAGE, FLORIDA
COUNTRY CLUB REVENUE CERTIFICATE
Miami Shores Village, a municipal corporation of the State of Florida,
acknowledges itself indebted to the registered holder hereof in the principal sum
of $15, 000, 00 payable on the 1st day of June, 197 , with interest at 4. 8% 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 provisions
of Resolution No. 545, adopted by the Council of Miami Shores Village on the 15th
day of May, 1973, entitled:
RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF
$150, 000. 00 of 4. 8% REVENUE CERTIFICATES TO PROVIDE
FUNDS FOR MAKING NECESSARY REPAIRS TO THE MIAMI
SHORES COUNTRY CLUB, PRESCRIBING THE FORM OF SAID
CERTIFICATES AND THE MANNER OF PAYMENT THEREOF.
which by reference is made a part of this certificate.
This certificate is issued for the purpose of providing funds for the
purpose of making necessary repairs and improvements for the reconditioning
of the existence of the country club which are necessary to the proper operation
thereof.
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, 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 Resolution of Miami Shores
Village No. 478, dated August 15, 1967, and (Z).the revenues derived by said
Village from a franchise granted to the Florida Power and Light Company 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. 507 of said
Village dated April 7, 1970.
The issuance of this certificate shall not directly or indirectly or contin-
gently obligate the Village to levy or pledge any form of taxation whatsoever there-
for or to make any appropriation for its payment, other than as provided in
Resolution No. 545, 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 precedent 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 hereto and attested
by the Village Clerk, this 1 st day of June, 1973.
Mayor
Miami Shores Village, Florida
ATTEST:
Village Clerk