R-549-73 RESOLUTION NO. 549
WHEREAS, Miami Shores Village is the owner of a golf course
and country club which constitute one of its most valuable assets and
attractions; and
WHEREAS, the country club, among other things, has an 18 hole
golf course and related maintenance shops; and
WHEREAS, the Council has determined that it is necessary for
the proper operation of said golf course that substantial alterations be made
to the irrigation system and has determined that the reasonable cost thereof
is $165, 000. 00; 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 hereinafter set forth over and above the presently pledged
revenues is $41, 670. 00; that the estimated annual cost of maintaining, prepar-
ing and operating the project and the interest on the bonds and principal there-
of 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 alterations to the Miami Shores Golf
and Country Club, consisting, among other things, of a new electric auto-
matic irrigation system be installed and are necessary to the proper oper-
ation 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 $165, 000. 00 with interest at 4. 85% 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. 85% per annum, be accepted. The revenues out of which said cer-
tificates 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 certificates.
PASSED and ADOPTED this 17th day of July, 1973.
or
ATTEST:
e
Village Clerk
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