R-550-73 . 4
RESOLUTION NO. 550
RESOLUTION AUTHORIZING THE EXECUTION AND SALE
OF $165, 000. 00 of 4. 85% REVENUE CERTIFICATES TO
PROVIDE FUNDS FOR MAKING NECESSARY REPAIRS TO
THE MIAMI SHORES GOLF COURSE, PRESCRIBING THE
FORM OF SAID CERTIFICATES AND THE MANNER OF
PAYMENT THEREOF.
WHEREAS, the Council of Miami Shores Village approved the
installation of an electric automatic irrigation system, and it was estimated
that the cost would be $165, 000. 00; 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 repayment 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, IT RESOLVED BY THE COUNCIL OF
MIAMI SHORES VILLAGE:
Section 1. For the purpose of raising funds for the doing of
the work hereinabove referred to, there is hereby authorized to be issued
$165, 000. 00 par value 4. 85% revenue certificates of Miami Shores Village,
hereinafter referred to as certificates, said certificates shall be in the
denomination of $16, 500. 00 each and shall be numbered consecutively from
1 to 10, inclusive, and said certificates shall be dated the 1st day of
September, 1973, and shall mature as follows:
Certificate # 1 September 1, 1974 $16, 500. 00
Certificate # 2 September 1, 1975 16, 500. 00
Certificate # 3 September 1, 1976 16, 500. 00
Certificate # 4 September 1, 1977 16, 500. 00
Certificate # 5 September 1, 1978 16, 500. 00
Certificate # 6 September 1, 1979 16, 500. 00
Certificate # 7 September 1, 1980 16, 500. 00
Certificate # 8 September 1, 1981 16, 500. 00
Certificate # 9 September 1, 1982 16, 500. 00
Certificate #10 September 1, 1983 16, 500. 00
i
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;
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 $16, 500. 00
payable on the 1st day of Sept. , 19_, with interest at
4. 85% per annum, payable solely from the revenues here-
inafter 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. 550, adopted by the Council of Miami Shores
Village on the 17th day of July, 1973, entitled;
'RESOLUTION AUTHORIZING THE EXECUTION
AND SALE OF $165, 000. 00 of 4. 85% REVENUE
CERTIFICATES TO PROVIDE FUNDS FOR
MAKING NECESSARY REPAIRS TO THE MIAMI
SHORES GOLF COURSE, 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 provid-
ing funds for the purpose of making necessary improve-
ments to the golf course 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 oper-
ating 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
Resolution No. 545, dated May 15, 1973, 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. 478, dated August 15, 1967, Resolution
No. 507, dated April 7, 1970 and Resolution No. 545, dated
May 15, 1973.
The issuance of this certificate shall not directly
or indirectly or contingently obligate the Village to levy or
pledge any form of taxation whatsoever therefor or to make
any appropriation for its payment, other than as provided
in Resolution No. 550, and the Village shall have no power
or authority to levy any taxation for such payment.
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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 September, 1973.
"or,
ami 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 pay-
ment of certificates issued by Resolution of Miami Shores Village No. 478,
dated August 15, 1967 and Resolution No. 545, dated May 15, 1973, 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. 478, dated August 15, 1967, Resolution No. 507 of said
Village dated April 7, 1970 and Resolution No. 545 dated May 15, 1973, 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 same shall mature, and except as provided by Resolu-
tion No. 478 of August 15, 1967, Resolution No. 507 of April 7, 1970, and
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Resolution No. 545 of May 15, 1973, 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, 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 acknowledg-
ment 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, Resolution No. 507, and Resolution No. 545,
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
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Village in any given year received 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 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 7. 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, investments, 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 author-
ized to take any and all steps necessary to the accomplishment of the purpose
of this resolution, including the execution of agreements necessitated hereby
and consistent therewith, and the filing of proceedings for the validation of
said certificates.
PASSED and ADOPTED this 17th day of July, 1973.
May'qFr
ATTEST:
`Village Clerk
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CERTIFICATE NO. September 1, 19 $16, 500. 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 $16, 500. 00 payable on the 1st day of Sept. , 19 with interest at 4. 857o
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 provis-
ions of Resolution No. 550, adopted by the Council of Miami Shores Village on
the 17th day of July, 1973, entitled:
'RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF
$165, 000. 00 of 4. 85% REVENUE CERTIFICATES TO PROVIDE
FUNDS FOR MAKING NECESSARY REPAIRS TO THE MIAMI
SHORES GOLF COURSE, 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 improvements to the golf course 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
Resolution No. 545, dated May 15, 1973, 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. 478, dated
August 15, 1967, Resolution No. 507, dated April 7, 1970 and Resolution No. 545,
dated May 15, 1973.
The issuance of this certificate shall not directly or indirectly or
contingently obligate the Village to levy or pledge any form of taxation whatso-
ever therefor or to make any appropriation for its payment, other than as
provided in Resolution No. 550 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 l st day of September, 1973.
Mayor
Miami Shores Village, Florida
ATTEST:
Village Clerk
CERTIFICATE NO. September 1, 19 $16, 500. 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 $16, 500. 00 payable on the 1st day of Sept. , 19 _, with interest at 4. 85%
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 provis-
ions of Resolution No. 550, adopted by the Council of Miami Shores Village on
the 17th day of July, 1973, entitled:
'RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF
$165, 000. 00 of 4. 85% REVENUE CERTIFICATES TO PROVIDE
FUNDS FOR MAKING NECESSARY REPAIRS TO THE MIAMI
SHORES GOLF COURSE, 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 improvements to the golf course 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
Resolution No. 545, dated May 15, 1973, 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. 478, dated
August 15, 1967, Resolution No. 507, dated April 7, 1970 and Resolution No. 545,
dated May 15, 1973.
The issuance of this certificate shall not directly or indirectly or
contingently obligate the Village to levy or pledge any form of taxation whatso-
ever therefor or to make any appropriation for its payment, other than as
provided in Resolution No. 550 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 1st day of September, 1973.
Mayor
Miami Shores Village, Florida
ATTEST:
Village Clerk