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R-0688-80 RESOLUTION NO. 688-80 RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $311,000.00 of 6.25/ REVENUE CERTIFICATES TO PROVIDE FUNDS FOR REDEMPTION OF OUTSTANDING REVENUE CERTIFICATES HERETOFORE ISSUED PURSUANT TO RESOLUTION NO. 550 AND 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 has approved the making of extensive repairs for the reconditioning of the existing club house and "pro shop", including roof, airconditioning, and electrical repairs, and it was estimated that the cost would be $245,000.00; and WHEREAS, it is necessary for the said Village to borrow the money to accomplish the aforesaid purpose; and WHEREAS, the most advantageous manner in which to borrow the necessary funds has been determined to include the redemption of the outstanding revenue certificates in the amount of $66,000.00 issued pursuant to Resolution No. 550 for golf course irrigation, and WHEREAS, it is necessary in order to secure the repayment of the indebtedness to be incurred pursuant to this resolution, 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 and club house 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. For the purpose of raising funds for the redemption of outstanding revenue certificates heretofore issued pursuant to Resolution No. 550 and for the doing of the work hereinabove referred to, there is hereby authorized to be issued $311,000.00 par value 6.25/ revenue certificates of Miami Shores s• r Village, hereinafter referred to as "Certificates' ; said certi- ficates shall be in the denomination of $38 ,875.00 each, and shall be numbered consecutively from 1 to 8, inclusive , and said certi- ficates shall be dated the day of January, 1980, and shall mature as follows: Certificate #1 January, 1981 $38 ,875.00 Certificate #2 January, 1982 38 ,875.00 Certificate #3 January, 1983 38 ,875.00 Certificate #4 January, 1984 38,875.00 Certificate #5 January, 1985 38 ,875.00 Certificate #6 January, 1986 38 ,875.00 Certificate #7 January, 1987 38 ,875.00 Certificate #8 January, 1988 38,875.00 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 : 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 $38,875 .0. 0 payable on the day of January , 19 , with interest at 6 .25% 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. 688-80, adopted by the Council of Miami Shores Village on the 8th day of January, 1980, entitled: RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $311,000. 00 of 6 .25% REVENUE CERTIFICATES TO PROVIDE FUNDS FOR REDEMPTION OF OUTSTANDING REVENUE CERTIFI- CATES HERETOFORE ISSUED PURSUANT TO RESOLUTION NO. 550 AND 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 provid- ing funds for the purpose of making necessary improvements to the club house and "pro shop" 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 -2- 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, Resolution of Miami Shores Village No. 507, dated April 7, 1970, and Resolution of Miami Shores Village No. 545, dated May 15, 1973, (2) the revenues derived by said Village from a franchise granted to the Florida Power & Light Company dated the 8th day of January , 19_80 , except to the extent that said revenues are pledged to the payment of said 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. 688-8Q 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 day of January: 19 80 HENRY EVERETT, MAYOR MIAMI SHORES VILLAGE, FLORIDA ATTEST: VILLAGE CLERK Section 3. The certificates authorized hereby shall be pay- able 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 No. 478, dated August 15, 1967, Resolution No. 507, dated April 7, 1970, and Resolution No. 545, dated May 15, 1973, and the revenues derived by 3 - said Village from a franchise granted to the Florida Power & Light Company dated the 8th-day of January , 19 80 , 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 pro- vided by Resolution No. 478 of August 15, 1967, Resolution No. 507 of April 7, 1970, and Resolution No. 545, of May 15, 1973, and as provided for in Section 6 of this resolution. Section 4. The certificates sh4ll- 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 acknowledgment and endorse- ment 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 - 4 - 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 & 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, 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 & Light Company, pursuant to such franchise. If the 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 certi- ficates 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 & Light Company franchise dated January 8 , 19 80 , 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 claims 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 B. The proper officers of the Village are hereby - 5 - authorized to take any and all steps necessary to the accomplishment of the purpose of this resolution, including the execution of agree- ments necessitated hereby and consistent therewith, and the filing of proceedings for the validation of said certificates. PASSED AND ADOPTED this 8 day of January , 19 80 MAYOR , ATTEST: VILLAGE CLERK 6 - CERTIFICATE NO. , 1 $38,875.00 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 $38,875.00 payable on the day of , 19 , with interest at 6.25/ 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 pro- visions of Resolution No. , adopted by the Council of Miami Shores Village on the day of 19 , entitled: RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $311,000.00 OF 6.25/ REVENUE CERTIFICATES TO PROVIDE FUNDS FOR REDEMPTION OF OUTSTANDING REVENUE CERTIFICATES HERETOFORE ISSUED PURSUANT TO RESOLUTION NO. 550 AND 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 improvements to the country club which are nec- essary 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, Resolu- tion of Miami Shores Village No. 507, dated April 7, 1970, and Resolution of Miami Shores Village No. 545, dated May 15, 1973, and (2) the revenues derived by said Village from a franchise granted to the Florida Power & Light Company dated the day of , 19 , 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 what- soever therefor or to make any appropriation for its payment, other than as provided in Resolution No. , 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 com- plied 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 Clark this day of , 19 MAYOR, MIAMI SHORES VILLAGE ATTEST: VILLAGE CLERK CERTIFICATE NO. January 19 $38,875.00 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 $38,875.00 payable on the day of January , 19 , with interest at 6.25% 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 pro- visions of Resolution No. , adopted by the Council of Miami Shores Village on the day of January, 1980, entitled: RESOLUTION AUTHORIZING THE EXECUTION AND SALE OF $311,000.00 OF 6.25% REVENUE CERTIFICATES TO PROVIDE FUNDS FOR REDEMPTION OF OUTSTANDING REVENUE CERTIFICATES HERETOFORE ISSUED PURSUANT TO RESOLUTION NO. 550 AND TO PROVIDE FUNDS FOR MAKING NECESSARY REPAIRS TO THE MIAMI SHORES COUNTRY CLUB, PRESCRIBING THE FORM OF SAID CERTIFICATES AND THE MANNER OF PAYMENT THEROF, 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 country club which are nec- essary 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, ex- cept to the extent that said revenues are pledged to the payment of certifi- cates issued by Resolution of Miami Shores Village No. 478, dated August 15, 1967, Resolution of Miami Shores Village No. 507, dated April 7, 1970, and Resolution of Miami Shores Village 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 8th day of January, 1980, 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 or taxation what- soever therefor or to make any appropriation for its payment, other than as provided in Resolution No. , and the Village shall have no power or authority to levy any taxation for such payment. This certificate shall by 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 com- plied 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 day of January , 1980. MAYOR, MIAMI SHORES VILLAGE ATTEST: VILLAGE CLERK