1965-520ORDINANCE NO. 520
AN ORDINANCE authorizing the issuance
of $700,000 Public Improvement Revenue
Bonds, Series 1965, of the City of
South Miami, Florida, providing for the
payment and sale of such bonds, entering
into certain covenants and agreements in
that connection.
WHEREAS, it is necessary for the City of South Miami to
make construct, improve, extend municipal improvements and
utilities consisting of sanitary sewerage collection facilities,
force main facilities for disposal of sewerage, a building to
be used as a municipal library, public parks, a public works
facility, and the acquisition of land necessary for such con-
facility,
'improvements and extensions; and
WHEREAS, it is 'necessary to borrow the sum of $700;000
for the purpose of paying the cost of said construction,
improvements and extensions and said City desires to 'issue its
Public Improvement Revenue Bonds, Series 1965, as hereinafter
authorized, to evidence such borrowing; and
WHEREAS, pursuant to proceedings heretofore adop`ced said
City has been levying a tax on the-,purchase of certain utilities
services, the proceeds of which tax, upon the issuance of the
bonds herein-'authorized, will not be pledged or hypothecated in
whole or in part in any manner or for any purpose other than:
the payinent of such bonds;
NOW, THEREFORE, BE IT ORDAINED'BY THE MAYOR AND CITY
COUNCIL OF CITY OF SOUTH MIAMI:
ARTICLE I
DEFINITIONS
That as used herein the following terms shall have the
following meanings unless the context otherwise clearly requires:
1.01 "City" shall mean the City of South Miami, Florida.
1.02 "Bonds' and "bonds herein authorized" shall mean
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ORD. 502
the $700,000 Public Improvement Revenue Bonds, Series 1965, of
the City of South t4iami, Florida, authorized by this ordinance.
As used in Articles III to V, inclusive, hereof, "bonds" shall
also include parity bonds.
1.03 "Parity bonds" shall mean obligations issued
on a parity with the bonds herein authorized under the provisions
of subsection `A- .092`lereof.
1.04 "Utilities -tax" shall mean the tax imposed by
said City on each andrevery, purchase in said City of electricity,,
metered gas, bottled gas, water and "local telephone service.
Said term shall also a'pply'to all taxes imposed by the City on
the purchase of utility services, whether levied.in the amounts
prescribed by the utilities tax ordinance or in any 'other amounts
,and whether imposed on the purchase of the same utilities ser-
vices or any other or additional utilities services, either by
amendment to the utilities tax ordinance or otherwise.
.05 "Utilities `tax ordinance" shall mean al-1,pro-
ceedings imposing the utilities tax, including Ordinance No.
172 of said City adopted on June 15, 1948, and every supple-
mentary ordinance or other ordinance in lieu thereof as may
hereafter be adopted.
1.06 "Fiscal Year" shall mean the twelve month
pericd` used by the City-for its general accounting purposes as
the same may be changed from time to time.
1.07 "Depository" shall mean the bank -.to be here- '
after named as such by resolution of the Mayor and City Council.
If such bank shall become unable to carry out its duties as
depository, or if the Mayor and City Council deem it desirable,
the Mayor and City Council shall select a successor depository
which successor depository shall be a bank having a capital and
surplus of not less than $500,000.00 at the time of such
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ORD. 520
appointment. Similar successor depositories may be appointed
thereafter from time to time as such appointment becomes
necessary. Such successor depository shall replace the original
depository as depository of the iund6 hereinafter created and
required to be held by the depository and there shall be paid
over to each successor depository by its predecessor all money,
funds and other property of every nature then held by such
predecessor depository under the terms of this ordinance. Any
successor depository shall make such arrangements with the pay-
ing agent bank or banks as will assure prompt payment of maturing
bonds and interest when due to the extent of available funds.
ARTICLE II
BOND DETAILS
2.01 That for the purpose of paying the cost of
constructing, "``
g, improving, extending muriici.pal improvements and
utilities consisting of sanitary sewerage collection facilities,
force mai:n`faclli.ties for disposal of sewerage, a building to be
used as a munic'i.pal library, public parks, a public works
facility, and the acquisition of land necessary for such con-
struction, improvements and extensions and paying all expenses
properly 'incident thereto and properly incident to the authoriza-
tion and issuance of the bonds herein authorized, there are
hereby authorized to be issued the Public Improvement Revenue
Bonds, Series 1965, of said City in the aggregate principal
amount of $700,000.
2.02 That said bonds shall be dated July 1, 1965,
shall be in the denomination of $5,000 each, shall be numbered
1 to 140, inclusive, shall bear interest from date until paid at
the rate of'five (5 %) per cent per annum or such lesser rate or
rates as may be fixed by resolution after the sale of such bonds
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ORD. 502
as hereinafter provided, which interest shall be payable January
1, 1966 and semi - annually thereafter on the first days of January
and July of each year, shall "be payable as to both principal and
interest in lawful money of the United States of America at a
bank or banks to be designated -by the City after the sale thereof,
and shall mature serially in numerical order on January l of each
of'the-years-as-follows:
BOND NUMBERS AMOUNT YEAR
.1 $ 5,000 1967
2 5,000 19,68
3 5 , 000' 19,69
4 5,000 1970
. a'. .
5 and -f6 10,000 19d71
7 to 10 208 00.0 1972
11 to 14 20,000'' 1973
15 to 18 20,060 1974
19 to 22 20' 666' 1975-=
23 to 26 20,000 1976
27 to 30 20,00;0 1977
- _ ,� .:.
31 to 34 20,000 1978
15 !to 39 25,010 1979
40 to 44 25,000 1980
7'3
45 to 49 25,000 1981
50 to 54 25,000 198,2
55 'to 59 25,000 1983,
60 to 64' 25,000 1984
65'Lo'70 30,000 1985
7z 1l to 76 30;000 1986
77 to 82'`' 30"600 0 1987
83 to 88' 30000' 1988
89 to 95- 35,,000 1989
to 102 35,000 1930
161 ,to 109 35,000 1991
110,to 116 35,000 1992
117 to 124 40,000 1993
125 to 132 40,000 1994
133 to 140 40,000 1995
Bonds numbered 23 to 140, inc,l'u'sive, shall `be "callable
for redemption prior to maturity at the option of the City on
July 1, 1975, and on any interest payment date thereafter, in
inverse numerical order, at the principal amount thereof plus
accrued interest to the date fixed for redemption and a premium
for each bond so redeemed prior to maturity, of 1/4 of 1% of the
principal amount of each such bond for each calendar year or
part thereof in advance of the calendar year in which such bond
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ORD. 5 20
-will under its terms mature, however, in-no event shall the
premium to be so paid enceed 4% of the principal amount of any
such bond so called for redemption. Notice of the call of any
bond for redemption shall be given not less than thirty (30)
days prior to the date fixed for redemption by registered mail
to the bank or banks at which the bonds are payable and by the
publication of an appropriate notice one time in a financial
newspaper or journal published in the City of New York, New York,
or Chicago, Illinois. If "any bond which is called for redemption
is at the time of such call registered as to principal, thirty
days notice of redemption shall be given by 'registered mail to
the registered'holder at the address shown on `the 'registrar's
registration books.
2.03 `That said bonds shall be- signed by the Mayor of
the City, attested by the City Clerk, shall have imprinted there-
on a facsimile of the corporate seal of the C1 ty-pf South Miami.
The City Council hereby authorizes the execution of said bonds
with the facsimile of the official signature of the City Clerk.
Interest 'failing due on said bonds on and prior to 'maturity shall
be represented by coupons attached to said bonds signed with the
facsimile signatures of said Mayor and City Clerk, who, by the
execution of the bonds, shall adopt as and for their own proper
signatures their facsimile signatures appearing on said cbgpons.
Said bonds shall be registrable as to principal in the manner
and with the effect set forth in section 2.04 hereof.
2.04 That the bonds and the coupons to be thereto
attached and the endorsements to appear on the back thereof
shall be in substantially the following form:
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it;
Bonds numbered 23 to 140, inclusive, of the issue of
which this bond is one, are callable for redemption prior to
g.' maturity at the option of the City on July 1, 1975 and on any
interest payment date thereafter, in inverse numerical order, at
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UNITED STATES OF AMERICA
STATE OF FLORIDA
COUNTY OF nAnF _
CITY OF SOUTH MIAMI
k
PUBLIC IMPROVEMENT REVENUE BOND, -
SERIES 1965
Number $5,000
r
The City of South Miami in bade Cohnty, Florida, for
f:
value received hereby promises to pay to bearer, or if this bond
=
-is registered as to principal ` then to the registered holder
hereof, solely from the revenues hereinafter specified, the sum
of Five Thousand Dollars ($5,000) on the first day of January,
19 and to pay, solely from said revenues, interest on said
r'
sum until paid at the rate of ___per cent i_ �6)
per annum, payable January 1, 1966, and semi - annually thereafter
on the first days of January and July of each year, with interest
a
due on and prior to maturity hereof payable only upon presentation
and surrender of the annexed interest coupons as they severally
become due. Both principal hereof and interest hereon are
payable'in lawful money of the United States of Ameri(za at
in the City of
,
or at the option of the holder, at
in the City of ,
it;
Bonds numbered 23 to 140, inclusive, of the issue of
which this bond is one, are callable for redemption prior to
g.' maturity at the option of the City on July 1, 1975 and on any
interest payment date thereafter, in inverse numerical order, at
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the principal amount thereof plus accrued interest to the date
fixed for redemption and a premium for each bond so redeemed
prior to maturity, of 1/4 of 1% of the principal amount of each
, sucl: bond for each calendar vear or part thereof in advance of
the calendar year in which such bond will under its terms mature,
however, in no event shall the - 'premium to be so paid exceed 4% of
the principal amount of any such bond so called for redemption.
Notice of the call" of any bond for redemption is to be given not
less than thirty '(30) days prior to the date fixed for redemption
by registered mail to the Bank or banks at which the bonds are
payable and by publication of an- appropriate notice one time in
a financial newspaper or journal published in the City of New
York, New York, or Chicago, Illinois. If any bond which is called
for redemption is at the time of such call registered as to
principal, thirty days notice of redemption shall be §iven by
registered mail to the registered holder at the address shown on
the registrar's registration books.
This bond is one of an 'issue of $700;000 bonds of like
tenor and effect, except as to maturity (interest rate) and
option of redemption, issued pursuant to the Constitution and Laws
of Florida and an ordinance adopted by the Mayor and City`Council
of said City on 1965, for the purpose of
paying the cost of constructing, improving, extending - municipal
improvements and utilities consisting of sanitary sewerage
collection facilities, force main facilities for disposal of
sewerage, a building to be used as a municipal library, public
parks, a public works facility, and the acquisition of land
necessary for such construction, improvements and extensions and
paying all expenses properly incident thereto and properly
-B.
incident to the authorization and issuance of the bonds of which
this is one. For the specific provisions governing the issuance
of the bonds of which this is one, including the rights of the
City to issue additional obligations on a parity and to amend
said ordinance with the consent of the holders of seventy -five
per -cent of all such bonds and parity' obligations, reference is
hereby made to the aforementioned ordinance.
This bond and the issue of which it is a part are
payable solely, as to both principal and interest, from the
proceeds of the tax imposed by said City on the purchase of
certain utility services, including electricity, metered gas, c
bottled 'gas, water and local telephone service in said City,,
And it is "provided in said ordinance that, to the extent necessary
to pay principal' of and interest--on the bonds payable therefrom
and to'carry out the provisions of said ordinance, said tax
Shall be levied and collected in the largest amount now permitted
by law and in such increased- amount as may hereafter become
permissible, and -that said tax as it is now being levied will
not be repealed or decreased, while any of such'bonds remain
outstanding. This bond, including interest hereon, is payable
solely from the proceeds -of said utilities tax and does not
constitute an indebtedness of the City of South Miami within the
meaning of any constitutional, statutory or charter provisiori'or
limitation; however, the City of South Miami has reserved the
right to make any payment for the benefit of the bonds of the
issue of which this 'is one from any otter legally available
source. It is expressly agreed by the holder of this bond that
such holder shall never have the right to require or compel the
exercise of the ad valorem taxing power of said City or the
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taxation--or 'assessment- of real estate in said -City -for the
payment of� the principal of or interest on this bond or the
making of any sinking fund, reserve or other payments provided
for in the above described ordinance. It is further agreed
between said City and the holder of this bond that this bond
and the obligation evidenced thereby shall 'not constitute a
lien upon any property of or in the City of South Miami but
shall constitute a lien only on the revenues hereinabove in
this paragraph "described.
This bond, with interest coupons hereunto appertaining,
is issued upon the following terms and conditions, to all of
which each taker and owner hereof and of the interest coupons
consents and agrees:
(a) Title to this bond, unless registered
as to principal, and`to the annexed interest coupons,
may be transferred by delivery in the same manner as
a negotiable instrument payable 'to ` bearer; and
(b) Any person in possession of this bond,
unless registered as to principal, or of the interest
coupons hereunto appertaining, regardless of the
manner in which he shall have acquired possession, is
hereby authorized to represent himself as the absolute
owner thereof, and 'is hereby granted power to transfer
absolute title thereto by delivery thereof to a
bona fide purchaser, that is, to anyone who shall
purchase the same for value (present or antecedent)
without notice of prior defenses or equities or claims
of ownership enforceable against his transferor; every
prior taker or owner of this bond and of the annexed
"Z
R
interest coupons, waives and renounces all of his
equities or rights therein in favor of every such
bona fide purchaser, and every such bona fide purchaser,
shall acquire abJ'olute title thereto and to all rights
represented thereby; and
(c) The City'of South Miami may treat the
bearer of this bond, or of the interest coupons hereunto
appertaining, as the absolute owner thereof for all
purposes without being affected by any notice to the
contrary.
It is hereby certified Ad recited that all acts,
conditions and thi-6§s required by the Constitution and
Laws of Florida and the charter of said City to happen,
exist, and be performed precedent to and in the issuance
of this bond'have happened, exist and ha:ve been performed
as so required.
This bond is one of an issue of bonds which were
validated and 'confirmed by decree of the Circuit Court
of theL Eleventh`Judicial Circuit of"the State 'of Florida
in and for Dade County rendered on 1965.
IN WITNESS WHEREO:, said City of South Miami has
caused this bond to be signed by the Mayor of said City,
attested by its Clerk (the signature of said Matilda S. Callan
being by facsimile), and a facsimile of the corporate seal of
said City to be imprinted hereon, ar C=has caused the interest
coupons hereto attached to be executed with the facsimile
signatures of said Mayor and City Clerk, all as of the first
day of July, 1965.
Mayor
ATTEST:
City Clerk Eel
4
4 �
N
M. NO. 520
(Form of Coupon)
Number $
On the first day of , 19 ,
unless the hereinafter mentioned bond is then subject to
redemption and has been called for redemption and provision
for the redem p tion there.of dul y made, the Ci` t
y of South Miami,
Florida, will pay to bearer at
in the City of or at
the option 'of' the holder, at
in the City of
the amount shown hereon sol'e'ly from the special fund referred
to in and "for interest then due upon its Public Improvement
Revenue Bond, Series 1965, dated July '1, 1965, and numbered
Attest:
Clerk
Mayor
EE
(Form of Registration Certificate)
The within bond may be registered as to principal
on books to be kept by the City Clerk of the City of South
Miami, as Registrar, upon presentation to such Registrar, who
shall make notation of such registration in the registration
blank below, and Iffits bond may be- trams-fin:red only
upon written assignment of the registered owner or his attorney
thereunto duly authorized or proved, such transfer to be made
on such books and endorsed thereon by the Registrar. it so
registered, this bond may thereafter be transferred to-bearer
and thereby transferability by delivery shall be rest6red'but
this bond shall again be subject to'successive registrations
and transfers as before. The principal of this bond if
registered, unless registered to bearer, shall be payable only
to the registered owner or'his legal representatives.
Notwithstanding the registration of this bond as to principal
the coupons shall remain payable to bearer and shall continue
to be transferable by delivery.
I
-Date.of Signature of
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ORD. 520
ARTICLE III
FLOW OF FUNDS
3.01 That rrom and aftca the issuance of any of the
bonds, and continuing until the payment of all bonds (including
parity bonds) as to principal and interest the proceeds•of the
utilities tax shall be and are hereby- pledged for the prompt
payment of principal of and interest on said bonds.
3.02 That said utilities tax shall be collected
diligently and shall, as collected, be deposited in a special fund
in a bank to be designated from time to time by the Mayor and
City Council, which bank shall be a.member of the _Federal Deposit
Insurance Corporation. Said fund, to be known as the "Utilities
Tax Revenue Fund, shall be held as a special trust account
separate and apart from all other City funds and shall be secured
in the manner required by law for the securing of' public ' funds.
3.03 That from the money in the Utilities Tax Revenue
Fund the City shall, on or before the 10th day of each month,
beginning with the month following delivery of the first of the
bonds herein authorized, transfer into a fund to be held by the
depository bank, and known as the "City of South Miami Public
Improvement Revenue Bonds Principal and interest Redemption Fund"
(hereinafter called the "Bond Fund ") and amount equal to one -sixth
of the interest payable therefrom on the next succeeding interest
payment date and, beginning on January 10, 1966,
one - twelfth of the principal payable
therefrom on the next succeeding principal payment date. During
the period immediately preceding the first interest payment date
after the delivery of the bonds, the amount deposited into the \
Bond Fund on`the 10th day of each month shall -, together with
_
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ORD. 520
accrued interest paid by the purchasers of the bonds and
deposited into the Bond Fund, be such as to ensure that there
will be on the next succeeding interest payment date sufficient
funds in the Bond Fund to pay the interest which will fall due
on the bonds on such date. Such payments shall be increased in
any month whenever and to the extent necessary to assure the
availability of sufficient °money' in the Bond Fund to pay currently
maturing principal and interest payable therefrom.
Money in the Bond Fund shall be paid out solely`for the
purpose of paying currently maturing principal of -and 'interest on
the bonds without priority or distinction among -the various bonds
(including parity bonds) 'which may be outstanding. Said fund
shall be held as a special trust account, the beneficial interest
in which shall be in the holders of the bonds from time to time
outstanding and shall' be secured to the fullest extent required
or permitted by laws of the State of Florida relating to`the
securing "of public funds. Money in the Bond Fund shall be invested
by the depository at` -the request of the City in direct obligations
of the United Stites of America or in certificates of` deposit of
a bank or trust company which is a member of the Federal Reserve
System, maturing or redeemable at the option of the holder at par
in such manner that said obligations may be liquidated at times
and in amounts sufficient to make all required q payments promptly
when due.
All accrued interest and premium, if any, received from
the purchasers of the bonds herein authorized shall be paid into
the Bond Fund upon the delivery of the bonds herein authorized.
11henever there shall be sufficient money in the Bond
Fund and in the Reserve Fund for which provision is hereinafter
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ORD. 520
made to retire all outstandni
ORD. 520
Money in the Reserve Fund shall bo used solely for the
purpose of paying currently maturing principal of anti interest
on the bands whenever and to the extent that there may be
insufficient money for the purpose in the Bond Fund; :provided
that upon the retirement of all "outstanding bonds money in the
Reserve Fund may be used for any 'lawful purpose including pay -
ment of redemption premiums. The Reserve Fund shall be secured
to the fullest extent required or 'permitted by the laws of the
State of Florida pertaininy"tb' the securng'of public funds and
shall, at the request of the City, be invested in direct obl.iga-
tions of the Un "ted States of America or in certificates of
deposit of'a bank or trust company which is a member of the
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Federal�Reserve System, maturing or optional for redemption at
the option of the holder not less than "ten years from the date
of purchase. "
3.05 That whenever necessary, the depository shall,
without further instructions, liquidate all investments in the
Bond Fund and the Reserve Fund, necessary promptly to make all
payments of currently'maturin'g principal and interest payable
therefrom. In the absence of bad faith said bank shall not be
responsible 'for loss incurred upon the sale of any such invest-
. ments on 'the open market. All interest and profits derived from
such investments shall be deposited n'the Bond Fund and, when
that fund is in its full required amount, shall be deposited in
the Reserve Fund. When both funds contain their maximum
accumulation such interest and profits may be used by the City
for any lawful corporate purpose.
3.OG That after all payments above required have been
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ORD. 520
made into the Bond Fund and the Reserve Fund, any deficiencies
in payme»ts into either or both of said funds shall be remedied,
and thereupon all money remaining in the Utilities Tax Revenue
Fund at the end of each month may be used by the City for any
lawful corporate purpose, including the payment c,f obligaticns
junior in the pledge of utilities tax proceeds to the bonds and
the purchase of bonds on the open market at a price no higher than
at which said bonds may be called for redemption on the next avail-
able redemption date. Any bonds so purchased shall be cancelled
and shall not be reissued.
The City hereby reserves the right to make any of the
payments above 'required from any other legally available-source,
and, to the extent-, that such payments shall have been-made when
due, the corres pondin 9 'payments from the proceeds of the utilities
tax -may be diminished.
ARTICLE IV
'COVENANTS AND UNDERTAKINGS
That the City of South Miami hereby covenants and agrees
with the original purchasers of each issue of bonds and with the
successive holders of said bonds from time to time that so long'as
any-bonds remain unpaid as to either `principal or interest:
4.01 That the City shall not repeal the Utilities Tax
Ordinance or decrease the utilities tax.
4.02 That to the extent necessary to carry out the,
provisions hereof, it shall increase the rate of such tax 'up "to
the highest rate now permitted bylaw and to the highest rate
which may hereafter become permissible.
4.03 That the City shall continue the imposition of
the utilities tax pursuant to the Utilities Tax Ordinance,
including every similar future ordinance which may be adopted in
lieu thereof, and shall allocate the proceeds of said tax as
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ORD. 520
as herein provided.
�L L04 That the Ci--y shall enact every substitute or
supplemental ordinance which may for any reason become legally
_ a
necessary.
4.05 That the City has legal and valid power to
impose and collect said utilities tax.
x.06 That there is by the adoption of this ordinance
and the delivery of each 'issue of bonds to the respective
purchasers thereof, vested in such purchasers and all subsequent
holders a contract right to the imposition, collection and
proper application of the utilities tax which will contkbue
unimpaired until all of the bonds have been paid in full, and
which is not sulSject to repeal, impairment or modification either
by the City or by the Legislature of the State of Florida, except
as provided in Article V hereof.
4.07 That the City will keep proper books of record
and account covering the collection of the utilities tax and the
use-made of the proceeds thereof and that all records with respect
thereto shall be available for inspection at all reasonable times
by the holders of any of the bonds. Within sixty (60) days
following the close of each fiscal year the City will supply to
any such holder who may have so requested a written statement
covering the receipt and dispostion of'the proceeds of such tax
during such fiscal year.
4.08 That all bonds shall enjoy complete parity of
lien on the revenues herein pledged to their payment despite
the fact that any of the bonds may be delivered at an earlier
date than any other of the bonds.
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F
ORD. 520
4.09 That it will-issue no other obligations of any
kind or nature payable from or enjoying a Lien on or pledge of
the proceeds of the utilities tax unless such obligations are
issued in such manner as to tie fully subordinate in all respects
to the bonds herein authorized; provided, however, that bonds may
be hereafter so issued under the following express restrictions
and condidtions:
4.091 The bonds or any part thereof may be refunded
with the consent of the holders thereof (except that`, as to
maturing bonds or bonds which are then 'optional 'for redemption
and have been properly called for redemption, such consent shall
not be necessary) and tfie refunding bonds so issued shall enjoy
complete equality of lien with the portion of "the bonds which is
not refunded, if any there be, and the refunding bonds shall
continue to enjoy whatever priority of lien over subsequent issues
may have been enjoyed by the bonds refunded, provided however,
that no refunding bond may mature at a date earlier or bear
interest at a rate higher than the corresponding bond refunded
thereby without the consent of the holders of the unrefunded
portion of the bonds then outstanding.
4.092 Additional bonds may also'be issued on a
parity with the bonds herein authorized if all the following
conditions are met:
4.0921 The utilities tax proceeds collected by
the City during twelve consecutive months of the last fifteen
months immediately preceding the issuance of the additional bonds
have been equal to 1.40 times the highest future annual principal
and interest requirement of all bonds then outstanding :
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ORD. 520
and the bonds so proposed to be issued.
4.0922 The payments required to be made into the
Bond Fund and the 1; Reserve Fund under the provisions of this
ordinance must not be in default.
4.0923 The additional bonds must be payable as to
principal on January I of each year in which principal falls
due'and payable as to interest on January and July 1 of each year
except that the first interest doe thereon may become due one
year from the date of the additional bonds.
ARTICLE V
MODIFICATION
5�01 The holders of seventy-five per cent (75%) -in
principal amount of the bon6s or parity bonds (not including .,. in
any case any bonds which may Ofeb be held or owned by or for the
account of the City, but includi-iig such bonds not owned by the
City as may have been issued 'for the purpose of'refunding bonds
payable from the Bond Fund), shall have the eight from time to
time to approve the adoption by the Mayor and City Council of any
amendment to this ordinance which may be deemed necessary or
desirable by the City; provided however, that nothing herein
contained shall permit or be construed to permit the modification
of the terms and conditions contained in this ordinance or in
the bonds so as to:
5.011 Make any change in the maturity of the bonds.
5.012 Reduce the rate of interest borne by any
of the bonds.
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c.
ORD. 520
5.013 Reduce the amount of the principal payable
on the bonds.
.5.014 Modify the terms of payment of'principal o
or interest upon the bonds or any of them,or impose any
conditions with respect to such payment.
5.015 affect the rights of the holders of Tess than
all of the bonds then outstanding.
5.016 Make any change in the provisions of this
Article.
5.02 If at any time the City Council shall have
proposed such amendatory ordinance, it shall cause notice of the
proposed adoption of-such ordinance to be published in a financial
newspaper or journal published in the City of New York, New York.
Whenever at any time within one year from the date cf
the first publication of said notice, there be filed in'the
office of the City Clerk an instrument or instruments executed
by the holders of at least seventy =five per cent (75)'in principal
amount of the bonds 'herein authorized then outstandin•g''specifically
consenting to and approving the adoption of the amendatory
ordinance, thereupon, but not otherwise, said ordinance shall
become effective and the provisions thereof binding upon the
holders of all of the bonds, and no holder of any bond whether
or not he shall have consented to or shall have revoked any
consent as in this Article provided, shall have any right to
object to the adoption of such amendatory ordinance or to the
operation of any of the terms or provisions thereof.
5.03 Any consent given by the holder of a bond
pursuant to the provisions of this Article shall be irrevocable
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At
ORD. 520
for a period of six'(6) months from the date of ,the first
publication of the notice aforesaid and shall be conclusive and
binding upon all future holders of the same bor. -1 during such
period. Such consent may be revoked at any time after six (6)
months from the date of the first publication of such notice
by the holder who 'gave such consent, or by a successor in title,
f
by filing notice with the City Clerk in form satisfactory -to it
of such revocation of consent, but such revocation shall not be
effective if the holders of seventy = five per cent (75 %) `in
principal amount of`the outstanding bonds have prior to the
attempted revocation consented to and approved the amendatory
ordinance.
Proof of the execut -on of any such instrument of
consent or the ownerghip'by any,person of such `bonds shall be
conclusive if made in the manner provided in this Article. The
fact and date of the execution by any person of any such
instrument of consent mpy be proved by the affidavit of a'wAness
of such execution or by the certificate of any Notary Public or
other offi::er authorized by law to take acknowledgment of deeds,
certifying that the person signing such instrument of consent
acknowledged to him the execution thereof.
The amount of bonds owned by any person executing any
such instrument of consent, the distinguishing numbers of bonds
and.the date of his holding the same may be proved by a
certificate executed by any trust company, bank, banker, or
other depositary if such certificate shall be deemed satisfactory
by "the City Council showing that at the date therein mentioned
such person had on deposit with such depositary, or exhibited
_15-
ORD. 520
to it, the bonds therein described; or such facts may be proved
by the certificate or affidavit of the person executing such
instrument of consent if such certificate or affidavit shall be
.r
deemed satisfactory by the City Council. The City Count`il may
nevertheless in its discretion require further proof in cases
where it deems further proof desirable.
ARTICLE VI
SALE OF BONDS
G.01 That the bonds herein authorized shall be sold
at public sale at one time or in blocks from time to-time, pursuant
to resolution to be hereafter adopted by the Mayor and City
Council. So much of theproceeds'of sale as represents accrued
interest and premium, if any, shall at the time of the delivery
of 'the bonds'to -the purchaser be paid into the Bond Fund. So
much of the remainder of the proceeds of sale as is not required
for the payment of incidental fiscal, legal and engineering
expenses which are due and owing at the time of the issuance of
the bonds shall be deposited in a special trust account in 'a
bank or banks in the City of South Miami, Florida. Said bank'or
banks in the City of-South Miami, Florida shall hold and `dispose
of said proceeds in accordance with the terms of a letter which
shall be directed to said bank or banks and executed by the Mayor
and City Clerk of the City of South Miami. Such letter shall
provide, among other things, that upon recommendation of either
the City Manager or the Finance Director of the City, the money
from time to time on deposit in the Construction Account may be
invested in obligations of the United States of America or in
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rt
k.
1
ORD. 520 — — —
certificates of deposit of a bank or trust company which is a
member of the Federal Reserve System, maturing or optional for
redemption at the option of the holder not more than ninety (90)
days from the date of investment.
ARTICLE VII
MISCELLANEOUS
7.61 That GEORGE B. HARDIE, JR., as attorney for
the City, is hereby authorized and directed to take appropriate
proceedin.Js -in the Circuit Court of the Eleventh Judicial Circuit
of Florida, in and for Dade County, for the validation of said
bonds, and the Mayor and City Clerk are authorized to sign any
pleadings in such proceedings for and in behalf of the City
Council of the City of South Miami.
7.02 That this ordinance shall be published one time
by caption in the Miami Herald, a newspaper of general circulation
in the City of' South `Miami as soon as may be after its adoption
and shall be in full force and effect immediately upon such
publication.
7.03 That if any section, paragraph, clause or
provision of this ordinance or the application of any of the
pledged revenue to the payment of principal of and interest on
the bonds shall be held to be invalid or unenforceable for any
reason, the invalidity or unenforceability of such section,
paragraph, clause or provision or of the application of such
pledged revenue to the payment of such principal and interest,
shall not affect any of the remaining provisions of this ordinance,
or the application of the remainder of such pledged revenue to
the payment of such principal and interest.
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ORD. 520
7.04 That all ordinances and orders, or parts
thereof, in conflict-herewith are, to the extent of such
conflict, hereby repealed.
Adopted and approved June 7, 1965.
mayor
Attest:
`City C16rk
(Other business not pertin6ht to the above appears
in the minutes of the meeting.)
Pursuant to motion duly made and carried the City
Council adjourned.
Mayor
Attest:
a, ez-
City' C-Ierk
I, Matilda S. Callan, do hereby certify that I am
the duly qualified and acting City Clerk 6f the City of
South Miami, Dade County, Florida.
I further certify that the above and foregoing
constitutes a true and correct copy of the minutes of meetings
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of the City Council of said City held on May 17 and June 7,
1965, and of an ordinance adopted at said meetings,, as said
minutes and ordinance are officially of record in my possession.
1N WITYESS' WIMRBOF, I have hereunto subscribed my
official signature and impressed hereon the official seal of
the City of Soutli- Miami !:his 8th-- -day -of June; - 1965.
s City Clerk
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3 ":
2
M
THE CITY OF /',���
CL ff/ • •
0180 Oman" Delp — Oomth =&=I 48. Florida
OFFICE June 9, 1965
OF TIM
CITY ctmm
The Miami Herald
1 Herald ] lA a
Miami, Florida
Gentlemen:
Please-publish the following legal notice one time only,
at the earliest possible date.
Purchase Order #6441 has been assigned for the charges, and
may we have proof of publication with your bill.
Very truly yours,
t�iairlda�s: '�Ca�1����:C•t.�<✓
City Clerk
LEGAL NOTICE
At the regular council meeting June 7, 1965, an Ordinance
No. 520 was adopted on third and final r'eading in' ` its
entirety, by unanimous vote of. the City Council of South
Miami, Florida, caption as follows:
ORDINANCE NO. 520
AN dRDINANCE authoe zing the issuance of
$700,000 Public Improvement Revenue Bonds,
Series 1965, of the City of South Miami,
Florida, (providng for the payment and sale
of such bonds, entering into certain covenants
and agreements in that connection.
Matilda S. Callan,
City Clerk
June 1965 City of South Miami.
South Miami, Florida
May 18, 1965
The.Mayor and City Council.of i:he City of South
Miami, Dade County, Florida, met in regular session at the
regular meeting place of the Council in the City Hal l'in the
City of South Miami at 8:00 o'clock P.M. oh'May 17, 1965.
There were present Mayor Clyde M. Taylor and the following
Councilmen, to -wit:
John W. Brau, Councilman
Ed J. Corley, Councilman
Richard G. Doyle, Councilman
Joe H. Kline, Councilman
Jean H. Willis, Councilman
Absent: None.
There was also present Matilda S. Callan,
City Clerk.
After the roll had been called with the above results,
an ordinance entitled:
"ORDINANCE NO. 520 •
AN ORDINANCE auth6rizing' the issuance of
• „ T...
$700;000'Public Improvement Rebenue'Bonds,
Ser "ies 1965, of `the City "of South Miami,
Florida, pr``ovdang'"for "the payment and
sale of such bonds, entering 'into certain
covenants and agreements in that connection."
was introduced in - written form by Councilman Willis and was
read in`full. Thereupon, pursuant td motion made by
Councilman Brau and seconded by Councilman Richard G. Doyle,
Attest:
174e
"'— City Cierk
MPZ
Mayor
the ordinance was adopted on first reading by affirmative
vote of not less than four-fifths of the members of the City
Council, to-wit:
Aye: Councilman John W. Brau.
Councilman Jean H. Willis
_-
Councilman Ed J. Corley
Councilman Richard G. Doyle
Councilman Joe H. Kline
Nay: None.
The or(finance was thereupon read again by caption.
Thereupon, pursuant to motion'auly made and carried,
the City Council adjourned to meet agakfi'ait 8:60 o'clock P.M.,
on-June 7, 1965, for consideration of the above described
ordinance upon final reading.
C! A- M M= for
Attest:
174e
"'— City Cierk
MPZ
Mayor
ti
I
r"
South Miami, Florida
June 8, 1965
The Mayor and City Counbil of the City of South Miami,
Dade County, Florida, met in regular session at the regular
meeting-place of the Coun6 , 11 in -the City Hall-in the City of
South Miami at 8-00 o'clock P.M. on June 7, 1965. There were
present Mayor Clyde M. Taylor and the 'following coun-d'ilMent
to-wit:
John W. Biau, Councilman
Ed J. Corley, Counciiman
Richard G. Doyle, Councilman
Joe H. Kline, Councilman
Jean H. Willis, Councilman
Absent: None
There was also present Matilda S. Callan, City Clerk.
After the roll''"had been called with the above results,
the following ordinance wliiA had been read in full and passed
on-,first reading at the meet'in'g of the City Council held on
May 17, 1965, and which had been given its second reading by
caption at said meeting, was brought up for consideration on
third reading. The ordinance was again read in full and
thereupon pursuant to motion-made by Councilman Kline and
seconded by Councilman Willis, was adopted on third reading
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by affirmative vote of not less than four - fifths of the members
o� tue City Council, to -wit:
Aye: Councilman John W. Brau
Councilman Jean H. Willis
Councilman Ed J. Corley
}' Councilman Richard G. Doyle
Councilman Joe H. Kline
Nay: None.
The ordinance was thereupon signed by the Mayor in
token of his approval, was attested by the City Clerk, and
is as follows:
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