Appendix — Ex parte Mitchell

IN THE UNITED STATES CIRCUIT COURT OF AP-

PEALS IN AND FOR THE FIFTH CIRCUIT.

No. 1867-M-Bankruptcy.

ED. C. WRIGHT & COMPANY, ET AL.,

Appellants,

versus

CITY OF CORAL GABLES, FLORIDA,

Appellee.

TRANSCRIPT OF RECORD ON APPEAL.

On June 27, 1940, Petition for Composition of Debts

was filed in words and figures as follows, to-wit:

PETITION FOR COMPOSITION OF DEBTS.

Filed June 27, 1940.

In the United States District Court in and for the South-

ern District of Florida, Miami Division.

In the Matter of:

The City of Coral Gables, Florida.

In Bankruptcy No. 1867.

To: The Honorable, the Judges of the United States Dis-

trict Court in and for the Southern District of Florida:

Comes now your petitioner, The City of Coral Gables,

Florida, and represents unto the Court that it is a munici-

pal corporation, created, organized and existing under the

—— —

laws of the State of Florida, particularly Chapter 13,972,

Special Acts of 1929, as amended by subsequent laws;

that such municipality is located in Dade County, Florida,

and that the said The City of Coral Gables is a municipal-

ity within the meaning of Sections 81, 82, 83 and 84 of

Chapter Nine of the Acts of Congress relating to bank-

ruptcy, and as such, is entitled to file a petition in this

Court under the provisions of said Acts of Congress in

order to effect a plan of composition of its debts; that this

petitioner, as such municipality, is located and situated

within the territorial jurisdiction of the District Court of

the Unted States, in and for the Southern District of

Florida, and in the Miami Division thereof; that this peti-

tioner is authorized to proceed under the Acts of Congress

aforesaid, on account of unpaid principal and interest due

by your petitioner evidenced by its outstanding bonds

and interest coupons, and on account of the unpaid prin-

cipal and interest upon outstanding judgments and other

debts as hereinafter set forth; that all of the said indebted-

ness of said City evidenced by such bonds, interest cou-

pons, judgments and other debts constitute and are general

obligations of The City of Coral Gables, Florida, petitioner

herein, payable by the levy of ad valorem taxes to be

levied upon all the taxable property within the corporate

limits of your petitioner, excepting the two following

judgments, to-wit, in favor of Parker Maxwell in

the principal amount of $274.65, with interest to

January 1, 1937, in the amount of $50.12, and

in favor of E. B. Connolly in the principal amount of

$765.28 with interest to January 1, 1937, in the amount of

$140.34, and Refunding Bonds, Second Series, Nos. SB81

to SB119, inclusive, and SB128 and SB129 in the principal

amount of $20,500.00, and Tax Participation Certificates,

Second Series, Nos. SC- to SC214, inclusive, and SC276

in original principal amount of $107,014.80, exchanged

for accounts payable and due to the Florida Power & Light

3

Company, and that the said last named judgments and

refunding securities exchanged for the said accounts are

payable by the levy of ad valorem taxes to be levied upon

all property within the corporate limits of your petitioner,

which is not exempt as ‘homestead under the present con-

stitution of the State of Florida.

1. Your petitioner further shows that in December of

1936 The City of Coral Gables proposed to its creditors,

the holders of bonds, interest coupons and other debts,

a plan of composition of its debts providing for the ex-

change of new evidences of indebtedness, which said plan

of composition was designated as “Readjustment and Re-

funding Plan of 1937”, wherein was set forth the terms

upon which bonds, interest coupons and judgments and

other debts of said City might be compromised and evi-

denced by new forms of indebtedness, which debt read-

justment and refunding plan is fully set forth in Ordin-

ance No. 269, adopted by the City Commission of The City

of Coral Gables on December 23, 1936, a printed copy

of which is filed herewith marked Exhibit “1”, and by

reference made a part hereof; and that on the 4th day of

September, A. D. 1937, The City of Coral Gables enacted

Ordinance No. 289, modifying the plan of refunding set

forth in Ordinance No. 269, copy of which Ordinance No.

289 is filed herewith marked Exhibit “2”, and by reference

made a part hereof. After the adoption of Ordinance No.

289 the petitioner procured the agreement of most of its

creditors to the modification of said plan, which was made

necessary by the ruling of the Supreme Court of the State

of Florida in the proceeding for the validation of the said

refunding securities.

2. Your petitioner further shows that it filed in the

Circuit Court in and for the Eleventh Judicial Circuit of

the State of Florida, Dade County, its petition for the

validation of the Refunding Bonds and Tax Participation

4

of January 1, 1937, as authorized by

, and the said Circuit Court did, on the

A. D. 1937, enter its final decree vali-

the said Refunding Bonds and Tax Participation

as to the said obligations of the

City specifically enumerated in said Ordinance No. 289

(exhibit 2), and that thereafter the City appealed the

said cause to the Supreme Court of the State of Florida

Court, rendered on the 30th day of July, A. D. 1937, the

City enacted Ordinance No. 289, so modifying the Plan of

Refunding as to make it conform to the opinion of the

Court.

3. That in accordance with the terms and provisions of

said Ordinance No. 269, as amended by Ordinance No. 289,

during the month of September 1937 and subsequent there-

to, The City of Coral Gables issued Refunding Bonds of

the Issue of January 1, 1937, in the total principal amount

of $3,954,016.98 and Tax Participation Certificates of the

Issue of January 1, 1937, in the total principal amount of

$6,568,751.57 and exchanged them with the owners and

holders of the old bonds and debts of the petitioner in the

total principal amount of $7,908,033.95 and old coupons

and interest due in the total amount of $2,614,734.60,

making a total of $10,522,768.55 old debt exchanged. These

exchanges were made and consummated between the

petitioner and the holders of its old bonds and coupons and

other debts during the period beginning in the month of

September 1937 and the day of filing this petition.

Your petitioner further shows that its total debt of all

classes outstanding as of January 1, 1937, including prin-

cipal, interest coupons, and other interest, was $11,182,-

584.19; that your petitioner has purchased or acquired,

for its sinking fund or for the use and investment of its

funds other than those established by Ordinance No. 269,

as amended by Ordinance No. 289, for the service and re-

tirement of the refunding securities of January 1, 1937,

$475,198.98 of the Refunding Bonds and $234,746.92 of

the Tax Participation Certificates of the Issue of January

1, 1937, making a total of $709,945.90 of the refunding

securities which it owns, holds or controls, or has can-

celed and which your petitioner has omitted from the

further statements, figures and exhibits of this petition,

excepting only those of the previous paragraph and in

Exhibit “E”, filed herewith and by reference made a part

hereof; and that the remaining $10,472,638.29 represents

the January 1, 1937, value of petitioner’s present debt to

others, as shown in detail in Exhibit D“, filed herewith,

and by reference made a part hereof, which Exhibit “D”

is an analysis of the outstanding indebtedness of The City

of Coral Gables, as of the date of this petition, in terms,

as to value and class, of the debt existing on January 1,

1927. Of the total outstanding indebtedness in the amount

of $11,182,584.19 as of January 1, 1937, $10,522,768.55 was

exchanged for the refunding securities of January 1, 1937,

as shown by the foregoing 1 and $659,815.64 re-

mains unexchanged.

4. The plan of composition set forth in the said ordi-

nances is for an exchange of old bonds, other debts and

interest for Refunding Bonds and Tax Participation Cer-

tificates as of the principal and interest amount of the

old obligations on January 1, 1937. The Refunding Bonds

are dated January 1, 1937 and mature July 1, 1977, and are

authorized to be issued in the amount of one-half of the out-

standing principal debt. The Refunding Bonds bear interest

at the following rates: 2½ per cent for 3 years, 3 per cent

for the next 6 years, 314 percent for the next 2 years, 4 per

cent for the next 5 years, 41% per cent for the next 10 years,

5 per cent thereafter to maturity, and there are specific

annual requirements for the payments into the sinking

fund after the tenth year, which fund is to be used period-

ically for retirement of bonds by purchase or by call by

lot. During the first ten years of the life of the Refund-

ing Bonds the City is obligated to buy and cancel $500,-

000.00 of the bonds from collections of delinquent tax

liens.

Tax Participation Certificates are dated January 1, 1937,

and are authorized to be issued for the remaining half of

principal debt and accrued interest to January 1, 1937.

These certificates are, in effect, liquidating certificates,

have no maturity, bear no interest, and are payable only

from surpluses in debt service collections for these refund-

ing issues, as hereinafter described in the following para-

graph. These certificates expire regardless of unpaid

balance thereon upon the payment on December 31, 1977,

of all moneys in the surplus fund set aside for them as

of December 15, 1977, and after this payment the City

has no obligations under the certificates.

To service and retire these Refunding Bonds and Tax

Participation Certificates, the petitioner covenants to as-

sess all property at full market value; to levy annually

such millages as may be necessary for the interest and

sinking fund requirements of the Refunding Bonds, and

never less than: 6 mills for the first 5 years; 7 mills for

the next 5 years; 7% mills for the next 10 years; and

8 mills thereafter; to apply proceeds of such levies first

to the payment of interest and sinking fund require-

ments of the Refunding Bonds, and annually distribute

pro-rata to the Tax Participation Certificates, as liquidat-

ing dividends, any money remaining after the payment

of the bond interest and sinking fund requirements.

The effect of the settlement is to give to the creditors

of the petitioner interest bearing bonds up to the limit

7

of the petitioner’s reasonable ability to service and repay,

and in addition a form of security which will enable the

creditors to share in the future growth and development

with the possible, and not improbable, result that by the

end of the term of the refunding securities, they will re-

ceive the entire amount owed to them as of January 1,

1937, including accrued interest to that date, and during

the term of the securities the creditors will receive in-

terest on that portion of the debt (one-half of the prin-

cipal) exchanged for Refunding Bonds.

5. Your petitioner has, each fiscal year beginning July

1, 1937, since the refunding of its indebtedness levied the

full debt service millage required by Ordinance No. 269,

and now has on hand funds to pay the mature interest

coupons on all of the Refunding Bonds and the annual

dividends upon Tax Participation Certificates held by the

petitioner duly executed and ready for exchange with the

present owners and holders of old bonds and other debts

of the petitioner, which have not been exchanged.

6. Your petitioner further shows that on March 5, A.

D. 1940, the City Commission of The City of Coral Gables

enacted Ordinance No. 347 being an ordinance declaring

the necessity of the filing of a petition in bankruptcy,

adopting the refunding plan set forth in Ordinance No.

269, as amended by Ordinance No. 289, as a plan of com-

position in such bankruptcy proceedings, and authorizing

the City Attorney to file this petition, copy of which

Ordinance No. 347 is filed herewith marked Exhibit “3”,

and by reference made a part hereof.

7. Your petitioner further shows that in the partial

completion of its said plan of composition as hereinbefore

set forth, there have been exchanged and canceled old

bonds of the outstanding series and other debts, and inter-

est, as listed in Exhibit E“, filed herewith and by

ference made a part hereof. The several

coupons so exchanged have been canceled by the peti

and the debts have been released and satisfied. For the

above old bonds and other debts so delivered for exchange,

together with interest coupons and interest on matured

bonds, and interest on said debts, there have been de-

livered to various and sundry creditors of the petitioner

the new evidences of indebtedness described and listed

in Exhibits “A” and “B”, filed herewith and by reference

made a part hereof, Exhibit “A” being, “List of Formal

Written Consents or Acceptances to the Plan of Composi-

tion, filed by owners of Refunding Bonds and Tax Partici-

pation Certificates of the Issues of January 1, 1937”, and

Exhibit “B” being, “List of Refunding Bonds and Tax

Participation Certificates of the Issues of January 1, 1937,

which have been issued in exchange for Original Debts

surrendered under the Plan of Composition, but as to

which the present owners have not filed Formal Written

Consents or Acceptances.”

None of the Refunding Bonds and Tax Participation

Certificates listed in Exhibits “A” and B“ are owned,

held, or controlled by the petitioner.

8. Your petitioner further shows that there now re-

mains outstanding in the hands of creditors of the peti-

tioner, other than the Refunding Bonds and Tax Participa-

tion Certificates aforesaid, the securities and debts listed

in detail in Exhibit “C”, filed herewith and by reference

made a part hereof, Exhibit “C” being, “List of Original

Bonds or Debts, and Accrued and Unpaid Interest to Janu-

ary 1, 1937, not exchanged for the Refunding Issues and

not Consenting to or Accepting the Plan of Composition,

showing last known owner.” Exhibit “C” also shows all

unpaid judgments and the bonds, coupons and other in-

terest thereon of the petitioner, upon which said judg-

ments are based.

9. Your petitioner further shows that the plan of com-

position proposed by the petitioner to its creditors is that

hereinabove set forth and as shown by the terms and con-

ditions of the aforesaid Ordinances No. 269 and 289 (Ex-

hibits 1 and 2). The creditors of petitioner who have ac-

cepted said plan in writing and consented thereto, to-

gether with their addresses and respective securities, are

as listed in said Exhibit “A” above referred to.

The said creditors of your petitioner named and listed

in said Exhibit “A” own not less than 51 per cent, in

amount of the securities affected by the aforesaid plan of

composition, and the securities listed in Exhibit “A” do

not include any such securities which are owned, held or

controlled by the petitioner, and the said creditors have

accepted the said plan of composition in writing as afore-

said.

A form of acceptance executed by said creditors is filed

herewith, marked Exhibit “4” and by reference made a

part hereof. All of the original acceptances executed by

said creditors are bound in volumes marked Exhibit “5”

and Exhibit “5A”, and by reference made a part of this

petition.

10. Exhibits “A”, B“ and C“, filed herewith, contain

a complete list of all known creditors of the petitioner

owning bonds, judgments and other debts issued and in-

curred by the petitioner which will be affected by the

plan of composition herein proposed, and the said lists

contain the addresses of all known creditors insofar as

known to petitioner and a description of their respective

securities, Exhibit “A” showing those who have accepted

the plan of composition together with their separate ad-

10

dresses, and Exhibits “B” and “C” showing those who have

not accepted the said plan of composition, together with

their respective addresses, insofar as known to petitioner.

11. Your petitioner further shows that the assessed

valuation of all taxable property, real and personal, with-

in the territorial limits of your petitioner and liable for

the levy of ad valorem taxes for the payment of the afore-

mentioned principal and interest, both refunded and un-

refunded, as the same appears upon the assessment rolls

of your petitioner for the tax year 1939, is the sum of

$24,069,877.00. That included in said assessed valuation is

the assessed value of vacant lands in the amount of $3,-

478,867.00, the taxes against which have been delinquent

for periods up to ten years and were then and are now

uncollectible and cannot be relied upon as revenue sources

for payment of obligations of the City. This leaves an as-

sessed valuation upon which the petitioner can safely an-

ticipate the collection of taxes in the amount of $20,591,-

010.00. That such taxable property as shown by such as-

sessment roll is assessed at full value and for a much

larger sum than the same is assessed for taxation purposes

by the County of Dade, State of Florida, wherein your pe-

titioner is situated.

That during the fiscal years 1929-30, to and including

1933-34, the amounts collected by this petitioner for taxes

levied for operating purposes and for the purpose of pay-

ing the principal and interest upon such outstanding obli-

gations were wholly insufficient to provide for the neces-

sary operating expenses of the petitioner and for the pay-

ment of principal and interest of such outstanding obliga-

tions as the same severaily matured. During the said

years the tax collectibility in The City of Coral Gables was

so low that the petitioner had difficulty in financing the

essary municipal operations. During these years prac-

11

tically none of the taxes levied against the unimproved or

vacant properties in The City of Coral Gables, comprising

some twenty · odd thousand lots, were paid; that during the

fiscal years 1935 to 1939, both inclusive, the amounts col-

lected by this petitioner for taxes levied solely for the

purpose of paying the principal and interest upon such

outstanding obligations have been wholly insufficient to

provide for the payment of principal and interest of all

such outstanding obligations as the same severally ma-

tured.

As of January 1, 1937 your petitioner had outstanding

a bonded indebtedness in the principal amount of $7,977,-

000.00, upon which unpaid interest accrued to January 1,

1937 aggregated $2,659,192.31; and as of said date your

petitioner had outstanding other indebtedness in the prin-

cipal amount of $412,073.90, upon which unpaid interest

accrued to January 1, 1937 aggregated $134,31".98. Of the

above principal amount of indebtedness $2,73 „473.90 was

past due on January 1, 1937. After January 1, 1937 the

current annual interest accruals on the aforesaid outstand-

ing indebtedness were in approximately the amount of

$500,000.00, and the current annual principal maturities of

the aforesaid indebtedness were in approximately the

amount of $450,000.00. It was impossible for your petition-

er, with its limited tax collectibility, to pay even the cur-

rent annual interest on said bonds as it accrued, and equal-

ly as impossible for your petitioner to pay the current an-

nual principal maturities as they became due.

Your petitioner further shows that during the entire

period from the years 1930 to 1939, both inclusive, this

petitioner has been in default in the payment of both

principal and interest upon its old outstanding obligations

and indebtedness, and that during such period of time

there have occurred the greatest financial depressions in

Your petitioner further shows that during the year

1937 and subsequent thereto it has been commanded by

peremptory writs of mandamus, issued out of the Federal

Court, to make additional levies for the payment of prin-

cipal and interest due under certain unexchanged obliga-

tions. Your petitioner further alleges that if this debt

service tax burden is increased by the additional levy

necessary to take care of the unexchanged old bonds and

coupons not already placed in judgment, then there is

grave danger that the financial structure of your petitioner

would break down and its progress and growth would be

impeded and deterred, and the only way your petitioner

can avoid this disastrous result and avoid the detrimental

effect of such a result upon its creditors is through this

municipal bankruptcy proceeding.

12. Your petitioner further shows that the state and

county taxes levied and assessed upon the taxable prop-

erty within the limits of your petitioner is 68.375 mills

13

on the dollar of the county assessed value, equivalent to

17.09 mills on the approximate full value, and that such

taxes are an overlapping or additional tax burden upon

the property within the boundaries of The City of Coral

Gables, and as such are a factor of limitation upon the tax

millage which can be successfully levied by your petition-

er.

13. Your petitioner further shows that the amount of

the bonded and other indebtedness of your petitioner, out-

standing at the time of the institution of the proposed plan

of composition aforesaid, and at this time is so great that

it is impossible for your petitioner to pay the same as it

matures, and that your petitioner is insolvent and unable

to pay its indebtedness as the same has matured, is matur-

ing and will mature in the future, and that petitioner de-

sires to effect the plan for the composition of its debts

as set forth in this petition.

14. Your petitioner further shows that it desires to

complete and consummate the plan of composition as

hereinbefore set forth; that the holders of such securities

as have been exchanged constitute approximately 94.1 per

cent. of the old securities affected by said plan of composi-

tion; and more than 51 per cent. of all outstanding securi-

ties affected by said plan, exclusive of those owned, held

or controlled by your petitioner, having consented in writ-

ing to the same, your petitioner is qualified under the said

Municipal Bankruptcy Law to file this petition.

Your petitioner further shows that by Ordinance No.

347 (exhibit 3) adopted on the 5th day of March, A. D.

1940, your petitioner has re-adopted the aforesaid Ordin-

ances Nos. 269 and 289 (exhibits 1 and 2) as a plan of com-

position and has authorized this petition to be filed in this

Court for the purpose of completing and consummating

the plan of composition hereinbefore outlined and set

forth.

14

Your petitioner further shows that there are filed here-

with lists or schedules marked Exhibits “A”, “B” and “C”

showing the names and, so far as known to petitioner, ad-

dresses of all creditors of petitioner, classified as follows

to wit:

Exhibit A“ List of Formal Written Consents or Ac-

ceptances to the Plan of Composition, filed by owners

of Refunding Bonds and Tax Participation Certificates of

the Issues of January 1, 1937.”

Exhibit “B”—“List of Refunding Bonds and Tax Par-

ticipation Certificates of the Issues of January 1, 1937,

which have been issued in exchange for Original Debts

surrendered under the Plan of Composition, but as to

which the present owners have not filed Formal Written

Consents or Acceptances.”

Exhibit C“: “List of Original Bonds or Debts, and

Accrued and Unpaid Interest to January 1, 1937, not ex-

changed for the Refunding Issues and not Consenting

to or Accepting the Plan of Composition, showing last

known owner.”

The above and foregoing schedules show the names and

addresses, amounts and kind of securities held by said

creditors so far as the same are known to your petitioner,

and in the instances where the addresses of such creditors

are unknown, the names and addresses of the attorneys of

record representing such creditor or creditors in the last ·

proceedings had in the Courts in the State of Florida and

in the Federal Court are shown; that petitioner has exer-

cised reasonable diligence in order to ascertain the names

and addresses of holders of such securities as above classi-

fied and has set forth all information relative to unknown

owners as petitioner has been able to ascertain.

15. Your petitioner further shows that it has diligently

attempted to fully consummate said plan and to bring

15

under the operation and effect of the same all outstanding

securities, but that at the time of the filing of this peti-

tion it has been unable te exchange $326,000.00 principal

amount of old bonds, of which $65,000.00 is now past due;

that some of the petitioner’s creditors who have not ex-

changed their securities as aforesaid, in order to effect a

preference by suits or judgments or writs of mandamus,

have, or will interfere with the orderly consummation and

carrying out of said plan with fairness to all creditors, and

that it is, therefore, necessary in order to consummate and

fully complete said plan, that proceedings in bankruptcy

under the terms and provisions of the acts aforesaid be

filed and had, and that those creditors which have not yet

accepted said plan be stayed and enjoined from commenc-

ing or instituting proceedings, or continuing proceedings

already instituted, to effect a preference over the creditors

who have accepted said plan, and that such orders or de-

crees may be entered in this cause as may be necessary to

stay all such proceedings; that this petition is being filed

in good faith and in the name of and on behalf of the

petitioner by the officers thereof duly authorized by law

to take such action in its behalf, and that the filing of

said petition was duly authorized by Ordinance No. 347

of the City Commission of The City of Coral Gables, Dade

County, Florida, duly adopted at a meeting held on the 5th

day of March, A. D. 1940, (exhibit 3). Creditors of your

petitioner owning more than fifty-one per centum (51%)

of the amount of securities affected by the plan, exclusive

of those owned, held or controlled by the petitioner, have

filed their consents in writing to such plan of composition

and readjustment and to the filing of this petition.

Wherefore, your petitioner prays that this petition may

be held to have been filed in good faith and that it may

be approved as properly filed under the terms and pro-

visions of Sections 81, 82, 83 and 84 of Chapter Nine of the

Acts of Congress, relating to Bankruptcy; and that an

— a

fected by the plan of composition, and to enjoin or

plan shall be temporarily operative with respect to all

securities affected by the plan, and that all further pro-

ceedings and decrees may be had herein as are or may be

provided for in the aforesaid Sections 81, 82, 83 and 84 of

Chapter Nine of the Acts of Congress relating to bank-

THE CITY OF CORAL

GABLES,

By PAUL W. McGARRY,

(Corp Seal) Mayor.

City Clerk.

City Attorney.

Of Counsel for Petitioner.

State of North Carolina,

County of Henderson.

Paul D. McGarry, being first duly sworn, on oath de-

poses and says: that he is Mayor of The City of Coral

17

Gables, Dade County, Florida, petitioner; that he has read

the above and foregoing Petition, and that the matters and

things therein alleged are true.

Dated at Hendersonville, County of Henderson, State of

North Carolina, this 26th day of June, A. D. 1940.

PAUL W. McGARRY,

Mayor.

Subscribed and Sworn to before me this 26th day of

June, A. D. 1940.

VERA ORR,

(N. P. Seal) Notary Public.

My Commission expires: October 17, 1940.

State of Florida,

County of Dade.

G. N. Shaw, being first duly sworn, on oath deposes and

says: that he is City Clerk of The City of Coral Gables,

Dade County, Florida, petitioner; that he has read the

above and foregoing Petition, and that the matters and

things therein alleged are true.

Dated at Miami, Dade County, Florida, this 27th day of

June, A. D. 1940.

G. N. SHAW,

(Corp. Seal) City Clerk.

Subscribed and Sworn to before me this 27th day of

June, A. D. 1940.

EILEEN E. GRAHAM,

(N. P. Seal) Notary Public, state of Flor-

ida at Large.

My Commission expires: 9/3/42.

On January 27, 1940 Petitioner’s Exhibits C, D, 1, 2, 3

and 4 to Petition for Composition of Debts, were filed

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55

EXHIBIT D.

Analysis of the outstanding indebtedness of The City of Coral Gables, as of the date of the filing

of the attached petition, in terms as to both value and class, of the debt existing on Janu-

Payable from levies against all taxable ary 1, 1937, the date of the refunding issues.

value.

Debts Exchanged for the Refunding Securities

of January 1, 1937 Debts Unexchanged

Principal Interest Total | Prineipal Interest Total

Bonds of the original issues from December 1, 1925 to

July 1, 1930, ine „ 86,982,500. 00 a $326,000.00

Interest coupons past due, and interest on past due bonds

from maturity to January 1, 19377. 2,393,104.21 118,286.52

Notes Payable ........---.---ceeeewercrcrecceeeeeerees 161,037.29 -oO—

Interest on Notes Payable to January 1, 1937. 68,786.08 2

Judgment „„ 54,299.35 154,000.00

Interest on Judgments to January 1, 193/727. 25,580.92 60,298.73

$7,197,836.64* $2,487,471.21* $9,685,308.85* $480,000.00 $178,585.25 $658,582.25

The above are now evidenced by refunding bonds, first

series, issue of January 1, 193. $3,458,318.00

and by

Tax Participation Certificates, first series, issue of Janu-

ary 1, 10s2ẽ·ꝙ„ĩ.„,, „„ 6,226,989.85

$9,685,307.85

bee eee ess e eee $7,291,583.53

Interest on Accounts Payable, to January 1, 1937 .

Judgments 1.039.93

Interest on Judgments to January 1, 1937777. 5 190.46

395,315.05“ $32,199.75°* 63127,514.860““ $1,039.93 $190.46 $1,230.39

Summary.

**The above are now evidenced by refunding bonds, $20,500.00 Debts Exchenged for Refunding

second series issue of January 1, 1937 :

and by

Tax Participation Certificates second series, issue of

107,014.80

$127,514.80

Of which consents to this petition have been filed by the

$107,014.80 7 . $9,812,822.65

57

An Ordinance #269.

Authorizing a Readjustment and Refunding to The Out-

standing Indebtedness of The City of Coral Gables by

the Issuance of Refunding Bonds and Tax Participa-

tion Certificates.

Whereas, The City of Coral Gables has outstanding an

indebtedness hereinafter more particularly described, ag-

gregating in principal amount Eight Million Three Hun-

dred Eighty-nine Thousand Seventy-three Dollars and

Ninety Cents ($8,389,073.90), upon which unpaid interest

accrued to January 1, 1937 will amount to Two Million

Eight Hundred Forty-two Thousand Two Hundred Twenty

Dollars and Fifteen Cents ($2,842,220.15); and

Whereas, a considerable part of such indebtedness has

matured and the balance thereof and additional accruals of

interest thereon will mature in such amounts and at such

times as to impose upon the City too great a burden for

it to meet, and it is in the interests of the City and its

creditors that such indebtedness be readjusted

funded; and

Whereas, it is the desire of the City to

refund said entire indebtedness and interest

thereon by issuing in exchange therefor not to exceed

$4,200,000 Refunding Ponds and also Tax Participation

Certificates as hereafter more particularly prescribed;

and

Whereas, such outstanding indebtedness was incurred

prior to November 6, 1934 and the holders thereof by

virtue of the laws in existence at the time of incurring

such indebtedness have the legal right to require that

taxes for the payment thereof be levied on all property

subject to taxation at the time such indebtedness was

incurred, including homesteads exempted from taxation by

the amendment ratified November 6, 1934, adding Section

7 to Article X of the Constitution of Florida, and to re-

quire the collection of such taxes in cash at the same

time and in the same manner as other taxes ievied by the

City, and to otherwise enforce their claims and the securi-

ty therefor independently of any restrictions or limitations

upon the enforcement thereof enacted by the State Legis-

lature since November 5, 1934; and

Whereas, a considerable number of such creditors are

willing to have the indebtedness owing them readjusted

and refunded, on the terms herein set forth;

Now, Therefore, Be It Ordained by the Commission of

The City of Coral Gables:

Section 1. It is hereby found and determined that prior

to January 1, 1931, The City of Coral Gables duly issued

and now has outstanding a bonded indebtedness incurred

for municipal purposes in the principal amount of Seven

Million Nine Hundred Seventy-seven Thousand Dollars

($7,977,000), upon which unpaid interest accrued to Janu-

ary 1, 1937 will aggregate Two Million Seven Hundred

Seven Thousand Nine Hundred Two Dollars and Seven-

teen Cents ($2,707,902.17), for the payment of which all

property within the present territorial limits of The City

of Coral Gables, excepting only such property as was ex-

empted from taxation by the Constitution of Florida prior

to its amendment on November 6, 1934, is subject to taxa-

tion without limitation of rate or amount. Said bonded in-

debtedness is more particularly described as follows:

00°0Tz‘0E

00 05806

00 000˙99

00 055

08 408˙185

00080

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OS6I 1 ‘ue c ‚Un n UH Uꝛ̃— BB „fr—;ᷓ 3 · ·˙*— . p Sutpunjey

6761 1 mn c ‚G—Uũ H ũuMd0aũ2nhſ 333 anus

681 1 dun ＋ ‚— nnn ee eee 555 Surpunjey

8561 ‘SI aun c Se 663 Sutpunjey

9761 1 dun c ee ee ee ee Surpunjoy

2261 1 uv c eee eee eee eee eee ewes uu Aoadun Tedrorunyy

9581 1 mn ＋ ‚GH— ũ2k2l» s sere sreseseseses zusureAoadun

9761 1 . idy ‚——UU— zuouie AoIdUIT JyUSUeULIO, d

CZ6I 1 00 ‚— usul Aoaduij zusueuiie d

anes] jo aNq enss] Jo OIL

Section 2. It is hereby found and determined that prior

to November 6, 1934 The City of Coral Gables duly in-

curred for municipal purposes and now has outstanding

other indebtedness in the principal amount of Four Hun-

dred Twelve Thousand Seventy-three Dollars and Ninety

Cents ($412,073.90) upon which unpaid interest accrued

to January 1, 1937 will aggregate One Hundred Thirty-

four Thousand Three Hundred Seventeen Dollars and

Ninety-eight Cents ($134,317.98), for the payment of

which all property within the present territorial limits of

The City of Coral Gables, excepting only such property as

was exempted from taxation by the Constitution of Flor-

ida prior to its amendment on November 6, 1934, is sub-

ject to taxation without limitation of rate or amount.

Said indebtedness is more particularly described as fol-

lows:

61

ve OFT

81 ˙09

09 E

16˙098˙8.

gits $

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eO NN“

ggg

98 088 ˙7

OS seit

5 Les

Oe 068.2886

a

— u⁴⁰ 1

1 /t / t on ponasoy yeexo,uy preday,

gr 99 L eeee 3332 AjjeuuoD ‘a E.

99 ls neaxeN 1

95 890˙91 — * quno[g . M M

08˙996˙¹ L eoeee eee eee 2 anno yereg

To Les gls ‚—ͤ eee ee eee eee sutydoyy uoſſd

:syuewspne

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saqqeAeg syunoooy

00° 891. Dr Auedwiog lou

08" OFT’ raren ure 10 Ay

02" egg! ‚( —V—ͤ—ͤ * *** apeq jo Ayunod

00°000‘0T eee eer 333333333 Suruued 4 a

00°989'Z — 222 22 00 2 Alx A Jae[[esuay

67 KSt OD W4BrT od epo

1 SO}0N

payee 4 — 2 S οον,οονν ονẽ,ẽHHẽ ôuohdοο

Section 3. The principal of the indebtedness referred

to in Sections 1 and 2 hereof, together with all unpaid

interest accrued thereon to January 1, 1937, shall be re-

adjusted and refunded by issuing in exchange therefor

Refunding Bonds in a principal amount equal to fifty

(50%) per cent of all unpaid principal indebtedness re-

ferred to in Sections 1 and 2 hereof, not to exceed, how-

ever, the total sum of $4,200,000 and Tax Participation

Certificates for the difference between the total prin-

cipal amount of Refunding Bonds authorized to be de-

livered hereunder and the amount of such total outstand-

ing indebtedness with unpaid interest accrued thereon to

January 1, 1937. Each creditor shall receive Refunding

Bonds in a principal amount equal to fifty (50%) per

cent of the principal amount of the outstanding indebted-

ness held by such creditor and for the difference between

the total outstanding indebtedness including unpaid in-

terest accrued to January 1, 1937, so held by such creditor,

and the principal amount of Refunding Bonds to be so

issued to him, such creditor shall receive Tax Participa-

tion Certificates on the basis hereinafter provided evi-

dencing the fact that indebtedness in an amount equal to

such difference has been surrendered by him.

Section 4. Refunding Bonds in the principal amount of

Three Million Nine Hundred Eighty-eight Thousand Five

Hundred Dollars ($3,988,500) are hereby authorized to be

issued for the purpose of refunding the bonded indebted-

ness described in Section 1 hereof and any judgments

heretofore or hereafter recovered thereon. Wherever any

such bonded indebtedness has been or may hereafter be

reduced to judgment it shall be refunded hereunder in

the same manner and upon the same basis as though it

had not been reduced to judgment, and for this purpose

interest on the principal amount of bonds reduced to judg-

ment shall be computed at the rate prescribed in such

bonds and interest upon interest shall be excluded. Taxes

sufficient to produce the sums required for the payment

of principal and interest of said Refunding Bonds will be

levied upon all property within the present territorial

limits of The City of Coral Gables, which was not ex-

empted from taxation by the Constitution of the State of

Florida as it existed immediately prior to November 6 1934,

and all such property shall be subject to the specific tax

levies hereinafter directed to be made.

Section 5. Refunding Bonds in the principal amount of

Two Hundred Six Thousand Dollars ($206,000) are here-

by authorized to be issued for the purpose cf refunding

the indebtedness described in Section 2 hereof and any

judgments heretofore or hereafter recovered thereon.

Wherever any such indebtedness has been or may here-

after be reduced to judgment it shall be refunded here-

under in the same manner and upon the same basis as

though it had not been reduced to judgment, and for

this purpose interest on the principal amount of such in-

debtedness reduced to judgment shall be computed at the

rate, if any, prescribed in such indebtedness, but in no

event at a rate in excess of six per cent per annum, and

interest upon interest shall be excluded. Taxes sufficient

to produce the sums required for the payment of principal

and interest on said Refunding Bonds will be levied upon

all property within the present territorial limits of The

City of Coral Gables, which was not exempted from taxa-

tion by the Constitution of the State of Florida as it

existed immediately prior to November 6, 1934, and all

such property shall be subject to the specific tax levies

hereinafter directed to be made.

Section 6. All of said Refunding Bonds shall be dated

January 1, 1937 and shall mature July 1, 1977, subject

to redemption on any interest payment date prior to ma-

turity upon payment of the par value thereof and accrued

interest to the date fixed for redemption. In the event

bonds are to be redeemed prior to maturity, except in re-

spect to purchases and/or redemption of bonds that may

be made under Section 12 of this Ordinance, the particular

bonds to be redeemed shall be determined by lot and shall

be redeemed only after notice of redemption, setting forth

the numbers of the particular bonds to be redeemed and

the date fixed for redemption, shall have been published

in a financial newspaper published in the City of New

York, N. Y., once a week for two consecutive calendar

weeks, the date of the first publication of such notice to be

at least thirty days prior to the date fixed for redemption.

Said Refunding Bonds shall bear interest at the rate of two

and one-half per centum per annum to July 1, 1939; there-

after at the rate of three per centum per annum to July

1, 1945; thereafter at the rate of three and one-half per

centum per annum to July 1, 1947; thereafter at the rate

of four per centum per annum to July 1, 1952; thereafter

at the rate of four and one-half per centum per annum

to July 1, 1962, and at the rate of five per centum per

annum thereafter and until the maturity of said bonds. In-

terest upon said Refunding Bonds shall be payable semi-

annually January 1 and July 1, and shall be evidenced by

interest coupons to be attached thereto. Both principal

and interest of said Refunding Bonds shall be payable

in lawful money of the United States of America at

Central Hanover Bank and Trust Company, New York

City, N. V., and said Refunding Bonds shall contain pro-

visions for their registration as to principal alone, and as

to both principal and interest. Said Refunding Bonds

shall be numbered and issued in such denominations as

may hereafter be fixed by resolution of the City Commis-

sion.

The City may apply any monies in the Sinking Fund

hereinafter provided.for said Refunding Bonds to the pur-

chase of Refunding Bonds at the lowest prices submitted,

provided that such prices shall be less than the par value

and accrued interest on the Refunding Bonds to be so pur-

chased. The City covenants that in the event there is in

the Sinking Fund hereinafter provided for the Refund-

ing Bonds the sum of $20,000 or more, it will apply the

monies in such Sinking Fund to the purchase of Refund-

ing Bonds at the prices and subject to the conditions here-

in provided for. Any and all purchases of Refunding

Bonds with Sinking Fund monies will be made by calling

for and accepting tenders. Thirty days prio. to the re-

ceipt of tenders the City will cause to be published in a

financial paper published in the City of New York, N. Y.,

a notice requesting tenders of Refunding Bonds and fixing

the time and place at which such tenders will be received.

All tenders will be required to be contained in plain,

sealed envelopes marked “Tender of City of Coral Gables,

Refunding Bonds”, and will be opened in public on the

day and at the place fixed in the notice calling for such

tenders. Except in the case of calls for tenders which

may be required to be made by reason of the existence

of $20,000 or more in the Sinking Fund for Refunding

Bonds, the City shall have the right to reject any and all

tenders in excess of a fixed price to be determined by it.

Subject to the exercise of this right all monies on hand in

the Sinking Fund on the date fixed for the receipt of such

tenders will be applied immediately to the purchase of Re-

funding Bonds tendered at the lowest prices. If tenders of

a greater amount of Refunding Bonds at the same price

are received, than monies are available in the Sinking

Fund for the purchase thereof, the City will purchase

the Refunding Bonds tendered at such price in the order

in which the tenders were received, provided, however,

that the City shall have first purchased all other Refund-

ing Bonds, which may have been tendered at a lower price,

if any. In the event there shall be insufficient monies in

the Sinking Fund to purchase all of the Refunding Bonds

offered by any tender otherwise acceptable, the City may

accept any part of the Refunding Bonds so tendered. The

City, at its option, may require all tenders of Refunding

Bonds to be accompanied by a certified check of not ex-

ceeding one per cent of the amount of Refunding Bonds

so tendered to evidence the good faith of the tender.

In the event monies in the Sinking Fund shall ac-

cumulate to the amount of $20,000 or more and remain

on hand for more than six months, notwithstanding the

fact that the City has made all calls for tenders of Refund-

ing Bonds as required herein, the City covenants that such

monies will be applied to the redemption of Refunding

Bonds to be selected by lot in an amount sufficient to ex-

haust such monies upon the first interest payment date

thereafter occurring, provided that if such interest pay-

ment date should occur within a period of time less than

that for which notice of redemption must be given, plus

15 days, said monies will be set aside to be applied solely

to the redemption of Refunding Bonds upon the next suc-

ceeding interest payment date. Any and all redemptions

that may be made, as required by this paragraph will be

made in accordance with the terms and provisions set

forth in the Refunding Bonds, and in this ordinance,

whereby the City reserves the right to redeem said Re-

funding Bonds prior to their maturity.

All Refunding Bonds purchased or redeemed by the

City will be canceled immediately upon their surrender

to the City. The City will not purchase any Refunding

Bonds if and while it may be in default in the payment of

interest on any Refunding Bonds unless tenders thereof

shall have been accepted prior to such default, and then it

may purchase only the bonds covered by such tenders.

Section 7. The Refunding Bonds herein authorized to

be issued shall be signed by the Mayor, attested by the

67

City Clerk and the corporate seal of The City of Coral

Gables shall be affixed thereto. The interest coupons

thereto attached shall be executed with the facsimile

signatures of said Mayor and said City Clerk. The text

of said bonds shall be in the following form, with the ad-

ditional recitals hereinafter prescribed incorporated there-

in where space is provided therefor.

United States of America

State of Florida

The City of Coral Gables

Refunding Bond—Issue of January 1, 1937

1 $500.00

The City of Coral Gables in Dade County, Florida, is

justly indebted and for value received hereby promises

to pay to bearer, or if this bond be registered, to the regist-

ered owner hereof, on the Ist day of July, 1977, the prin-

cipal sum of Five Hundred Dollars ($500.00) together with

interest thereon from the date hereof at the rate of two

and one half per centum per annum to July 1, 1939; there-

after at the rate of three per centum per annum to July 1,

1945; thereafter at the rate of three and one-half per

centum per annum to July 1, 1947; thereafter at the rate

of four per centum per annum to July 1, 1952; thereafter

at the rate of four and one-half per centum per annum

to July 1, 1962, and at the rate of five per centum per

annum thereafter and until the maturity hereof, said in-

terest being payable semi-annually on the first days of

January and July in each year. Both principal and inter-

est hereof are payable in lawful money of the United

States of America at Central Hanover Bank & Trust

Company in the City of New York, N. V., upon presenta-

—

tion and surrender of this bond and the interest coupons

hereto attached as they severally mature.

This bond is issued under the authority of and in full

compliance with the Constitution and statutes of the State

of Florida, including the Charter of The City of Coral

Gables, and pursuant to the authority conferred by a ma-

jority of the votes cast in an election held in said City on

the 25th day of January 1937 by the qualified electors who

were freeholders of The City of Coral Gables, in which

election a majority of the freeholders who were qualified

electors residing in said City participated, for the pur-

pose of refunding valid subsisting bonded debt of said

City for the payment of which the City was obligated to

levy taxes upon all property within its present territorial

limits, which was subject to taxation under the Constitu-

tion and Laws of Florida as they existed prior to Novem-

ber 6, 1934.

The City of Coral Gables hereby reserves the right to

redeem this bond on any interest payment date upon pay-

ment of par and accrued interest, and agrees that it will

apply the sinking fund created by the ordinance authoriz-

ing the issuance of this bond to be redemption of the

bonds of this issue at par and accrued interest by lot when-

ever such Sinking Fund amounts to $20,000 or more, and

is not used for the purchase of bonds of this issue at less

than par and not reserved to so acquire such bonds under

then published notice, in the manner more particularly

prescribed by the ordinance authorizing the issuance of

this bond. In the event this bond is so called for redemp-

tion, notice thereof shall be published in a financial news-

paper published in the City of New York, N. Y., once a

week for two consecutive calendar weeks, the date of first

publication to be at least thirty days prior to the date

fixed for redemption. If this bond shall not be presented

for payment on the date so fixed for redemption, it shall

—

cease to bear interest from and after said date. The

Sinking Fund provided for said onds may also be used

in the purchase thereof, in accordance with the provi-

sions of the ordinance authorizing their issuance.

It is hereby certified and recited that all acts, conditions

and things required to happen, exist and be performed

precedent to and in the issuance of this bond, have hap-

pened, exist and have been performed in due time, form

and manner as required by the Constitution and laws of

the State of Florida; that the total indebtedness of said

City, including this bond, does not exceed, and that the

total indebtedness of said City at the creation of the’ in-

debtedness refunded hereby, including said indebtedness,

did not then exceed, any constitutional or statutory limita-

tion thereon and that the full faith and credit of the City

| are pledged for the payment of principal and interest of

| this bond.

The City of Coral Gables covenants with the holder of

this bond that for the payment of the principal and inter-

est thereof, it will levy taxes in an amount sufficient to

provide therefor upon all property within the present ter-

ritorial limits of said City, excepting only that property

which was excinpted from municipal taxation by the Con-

stitution of the State of Florida, as it was in force and ef-

fect immediately prior to November 6, 1934. The City

further covenants that all taxes levied for the payment

of the principal and interest hereof, including taxes upon

homesteads, will be collected in cash at the same time and

in the same manner as operating and governmental ad

valorem taxes levied by said City, and the remedies for

the enforcement of the indebtedness refunded hereby shall

appertain to this bond and the taxes securing the same in-

dependently of any restrictions or limitations thereon

enacted or made effective since November 5; 1934.

70

This bond may be registered as to principal alone and

as to both principal and interest in accordance with the

provisions indorsed hereon.

In Witness Whereof said City of Coral Gables has

caused this bond to be signed by its Mayor, attested by its

City Clerk and its corporate seal to be hereunto affixed

and the interest coupons hereto attached to bear the

facsimile signatures of said Mayor and said City Clerk, all

as of the first day of January, 1937.

City Clerk.

Validation Certificate.

Validated and confirmed by decree of the Circuit Court

of the 11th Judicial Circuit of the State of Florida, in and

e o ccccccvcvcvccccccecss 19...

‚—ᷣ ee eee eee eee eee

Clerk of said Circuit Court.

Provisions For Registration.

This bond may be registered in the name of the holder

on books to be kept by the City Clerk, as Registrar, as to

principal only, such registration being noted hereon by

such Registrar in the registration blank below, after which

no transfer shall be valid unless made on said books by

the registered holder or attorney duly authorized, and

similarly noted in the registration blank below, but it may

be discharged from registration by being transferred to

bearer, after which it shall be transferable by delivery, but

it may be again registered as before. The registration of

this bond as to principal shall not restrain the negotiability

71

of the coupons by delivery merely, but the coupons may be

surrendered and the interest made payable only to the

registered holder, in which event the registrar shall note

in the registration blank below that the bond is registered

as to interest, as well as principal, and thereafter the in-

terest will be remitted by mail in New York exe e

to the registered holder. With the consent of the nolder

and of The City of Coral Gables, this bond when con-

verted into a bond registered as to both principal and

interest may be reconverted into a coupon bond and again

converted into a bond registered as to both principal and

interest, as hereinabove provided. Upon reconversion of

this bond when registered as to principal and interest into

a coupon bond, coupons representing the interest to ac-

crue upon the bond to date of maturity shall be attached

hereto by the registrar, and the registrar shall note in the

registration blank below whether the bond is registered

as to principal only or payable to bearer.

Bren...

eee —K„%⅔„˖ : %%% „„ „ „„ „„ „

In Whose Name Registered:

Manner of Registration:

2 6 %%% „%%7½⅔ßꝶ—t %%% % „% „%% „% „„ „% „%„% „ „ „ „ „„ „

r e

e deeitt L

City of Coral Gables will pay to bearer at the Central

Hanover Bank and Trust Company, New Vork City, New

1 is hades sewn. Dollars ($.......... )

72

in lawful money of the United States of America being

six months’ interest then due on its Refunding Bond—

Issue of January 1, 1937, No. ..........

City Clerk.

Refunding Bonds issued to refund the indebtedness de-

scribed in Section 1 hereof shall recite that they are issued

“for the purpose of refunding valid subsisting bonded debt

of said City for the payment of which the City was ob-

ligated to levy taxes upon all property within its present

territorial limits, which was subject to taxation under the

Constitution and Laws of Florida as they existed prior to

November 6, 1934.”

Refunding Bonds issued to refund the indebtedness

described in Section 2 hereof shall recite that they are

issued “for the purpose of refunding valid subsisting in-

debtedness of said City for the payment of which the City

was obligated to levy taxes upon all property within its

present territorial limits, which was subject to taxation

under the Constitution and Laws of Florida as they ex-

isted prior to November 6, 1934.”

Section 8. There is hereby directed to be annually

levied and collected a separate and special tax at the rate

of six mills for each of the fiscal years 1937-38 to 1941-42,

inclusive; at the rate of seven mills for each of the fiscal

years 1942-43 to 1946-47, inclusive; at the rate of seven and

one-half mills for each of the fiscal years 1947-48 to 1956-

57, inclusive, and at the rate of eight mills for each of the

fiscal years 1957-58 to 1976-77, inclusive. The proceeds

of such tax levies, whether received before delinquency or

after delinquency, or through the issuance of tax certifi-

cates or tax deeds, are hereby appropriated and will be

73

paid immediately upon receipt into a special fund known

as “Issue of January 1, 1937 Fund,” which is hereby estab-

lished and pledged to the sole and exclusive purposes here-

inafter set forth, and no obligations other than those ex-

pressly provided for herein shall ever be made a charge

against such fund. If for any fiscal year the assessed

valuation of property made subject to taxation hereunder,

multiplied by the rate of tax above prescribed for such

fiscal year, should equal an amount less than 33-1/3% of

the amount appropriated for such fiscal year for purposes

other than the Issue of January 1, 1937 Fund, then the

rate of tax above prescribed for such fiscal year will be

increased to a rate, the application of which to such as-

sessed valuation will equal not less than 33-1/3% of the

amount appropriated for such other purposes; provided,

however, that in no event will the above prescribed rates

ever be reduced; and provided, further that in arriving

at the amount of such total annual appropriations there

shall be excluded any sums appropriated: (a) for the pay-

ment of the extraordinary, non-recurring expenses in-

cident to the present readjustment and refunding; (b) for

repairs necessitated by hurricanes or other major catas-

trophes beyond the control of the City; (c) for capital im-

provements in connection with garbage or sewage dis-

posal; and (d) in an amount not exceeding 12½ % of the

amount appropriated for purposes other than the Issue of

January 1, 1937 Fund, for major paving repairs and park-

way extensions. If any monies appropriated for any of

the foregoing specified purposes should not be expended

for such purposes during the fiscal year for which they

were appropriated, then the amount thereof not so ex-

pended shall be deemed included in the total amount of

appropriations for purposes other than the Issue of Janu-

ary 1, 1937 Fund for such fiscal year, and if the rate of tax

prescribed for such fiscal year for the Issue of January 1,

1937 Fund, multiplied by the assesséd valuation of prop-

erty against which it is imposed, should equal an amount

— Aa

74

less than 33-1/3% of the appropriations for purposes other

than the Issue of January 1, 1937 Fund, including the

amount of such unexpended appropriations, there shall be

paid into the Issue of January 1, 1937 Fund, on the last

day of such fiscal year, such additional amount as may be

necessary to increase the appropriation for the Issue of

January 1, 1937 Fund to 33-1/3% of such total appropria-

tions for other purposes. There will also be paid jnto said

Issue of January 1, 1937 Fund so much of the proceeds

of taxes levied for the fiscal year 1936-37 as may be equal

to the amount of interest to accrue upon the Refunding

Bonds herein authorized from January 1, 1937 to July 1,

1937.

Section 9. The monies in said Issue of January 1, 1937

Fund established by Section 8 will in the first instance

and from time to time be applied to the payment of inter-

est on the Refunding Bonds as that interest matures and

when at any time during the life of the Refunding Bonds

the monies in such Fund should exceed the amount of such

unpaid interest maturing during the then current fiscal

year and the first semi-annual interest payment maturing

in the next succeeding fiscal year, so much of such ex-

cess monies will be paid into a Sinking Fund for the Re-

funding Bonds so that payments into said Sinking Fund

will be made during the fiscal years set forth below and

in the amounts set opposite thereto.

Amount of Amount of

Fiscal Year Payment Fiscal Year Payment

1945-46........ $ 5,000 e $115,000

1946-47........ 10,000 1962-63........

1947-48........ 20,000 1963-64........

1948-49........ 25,000 1964-65........

1949-50........ 30,000 1965-66........

Amount of Amount of

Fiscal Year Payment Fiscal Year Payment

1951-52 30,000 1967-69. 160,000

1952-533. 40,000 1968-699. 170,000

1953-54........ 40,000 1969-70........ 180,000

1954-55........ 40,000 UES vee de 190,000

1988-5606 50,000 5 vc ees 200,000

1956-57........ 55,000 en. 210,000

107% 666. 85,000 ... 220,000

1958-59. 90,000 .... 230,000

1959-60........ 100,000 1975-76........ 240,000

1960-61........ 110,000 ...en 250,000

The Sinking Fund payment to be made during the fiscal

year 1976-77 will be increased by the amount, if any, by

which the principal amount of Refunding Bonds then out-

standing exceeds the amount of the Sinking Fund pay-

ment above required for such fiscal year.

Notwithstanding the rates of taxation directed to be

levied by Section 8 for the fiscal years 1937-38 to 1976-77,

it is hereby further directed that as long as any Refunding

Bonds may be outstanding the rates of taxation prescribed

by Section 8 will be increased, if necessary, in order to

produce the sums required for the payment of interest on

said Refunding Bonds and the Sinking Fund payments

hereinabove directed to be made as the same respectively

mature or become payable hereunder and in determining

the rate of tax necessary to be levied in any fiscal year

for said purposes, such rate of tax will be levied which

will produce the sum so required when applied (1) to

the current assessed valuation of all real property against

which the City held no tax lien on the preceding August

31st for taxes levied prior to the preceding fiscal year,

and (2) to that percentage of the current assessed valua-

tion of personal property which was found to be collectible

76

in the next preceding fiscal year; provided, however, that

in no event will the rate of tax be lower than the minim-

um rates prescribed by Section 8. If in any fiscal year

while the Refunding Bonds are outstanding there should

not be paid into the Sinking Fund for the Refunding

Bonds, the amount hereinabove required for such fiscal

year, the City covenants that for the next succeeding

fiscal year it will levy an additional tax over and above

all other taxes required hereby, sufficient to produce in

such fiscal year the amount of such deficiency. The ad-

ditional taxes required to be levied for any fiscal year

by this paragraph may be reduced by the amount. of

money derived from sources other than the proceeds of

levies required to be made under the provisions of Section

8 which is actually on hand and validly appropriated to

the Issue of January 1, 1937 Fund at the time of making

the tax levy for such fiscal year, but no reduction shall

be made below the minimum rates prescribed by Section

8; provided, however, that the proceeds collected from the

said extra millage which might be required to make up

such a deficiency in the Sinking Fund shall be considered

as an advance by the City against the collection of the

delinquent Debt Service Taxes, the non-payment of which

caused the necessity for the said extra millage, and as such

delinquent taxes are collected they shall be repaid to the

City in the amount of the proceeds of said extra millage

actually paid into said Sinking Fund, to be held by the

City in trust as a separate Emergency Sinking Fund, to

be used for the purpose of reducing the amount of any

such extra millage which might otherwise be required in

the future to make up such a deficiency in the Sinking

Fund, and all delinquent tax collections resulting from

said extra millage, made after supplying such deficiency

in the Sinking Fund, shall be paid into sdid Emergency

Sinking Fund for future use for said purpose, but in no

event shall the tax rates required in Section 8 be re-

77

duced. Interest maturing July 1 of any fiscal year will be

levied for and included in the taxes imposed for the fiscal

year immediately preceding. The proceeds of all taxes re-

quired to be levied by this Section, received before de-

linquency, and the net proceeds collected after delinquency

or through the issuance of tax certificates or tax deeds,

after deducting their proportionate share of foreclosure

and other necessary collection costs, are hereby appropri-

ated and will be paid immediately upon receipt into the

Issue of January 1, 1937 Fund, established by Section 8

and thereafter applied as other monies in said Fund are

directed to be applied. Upon the retirement of all of said

Refunding Bonds or the call thereof and setting aside of

sufficient monies to redeem the same no further Sinking

Fund payments shall be made out of said Issue of Janu-

ary 1, 1937 Fund and the obligation of the City to levy ad-

ditional taxes under this Section shall cease, but the City

will continue to levy the minimum taxes prescribed by

Section 8 for the years set forth therein; provided, how-

ever, that if the City should at any time retire all of said

Refunding Bonds then outstanding, through a new re-

funding or refinancing issue bearing interest at a rate

lower than that borne by the Refunding Bonds herein au-

thorized, the City shall be entitled to reduce the annual

payments herein provided to be made into said Issue of

January 1, 1937 Fund to the extent of the annual interest

and Sinking Fund payments prescribed by this section for

the Refunding Bonds so retired, but in no event shall the

aggregate reductions in the annual payments into said Is-

sue of January 1, 1937 Fund exceed the principal amount

of Refunding Bonds so retired and the interest that would

have been paid thereon at the rates prescribed herein if

they had been retired in the amounts and at the times con-

templated by the schedule of Sinking Fund payments

hereinbefore prescribed; and provided, further, that if at

any time prior to the fiscal year 1976-77 all of said Re-

funding Bonds shall have been retired and there shall

78

have been earmarked for payment or paid on account of

such Tax Participation Certificates an amount equal to

the full amount of the indebtedness surrendered therefor,

the obligation of the City to levy the foregoing fixed debt

service annual tax millages shall cease and terminate and

any surplus funds and delinquent taxes over and above

the amounts required to complete said payments in the

Issue of January 1, 1937 Fund, the Emergency Sinking

Fund or any other funds raised from levies made under

the provisions hereof, shall be released to the City and

become available for expenditure for any lawful municipal

purpose.

Monies in the Sinking Fund will be applied solely to the

retirement of the principal of Refunding Bonds by pur-

chase, call or payment in the manner hereinbefore directed

and any surplus monies remaining in said Sinking Fund

upon retirement of all Refunding Bonds will be repaid to

the Issue of January 1, 1937 Fund.

Section 10. Annually on the last day of each of the

fiscal years 1937-38 to 1976-77, inclusive, all monies, if any,

derived from levies at the tax rates prescribed in Section

8 hereof, remaining in said Issue of January 1, 1937 Fund

after paying interest maturing on the Refunding Bonds in

such fiscal year and the Sinking Fund payment required

to be made hereunder for such fiscal year, and after re-

serving in said Issue of January 1, 1937 Fund an amount

equal to the first semi-annual interest payment maturing

on said Refunding Bonds in the next succeeding fiscal

year, will be forthwith paid into a “Tax Participation

Certificate Fund” which is hereby constituted and estab-

lished. Said Tax Participation Certificate Fund will be

held and administered by the City as trustee for the sole

use and benefit of the registered holders of Tax Participa-

tion Certificates issued against such fund.

79

It is hereby directed that there be issued against such

fund Tax Participation Certificates in exchange for and

in full satisfaction of the difference between the aggregate

indebtedness including unpaid interest thereon accrued to

January 1, 1937 described in Sections 1 and 2 hereof and

the principal amount of Refunding Bonds authorized to be

issued and delivered hereunder. One Tex Participation

Certificate shall be issued in exchange for each Five Hun-

dred ($500.00) Dollars of indebtedness surrendered and

representing the difference between the aggregate in-

debtedness and the principal amount of the Refunding

Bonds authorized to be delivered hereunder. For any

part of such indebtedness which may be less than Five

Hundred ($500.00) Dollars, a fraction of a Tax Participa-

tion Certificate equal to the percentage that such indebted-

ness bears to Five Hundred ($500.00) Dollars shall be is-

sued. Each creditor of the City shall be entitled to re-

ceive a number of Tax Participation Certificates which,

on the basis of Five Hundred ($500.00) Dollars per certi-

ficate, will be equal to the difference between the amount

of the indebtedness held by him, including unpaid inter-

est accrued thereon to January 1, 1937, and the principal

amount of Refunding Bonds to which hé may be entitled

hereunder upon surrender and cancellation of the in-

debtedness so held by him. The extent of the participa-

tion in such fund of any holder of such certificates shall be

measured by the ratio that the amount of indebtedness

exchanged for the certificates held by him bears to the

total amount of indebtedness surrendered for all Tax Par-

ticipation Certificates issued and outstanding hereunder.

Such certificates shall be entitled to payment solely out

of the Tax Participation Certificate Fund if and when

monies may accumulate therein and shall not constitute,

either directly or indirectly, or be construed to be, a debt

of the City, but shall merely evidence the right of the

holder to participate annually on a pro rata basis in the

years 1938 to 1977, inclusive, in the monies, if any, here-

in required to be paid into the Tax Participation Certifi-

cate Fund. Said Certificates shall bear no interest and

shall have no definite maturity date.

It is hereby directed that on August Ist of each year,

beginning in the year 1938, all funds on hand on the pre-

ceding July 1st in said Tax Participation Certificate Fund

shall be apportioned and distributed pro rata among all

the holders of the outstanding Tax Participation Certifi-

cates registered on each said July Ist as owners on the

register of the Tax Participation Certificates kept by the

City Clerk, as Registrar, by remitting such funds to them

in New York Exchange by mail. There shall accompany

each disbursement to be so made a statement setting forth

the total amount of monies being disbursed, the total

amount of indebtedness for which outstanding Tax Par-

ticipation Certificates have been issued, and the amount

being disbursed on account on each of the Tax Participa-

tion Certificates registered in the name of the holder to

whom such disbursement is remitted. In the year 1977

such disbursement shall be made on December 31st of all

monies in said Tax Participation Certificate Fund as of

December 15th to the registered holders of record De-

cember 15th.

Tax Participation Certificates shall be issued in regist-

ered form, transferable only upon the books of the City

Clerk of The City of Coral Gables, as Registrar, shall be

executed with the facsimile signature of the Mayor under

the corporate seal of the City, attested manually by the

City Clerk and shall be dated January 1, 1937.

Upon there being paid on account of such certificates the

full amount of the indebtedness exchanged therefor they

shall be surrendered to the City and canceled by it pro-

vided, however, that, in any event, all such certificates

shall be surrendered to the City and canceled by it upon

—

81

the 1977 and prior annual payments, if any, being made

thereon, regardless of the total amount paid thereon and

thereupon the City shall have no further duties with re-

spect to any such certificates.

Said Certificates may be transferred from time to time

by the holder thereof, or his personal representative, by

assignment duly registered and noted in the registration

blank on said certificate. The transfer shall be registered

in a book kept for that purpose by the City Clerk of The

City of Coral Gables, as Registrar, and no holder there-

of, or party interested therein, shall be entitled to recogni-

tion as such by the City for any purpose unless the same

be so registered, but said Register shall be conclusive as

to such ownership; and the City shall be authorized to

treat the person in whose name any such Certificate may

be registered on the books of the City Clerk of The City

of Coral Gables, as Registrar, as the owner thereof for all

purposes.

Any notice to be sent to any Certificate holder shall be

mailed postage prepaid addressed to such certificate hold-

er at the address shown on the Register of the Tax Par-

ticipation Certificates kept by the City Clerk, as Registrar,

and the mailing of such notice shall be sufficient and con-

clusive evidence of actual notice to the certificate holders.

Any monies, checks, remittances or other things at any

time to be distributed or forwarded to any certificate hold-

er may, in like manner and at the risk of the certificate

holder, be mailed to such certificate holder at such ad-

dress.

The City will keep accurate records showing the total

amount and rate of taxes levied in each of the fiscal years

1937-38 to 1976-77 and the amount and rate of tax levies

made pursuant to the provisions of Section 8 hereof and

the manner in which such amount and rate was determ-

books and records of the City and at his own expense to

have an audit thereof made from time to time during the

regular business hours for which the City’s offices and

departments are open.

Section 11. The Tax Participation Certificates author-

ized to be issued by Section 10 hereof, shall be issued in

substantially the following form. Tax Participation Certi-

ficates issued in exchange for any indebtedness described

Section 1 hereof, shall state that the indebtedness surrend-

ered in exchange therefor, constituted a “valid subsisting

bonded debt of said City” and Tax Participation Certi-

ficates issued in exchange for any indebtedness described

in Section 2 hereof shall state that the indebtedness sur-

rendered in exchange therefor, constituted a “valid sub-

sisting indebtedness of said City”.

BA ‘dee be dee

United States of America

State of Florida

The City of Coral Cables

Tax Participation Certificate

Issue of January 1, 1937

The City of Coral Gables in Dade County, Florida, here-

by certifies that the registered holder hereof or his pre-

decessors in interest, has surrendered to the City in ex-

_

change for this certificate Five Hundred Dollars valid

subsisting bonded debt (or indebtedness) of said City, for

the payment of which the City was obligated to levy taxes

upon all property within its present territorial limits,

which was subject to taxation under the Constitution and

laws of Florida as they existed prior to November 6, 1934,

and has accepted this Certificate in complete satisfaction

and discharge of the indebtedness so surrendered.

This Certificate is payable solely out of the Tax Par-

ticipation Certificate Fund established by Ordinance No.

269, adopted December 23rd, 1936 and shall not constitute,

either directly or indirectly, or be construed to be, an in-

debtedness of The City of Coral Gables, but shall merely

evidence the right of the holder to participate annually

on a pro rata basis in the years 1938 to 1977, inclusive, in

the monies, if any, required to be paid into the Tax Par-

ticipation Certificate Fund. This Certificate shall bear

no interest and shall have no definite maturity date.

The City of Coral Gables covenants that during the

fiscal years 1937-38 to 1976-77, inclusive, it will levy the

taxes provided for by said Ordinance and that it will an-

nually apply the proceeds thereof in the first instance to

the payment of interest and Sinking Fund payments on

Refunding Bonds of the Issue of January 1, 1937 in the

manner more particularly prescribed by such Ordinance

and that it will pay the balance of such proceeds, if any,

into the Tax Participation Certificate Fund.

On August Ist of each year, beginning in the year 1938,

The City of Coral Gables covenants that it will apportion

and make pro rata disbursement of all funds on hand on

the preceding July Ist in said Tax Participation Certificate

Fund among all the holders of the outstanding Tax Par-

ticipation Certificates registered on each said July Ist as

owners on the register of the Tax Participation Certifi-

84

cates kept by the City Clerk as Registrar, by remitting

such funds to them in New York exchange by mail, except

that in the year 1977 such disbursement will be made on

December 3ist of all monies in such fund as of December

15 to the registered holders of record December 15th. The

pro rata share of any and all monies that might be avail-

able in the Tax Participation Certificate Fund to which

the registered holder of this certificate may be entitled

shall be that proportion of such monies equal to the ratio

that the indebtedness surrendered in exchange for this

certificate bears to the total indebtedness surrendered in

exchange for all certificates of this issue that might be out-

standing.

If the total of the payments made upon this certificate

should at any time equal the Five Hundred Dollars of in-

debtedness exchanged herefor, this certificate shall be

surrendered to the City and canceled by it. Notwithstand-

ing the fact that the total of the payments made hereon

may not equal the amount of the indebtedness exchanged

herefor, this Certificate shall expire upon disbursement of

all monies in the Tax Participation Certificate Fund after

completion of the sale of tax liens representing taxes

levied for the fiscal year 1976-77 and thereafter the City

shall have no further duties with respect hereto.

This Certificate may be transferred from time to time by

the holder hereof, or his personal representative, by as-

signment duly registered and noted in the registration

blank on the reverse hereof. The transfer shall be

registered in a book kept for that purpose by the City

Clerk of the City of Coral Gables, as Registrar, and no

holder hereof, or party interested therein, shall be entitled

to recognition as such by The City for any purpose unless

the same be so registered, but said register shall be con-

clusive as to such ownership; and the City shall be auth-

orized to treat the person in whose name this Certificate

may be registered on the books of the City Clerk of The

City of Coral Gables, as Registrar, as the owner thereof

for all purposes.

Any transferee of this certificate shall take the same

subject to any and all payments that might theretofore

have been made hereon and subject to all the terms and

provisions of the ordinance authorizing the issuance here-

of and shall acquire only the rights and interests of the

transferor as such rights and interests are more par-

ticularly prescribed by Ordinance No. 269, adopted De-

cember 23rd, 1936, which by reference is made a part

hereof and hereby made binding upon each and every

transferee hereof.

Any monies, checks, remittances, or other things at any

time to be distributed or forwarded to any certificate hold-

er may, at the risk of the certificate holder, be mailed,

postage prepaid, addressed to such certificate holder at the

address shown on the Register of the Tax Participation

Certificates kept by the City Clerk as Registrar.

Any and all payments to which this Certificate may be

entitled will be made in lawful money of the United States

of America, and the City covenants that the taxes required

to be levied in the fiscal years 1937-38 to 1976-77, inclu-

sive, by the ordinance pursuant to which this Certificate

has been issued, will be levied upon all property within

the present territorial limits of the City, excepting only

that property which was exempted from municipal taxa-

tion by the Constitution of Florida as it was in force and

effect immediately prior to November 6, 1934, and that

such taxes will be collected in cash at the same time and

in the same manner as operating and governmental ad

valorem taxes levied by said City, and that the remedies

5S APPT HEE EY 1h a>

appertaining to this Certificate and the taxes securing

the same will exist independently of any restrictions or

limitations enacated or made effective since November 5,

1934.

This Certificate is issued under the authority of and in

full compliance with the Constitution and Statutes of the

State of Florida, including the Charter of The City of

Coral Gables, and pursuant to the authority conferred by

a majority of the votes cast in an election held in said

City on the 25th day of January, 1937, by the qualified

electors who were freeholders of The City of Coral Gables,

in which election a majority of the freeholders who were

qualified electors residing in said City participated.

It is hereby certified and recited that all acts, condi-

tions and things required to happen; exist and be per-

formed, precedent to and in the issuance of this Certifi-

cate, have happened, exist and have been performed in

due time, form and manner as required by the Constitu-

tion and Statutes of the State of Florida, and that this

Certificate is within every constitutional and statutory

limitation.

In Witness Whereof, The City of Coral Gables has

caused this Certificate to be executed with the facsimile

singature of its Mayor, attested by its City Clerk, and its

Corporate Seal to be hereunto affixed as of this First day

of January, A. D. 1937.

87

Validation Certificate.

Validated and confirmed by decree of the Circuit Court

of the Eleventh Judicial Circuit of the State of Florida, in

and for Dade County, rendered

Clerk of said Circuit Court.

Provision for Registration and Transfer.

No transfer of this Certificate shall be valid unless made

on the books of the City Clerk of The City of Coral Gables,

as Registrar, by the registered owner or attorney duly

authorized, and similarly noted in the registration blank

below.

. e Fed ogewadccds

In Whose Name Registered:

er

Section 12. The City further covenants and agrees,

particularly in consideration of the waiver and relinquish-

ment by the creditors of the City of all right to participate

in the proceeds of delinquent tax assets of the City cover-

ing any and all claims representing delinquent taxes

and/or special assessments imposed prior to January 1,

1936 arid/or Tax Certificates, Tax Deeds or other assets

now or hereafter derived therefrom, to apply to the pur-

chase of Refunding Bonds at less than their par value

with accrued interest, whether in the open market at the

lowest price obtainable or in any other manner approved

by the City Commission, the following cash sums or their

equivalent arising out of the liquidation of said delinquent

tax claims or otherwise:

$45,000 on or before July Ist, 1938

48,000 on or before July Ist, 1939

51,000 on or before July Ist, 1940

51,000 on or before July Ist, 1941

51,000 on or before July Ist, 1942

51,000 on or before July Ist, 1943

54,000 on or before July Ist, 1944

54,000 on or before July Ist, 1945

48,000 on or before July Ist, 1946

47,000 on or before July Ist, 1947

In the event the City, on or before July Ist, in any of

said years, shall fail to realize and/or apply said respec-

tive sums or their equivalent to and for the purchase and/-

or acquirement of Refunding Bonds, as aforesaid, the City

hereby covenants and agrees that it will levy a further

and additional tax based on the assessment roll for the

year in which said default occurs at a millage sufficient to

produce the sum required for that year, and apply the

proceeds from said levy to the purchase of Refunding

Bonds in the manner above provided on or before July

Ist of the following year.

The City further covenants and agrees that, during the

period beginning January 1, 1938 and ending July 1, 1947,

it will apply yearly a sum (inclusive of the yearly sums

above set forth) equal to not less than sixty (60%) per

cent of all net cash proceeds which may be realized from

the liquidation of said delinquent taxes and/or other

assets above described to the purchase of Refunding

Bonds at less than their par value with accrued interest

either in the open market at the lowest price obtainable

or in any other manner approved by the City Commis-

sion, until an aggregate sum equal to Five Hundred Thou-

sand ($500,000) Dollars, or its equivalent, realized from

this source or procured from any other source, has been

utilized under the terms of this Section 12, whereupon, any

and all further obligation to apply said net proceeds shall

cease and terminate. The City shall be under no obliga-

tion to apply to the purchase of Refunding Bonds any

net proceeds in any manner realized from the liquidation

of the above described delinquent taxes and other assets

during the calendar year 1937. In the event the City

should be unable to purchase Refunding Bonds at less than

their par value with accrued interest in the manner above

provided, it will apply the funds above referred to to the

retirement of Refunding Bonds by lot in accordance with

the redemption provisions contained therein.

All Refunding Bonds so purchased or redeemed by the

City under the terms of this Section 12 shall be promptly

canceled.

Section 13. The City agrees that in preparing its annual

appropriation ordinance and tax levy ordinance for any

fiscal year, it will include therein as an appropriation for

operating expenses, an amount equal to the estimated

deficit to be incurred in the operation of all utilities and

enterprises by the City during the fiscal year for which

such appropriation and tax levy ordinances are prepared,

which estimated deficit shall never be less than the actual

deficit incurred in the operation of such ultilities and en-

terprises during the preceding fiscal year. Anticipated

collections of delinquent taxes will not be considered as

revenue available for the Issue of January 1, 1937 Fund

in preparing the appropriation ordinance of the City or

in fixing the tax levy for any fiscal year, but the City

covenants that all moneys received by it through the col-

lection of delinquent taxes levied for such fund will be

paid into it immediately upon collection.

Section 14. The City hereby covenants that all prop-

erty within its territorial limits subject to taxation here-

under will be assessed at the full cash value thereof and

that notwithstanding Section 7, Article X, of the Constitu-

tion of the State of Florida, added thereto by amendment

ratified November 6, 1934, and any legislation enacted pur-

suant thereto, it will, while said Refunding Bonds or Tax

Participation Certificates or any of them remain outstand-

ing, levy the taxes herein provided for upon all home-

steads within the territorial limits of the City to the same

extent as other property in the City may be liable there-

for.

The City further covenants and expressly agrees that

the same rights of procedure open to property owners in

appealing from assessments on property are hereby made

available to any holder or holders of Refunding Bonds.

Section 15. All tax levies required to be made here-

under for the Issue of January 1, 1937 Fund and the tax

levies that may be required to be made by Section 12 here-

of shall constitute special levies for the particular pur-

poses, for which they are imposed. Such tax levies, while

constituting special levies, will be collected at the same

time and in the same manner as other ad valorem taxes

which may be levied by the City and upon collection will

be immediately segregated and paid into such funds as

hereinbefore provided. The City covenants that it will

set aside daily out of the proceeds of its tax collections,

including the monies derived from the sale or transfer of

tax certificates and tax deeds in connection with taxes

levied after July 1, 1936 the proper proportionate amount

thereof applicable to the Issue of January 1, 1937 Fund

and the Fund provided for by Section 12 hereof. All

monies so paid into such funds will be forthwith deposited

with a city depositary and held by it in trust for the pur-

poses hereinbefore specified.

91

Section 16. The City hereby covenants that it will

actively and diligently enforce the collection of all taxes

hereafter levied for the Issue of January 1, 1937 Fund and

the Fund provided for by Section 12 hereof and that it will

not accept anything but lawful money of the United States

of America in payment or satisfaction of the taxes re-

quired to be levied or pledged hereunder to such funds.

No reduction, compromise or adjustment will be made

in the amount or time for payment of such taxes, but

promptly following the legally allowable date the City will

enforce the collection of such taxes as may become de-

linquent through tax sales and by strictly pursuing all

remedies available to it for compelling the payment of such

delinquent taxes and will complete the sale for the en-

forcement of taxes at the earliest possible date following

the close of the fiscal year for which such taxes were

levied. The net proceeds received through the sale of

tax liens, tax certificates and tax deeds after pro rating

and deducting foreclosure and all necessary collection costs

and expenses will be applied by the City to the purposes

for which the taxes collected thereby wére levied or are

pledged hereunder.

Section 17. The City covenants that it will not accept

payment of any tax or part thereof hereafter levied against

any parcel of property for operating or governing the City

unless all taxes hereafter levied against the same parcel

of property for the Issue of January 1, 1937 Fund and

the Fund provided for by Section 12 hereof are paid at

the same time.

Section 18. The City covenants that so long as any of

the Refunding Bonds or Tax Participation Certificates

authorized hereby may be outstanding, it will not avail

itself of the provisions of Chapter 16965, Laws of 1935,

or any other legislation which may be hereafter enacted

by the Legislature of the State of Florida in any way im-

pairing or modifying the obligation of the City on such

Refunding Bonds or any undertakings in connection with

Tax Participation Certificates authorized hereby or the

covenants of the City contained herein.

Section 19. The City may acquire for its own account

with any monies other than monies in the Issue of January

1, 1937 Fund, the Sinking Fund, the Tax Participation

Certificate Fund or the $500,000 Fund provided for by

Section 12 hereof or required to be paid into such funds

hereunder, Refunding Bonds or Tax Participation Certi-

ficates authorized hereby and upon so acquiring such

bonds or Certificates, may hold the same for its own use

and benefit. Any Refunding Bonds that may be so ac-

quired by the City shall not be eligible for purchase by

it pursuant to calls for tenders required to be made here-

under, but such Refunding Bonds shall be included with

all other outstanding Refunding Bonds in the event the

City is required hereunder to call bonds for redemption.

In all respects other than the tender of bonds for pur-

chase, Refunding Bonds and Tax Participation Certificates

so acquired by the City shall be entitled to the same rights

and privileges and subject to the same terms and condi-

tions as outstanding bonds and Certificates held by others,

and the monies, if any, received by the City on account

of such bonds and certificates, may be used by the City

for any valid municipal purpose. Nothing in this section

shall be deemed to permit the City to acquire bonds or

Certificates for its own account out of any monies in the

Issue of January 1, 1937 Fund, the Sinking Fund or the

Tax Participation Certificate Fund or the $500,000 Fund

provided for by Section 12 hereof or required hereby to

be paid into such funds.

Section 20. The Commission of the City of Coral Gables

is hereby authorized to take any and all proceedings and to

enter into any and all agreements deemed necessary or

advisable for the purpose of effectuating the readjustment

and refunding hereby authorized.

Section 21. A special election is hereby called and di-

rected to be held at the regular voting place in the City

of Coral Gables from 8 o’clock A. M. to sundown on the

25th day of January, 1937, for the purpose of submitting to

the qualified electors who are freeholders of said City, a

proposition for the issuance of the Refunding Bonds and

Tax Participation Certificates authorized by this ordin-

ance, and no Refunding Bonds or Tax Participation Certi-

ficates shall be issued hereunder until the proposition for

the issuance thereof shall have been approved by a ma-

jority of the votes cast at such election by the qualified

electors who are freeholders of said City, in which elec-

tion a majority of the freeholders who are qualified elec-

tors residing in the City shall have participated. Notice

of such election shall be given by publication in a news-

paper of general circulation published in The City of

Coral Gables once a week for three consecutive weeks,

the first publication to be not less than twenty-one (21)

days prior to the date of the election. Such notice of elec-

tion shall set forth the date of election, the hours the polls

will be open and the place at which the election will be

held, and shall contain a complete copy of this ordinance.

The official ballot to be used at said election shall be

in substantially the following form:

The City of Coral Gables, Florida

Official Ballot

Election January 25, 1937

If you approve the issuance of the Refunding Bonds and

Tax Participation Certificates, make a cross mark (X) in

— —

the square after the words For the Refunding Bonds and

Tax Participation Certificates”. If you disapprove of the

issuance of Refunding Bonds and Tax Participation Certi-

ficates, make a cross mark (X) in the square after the

words “Against the Refunding Bonds and Tax Participa-

tion Certificates”.

For the Refunding Bonds and Tax Participation Certi-

ficates ]

Against the Refunding Bonds and Tax Participation

Certificates [ ]

Shall the indebtedness of The City of Coral Gables be

adjusted and refunded by the issuance of not to exceed $4,-

200,000 Refunding Bonds maturing forty and one-half

years after their date, subject to prior redemption, and

bearing interest per annum at the rate of two and one-

half per cent for the first two and one-half years; three

per cent for the next six years; three and one-half per

cent for the next two years; four per cent for the next

five years; four and one-half per cent for the next ten

years; and five per cent for the remaining fifteen years,

and by the issuance of Tax Participation Certificates in

exchange for the difference between the total indebtedness

of the City, including unpaid interest thereon accrued to

January 1, 1937, and the principal amount of such Re-

funding Bonds, said Tax Participation Certificates to

represent the participating interests of the holders there-

of in and to any funds in excess of the requirements of the

Refunding Bonds that may be produced by certain fixed

tax levies to be made in the years 1937 to 1976, inclusive,

all as more particularly prescribed by Ordinance No. 269,

entitled “An Ordinance Authorizing a Readjustment and

Refunding of the Outstanding Indebtedness of The City of

Coral Gables by the Issuance of Refunding Bonds and

Tax Participation Certificates”, adopted by The City Com-

mission on the 23rd day of December, 1936.

Section 22. All ordinances and parts of ordinances in

conflict herewith shall be and the same are hereby re-

pealed.

Section 23. In the event any section, subsection, sen-

tence, clause or phrase of this ordinance shall be ad-

judicated invalid or unconstitutional such adjudication

shall in no manner affect the other sections, subsec-

tions, sentences, clauses or phrases of this ordinance

which shall be and remain in full force and effect as fully

as if the section, subsection, sentence, clause or phrase so

adjudged invalid or unconstitutional was not originally a

part thereof.

Section 24. This ordinance is hereby declared to be an

emergency measure on the ground of urgent public need

for the preservation of peace, health, safety and property,

and the measure, being passed by a vote ef not less than

‘four-fifths of the members of the Commission, shall take

effect upon its adoption, publication, and posting as re-

quired by law.

Passed and Adopted this 23rd day of December A. D.

1936.

Approved:

ROSCOE BRUNSTETTER,

Mayor.

Attest:

G. N. SHAW,

City Clerk.

(Seal of the City of Coral Gables.)

96

69 EXHIBIT 2.

Ordinance No. 289.

An Ordinance Amending Ordinance No. 269 Adopted De-

cember 23, 1936, and Repealing Ordinance No. 284

Adopted June 2, 1937, for the Purpose of Giving Ef-

fect to the Decision of the Supreme Court of Florida

in the Case of the City of Coral Gables vs. The State

of Florida, Rendered July 30, 1937.

Whereas, It was provided by Ordinance No. 269 adopted

December 23, 1936, that for the payment of all Refunding

Bonds and Tax Participation Certificates authorized there-

by homesteads situated within the limits of the City of

Coral Gables would be taxable, notwithstanding the pro-

visions of Section 7, Article X, of the Constitution of the

State of Florida; and,

Whereas, In the validation proceedings instituted by the

City for the purpose of validating said refunding obliga-

tions a decree was rendered by the Circuit Court validat-

ing all of said refunding obligations, upon the condition

that the City would not be obligated to levy taxes on

homesteads for the payment of the refunding obligations

to be exchanged for three judgments heretofore recovered

against the City in tort actions in the principal amount

of $16,103.38 which, with interest thereon to January 1,

1937, in the sum of $4,524.06, aggregates $20,627.44, as well

as indebtedness represented by accounts payable in the

principal amount of $149,630.11 which, with interest there-

on to January 1, 1937 in the sum of $32,199.75, aggregate

$181,829.86; and,

Whereas, By decision rendered July 30, 1937, the Su-

preme Court of Florida has affirmed the decree of the

97

Circuit Court in all respects, and it is deemed advisable

to give effect to the decision of said Court;

Now, Therefore, Be It Ordained By The Commission Of

The City Of Coral Gables:

Section 1. Homesteads located within the territorial

limits of the City of Coral Gables and exempted from

taxation by the provisions of Section 7, Article X, of the

Constitution and the statutes enacted pursuant thereto

shall not be taxable for the payment of any refunding ob-

ligations issued in exchange for the following described

indebtedness:

Principal Interest to

Description of Indebtedness Amount 171/37

Accounts Payable— Florida Light 5

& Power Company ......... $149,630.11 $32,199.75

Judgment—W. W. Blount ...... 15,063.45 4,333.60

Judgment—Parker Maxwell .... 274,65 50.12

Judgment—E. B. Connally ...... 765.28 140.34

Section 2. The principal amount of Refunding Bonds

authorized to be issued by Section 5 of Ordinance No. 269

be and the same is hereby reduced from $206,000 to $123,-

170.20, and for the purpose of refunding the principal of

the indebtedness described in the preceding section and

all unpaid interest to January 1, 1937 set forth therein,

there is hereby authorized to be issued Refunding Bonds,

Section Series, in the principal amount of $82,866.75 and

Tax Participation Certificates, Second Series, for the dif-

ference between the principal amount of such refunding

bonds and the principal outstanding indebtedness re-

funded thereby and for all unpaid interest accrued to

January 1, 1937 set forth in the preceding section. Said

Refunding Bonds, Second Series, and Tax Participation

Certificates, Second Series, will be entitled to participate

in the proceeds of all taxes pledged to Refunding Bonds

and Tax Participation Certificates authorized by Ordin-

ance No. 269 except that no part of the proceeds of taxes

on exempted homesteads will be applicable to Refunding

Bonds, Second Series, or Tax Participation Certificates,

Second Series. Such Refunding Bonds, Second Series,

and Tax Participation Certificates, Second Series, will

be issued in exchange for the indebtedness to be refunded

thereby in the same manner and upon the same basis as

that prescribed by Ordinance No. 269.

Section 3. The refunding bonds hereby authorized to be

issued shall be in substantially the following form:

United States of America

State of Florida

The City of Coral Gables

Refunding Bond—Issue of January 1, 1937

Second Series

| a ee ee $500.00

The City of Coral Gables in Dade County, Florida, is

justly indebted and for value received hereby promises to

pay to bearer, or if this bond be registered, to the regist-

ered owner hereof, on the Ist day of July, 1977, the prin-

cipal sum of Five Hundred Dollars ($500.00) together

with interest thereon from the date hereof at the rate of

two arid one-half per centum per annum to July 1, 1939;

thereafter at the rate of three per centum per annum to

July 1, 1945; thereafter at the rate of three and one-half

per centum per annum to July 1, 1947; thereafter

one-half per centum per annum to July 1,

and at the rate of five per centum per annum there-

after and until the maturity hereof, said interest

payable semi-annually on the first days of January

July in each year. Both principal and interest hereof

payable in lawful money of the United States of

at Central Hanover Bank & Trust Company in the City

of New York, N. Y., upon presentation and surrender of

this bond and the interest coupons hereto attached as they

Gables, and pursuant to the authority conferred by a ma-

jority of the votes cast in an election held in said City on

the 25th day of January 1937 by the qualified electors

who were freeholders of The City of Coral Gables, in

which election a majority of the freeholders who were

qualified electors residing in said City participated, for

the purpose of refunding valid subsisting indebtedness of

said City.

The City of Coral Gables hereby reserves the right to

redeem this bond on any interest payment date upon pay-

ment of par and accrued interest, and agrees that it will

apply the sinking fund created by the ordinance authoriz-

ing the issuance of this bond to the redemption of the

bonds of this issue at par and accrued interest by lot

whenever such Sinking Fund amounts of $20,000 or more,

and is not used for the purpose of bonds of this issue

at less than par and not reserved to so acquire such bonds

under then published notice, in the manner more par-

100

ticularly prescribed by the ordinance authorizing the is-

suance of this bond. In the event this bond is so called

for redemption, notice thereof shall be published in a

financial newspaper published in the City of New York,

N. Y., once a week for two consecutive calendar weeks,

the date of first publication to be at least thirty days prior

to the date fixed for redemption. If this bond shall not

be presented for payment on the date so fixed for re-

demption, it shall cease to bear interest from and after

said date. The Sinking Fund provided for said bonds may

also be used in the purchase thereof, in accordance with

the provisions of the ordinance authorizing their issuance.

It is hereby certified and recited that all acts, conditions

and things required to happen, exist and be performed

precedent to and in the issuance of this bond, have hap-

pened, exist and have been performed in due time, form

and manner as required by the Constitution and laws

of the State of Florida; that the total indebtedness of said

City, including this bond, does not exceed, and that the

total indebtedness of said City at the creation of the in-

debtedness, did not then exceed, any constitutional or

statutory limitation thereon and that the full faith and

credit of the City are pledged for the payment of principal

and interest of this bond.

The City of Coral Gables covenants with the holder of

this bond that for the payment of the principal and inter-

est thereof, it will levy taxes in an amount sufficient to

provide therefor upon all taxable property within the pre-

sent territorial limits of said City, excepting homestead

property exempted from municipal taxation by Section 7,

Article X, of the Constitution of the State of Florida, and

that all taxes levied for the payment of the principal and

interest hereof will be collected in cash at the same time

and in the same manner as operating and governmental

101

ad valorem taxes levied by said City, and the remedies for

the enforcement of the indebtedness refunded hereby shall

appertain to this bond independently of any restrictions

or limitations thereon enacted or made effective since the

incurring of the indebtedness refunded hereby.

This bond may be registered as to principal alone and as

to both principal and interest in accordance with the pro-

visions indorsed hereon.

In Witness Whereof said City of Coral Gables has caused

this bond to be signed by its Mayor, attested by its City

Clerk and its corporate seal to be hereunto affixed and

the interest coupons hereto attached to bear the facsimile

signatures of said Mayor and said City Clerk, all as of the

first day of January, 1937.

Mayor.

Attest: 1

sei io Trey

Form of Coupon.

n nn

On the first day of .................. , 19...., The City

of Coral Gables will pay to bearer at the Central Hanover

Bank and Trust Company, New York City, N. Y. the sum

Weinmann Dollars (8. ) in law-

ful money of the United States of America being six

months’ interest then due on its Refunding Bond-Issue of

January 1, 1937, Second Series, No. ...........

eee eee eee „ „„ „„ „„ 4

City Clerk.

United States of America

State of Florida

The City of Coral Gables

Tax Participation Certificate

Issue of January 1, 1937

Second Series

The City of Coral Gables in Dade County, Florida, here-

by certifies that the registered holder hereof or his pre-

decessors in interest, has surrendered to the City in ex-

change for this certificate Five Hundred Dollars valid

subsisting indebtedness of said City, and has accepted this

Certificate in complete satisfaction and discharge of the

indebtedness so surrendered.

This Certificate is payable solely out of the Tax Par-

ticipation Certificate Fund established by Ordinance No.

269, adopted December 23rd, 1936, as amended by Ordin-

ance No. 269, and shall not constitute, either directly

or indirectly, or be construed to be, an indebtedness of

The City of Coral Gables, but shall merely evidence the

Gables covenants that during the

1976-77, inclusive, it will levy the

the payment of int and Sinking Fund payments

on Refunding Bonds of the Issue of January 1, 1937 in

any, into the Tax Participation Certificate fund.

On August Ist of each year, beginning in the year

1938, The City of Coral Gables covenants that it will

apportion and make pro rata disbursement of «ll funds

on hand on the preceding July ist in said Tax ]’articipa-

tion Certificate Fund among all the holders of the out-

standing Tax Participation Certificates registered on each

said July Ist as owners on the register of the Tax Partici-

pation Certificates kept by the City Clerk as Registrar,

by remitting such funds to them in New York exchange

by mail, except that in the year 1977 such disbursement

will be made on December 3ist of all moneys in such

fund as of December 15th to the registered holders of

record December 15th. The pro rata share of any and all

monies that might be available in the Tax Participation

Certificate Fund to which the registered holder of this

certificate may be entitled shall be that proportion of

such monies equal to the ratio that the indebtedness

surrendered in exchange for this certificate bears to the

total indebtedness surrendered in exchange for all cer-

tificates of this issue that might be outstanding, except

104

that the holder of this certificate shall not be entitled

to share in any monies derived from taxes on homesteads

exempted from taxation by Section 7, Article X, of the

Constitution of the State of Florida.

If the total of the payments made upon this certifi-

cate should at any time equal the Five Hundred Dollars

of indebtedness exchanged herefor, this certificate shall

be surrendered to the City and canceled by it. Notwith-

standing the fact that the total of the payments made

hereon may not equal the amount of the indebtedness

exchanged herefor, this Certificate shall expire upon dis-

bursement of all monies in the Tax Participation Certifi-

cate Fund after completion of the sale of tax liens repre-

senting taxes levied for the fiscal year 1976-77 and there-

after the City shall have no further duties with respect

hereto.

This Certificate may be transferred from time to time

by the holder hereof, or his personal representative, by

assignment duly registered and noted in the registration

blank on the reverse hereof. The transfer shall be reg-

istered in a book kept for that purpose by the City Clerk

of the City of Coral Gables, as Registrar, and no holder

hereof, or party interested therein, shall be entitled to

recognition as such by The City for any purpose unless

the same be so registered, but said register shall be con-

clusive as to such ownership; and the City shall be au-

thorized t» treat the person in whose name this Cer-

tificate may be registered on the books of the City Clerk

of The City of Coral Gables, as Registrar, as the owner

thereof for all purposes.

Any transferee of this certificate shall take the same

subject to any and all payments that might thereto

fore have been made hereon and subject to all the term:

and provisions of the ordinance authorizing the issuanc:

105

hereof and shall acquire only the rights and interests of

the transferor as such rights and interests are more par-

ticularly prescribed by Ordinance No. 269, adopted De-

cember 23rd, 1936, as amended by Ordinance No. 289,

which by reference is made a part hereof and hereby

made binding upon each and every transferee hereof.

Any monies, checks, remittances, or other things at

any time to be distributed or forwarded to any certifi-

cate holder may, at the risk of the certificate holder, be

mailed, postage prepaid, addressed to such certificate

holder at the address shown on the Register of the Tax

Participation Certificates kept by the City Clerk as Reg-

istrar.

Any and all payments to which this Certificate may

be entitled will be made in lawful money of the United

States of America, and the City covenants that the taxes

required to be levied in the fiscal years -1937-38 to 1976-

77, inclusive, by the ordinance pursuant to which this

Certificate has been issued, will be levied upon all prop-

erty within the present territorial limits of the City, ex-

cepting homestead property exempted from municipal

taxation by Section 7, Article X, of the Constitution of

Florida, and that such taxes will be collected in cash

at the same time and in the same manner as operating

and governmental ad valorem taxes levied by said City,

and that the remedies appertaining to this Certificate

will exist independently of an restrictions or limitations

enacted or made effective since the incurring of the in-

debtedness refunded hereby.

This Certificate is issued under the authority of and

in full compliance with the Constitution and Statutes of

the State of Florida, including the Charter of the City

of Coral Gables, and pursuant to the authority conferred

by a majority of the votes cast in an election held in said

106

City on the 25th day of January, 1937, by the qualified

electors who were freeholders of The City of Coral

It is hereby certified and recited that all acts, condi-

tions and things required to happen, exist and

formed, precedent to and in the issuance of this Certifi-

cate, n

due time, form and manner as required by the Consti-

tution and Statutes of the State of Florida, and i

Certificate is within every constitutional and

limitation.

In Witness Whereof, The City of Coral Gables has

caused this Certificate to be executed with the facsimile

signature of its Mayor, attested by its City Clerk, and

its Corporate Seal to be hereunto affixed as of this First

day of January, A. D. 1937.

The form of validation certificate and provision for reg-

istration and transfer prescribed for tax participation cer-

tificates by Ordinance No. 269 shall be applicable to the

certificates authorized to be issued by this Ordinance.

Section 5. The minimum tax rates prescribed by Sec-

tion 8 of Ordinance No. 269 shall be imposed upon all

property which was not exempted by Section 7, Article

X, of the Constitution of Florida, and there shall be im-

107

posed upon all homestead property exempted from taxa-

tion by said Section 7, Article X, of the Constitution the

following minimum rates of taxation in lieu of those pre-

scribed by Section 8 of Ordinance No. 269;

Fiscal Years

1947-48 to 1956-57, inc

1957-58 to 1976-77, inc

The proceeds of all taxes levied upon homestead prop-

erty exempted from taxation by Section 7, Article X, of

the Constitution shall be applied solely to the payment

of refunding bonds and tax participation certificates in

the manner prescribed by Ordinance No. 269 other than

Second Series Refunding Bonds and Second Series Tax

Participation Certificates authorized hereby, and such pro-

ceeds shall be kept separate from the proceeds of other

taxes levied pursuant to Ordinance No. 269, as amended

hereby, and shall be earmarked in the Issue of January

1, 1937 Fund, the Sinking Fund and Tax Participation

Fund established by said Ordinance No. 269.

Section 6. The form of Tax Participation Certificates

heretofore prescribed is hereby amended by inserting “as

amended by Ordinance No. 289” in said certificates im-

mediately following the words “Ordinance No. 269,

adopted December 23rd, 1936” wherever such words ap-

pear in said certificates, and any such obligations that

may be issued in temporary form shall be issued to con-

form to the changes made by this ordinance.

Section 7. All provisions of Ordinance No. 269 shall

continue to be in force and applicable to the Second

Series Refunding Bonds and Second Series Tax Partici-

108

pation Certificates, except to the extent that such pro-

visions may be expressly modified hereby.

Section 8. Ordinance No. 284, adopted June 2, 1937, be

and the same is hereby repealed.

Section 9. This ordinance is hereby declared to be an

emergency measure on the ground of urgent public need

for the preservation of peace, health, safety and property,

and the measure being passed by a vote of not less than

four-fifths of the members of the Commission shall take ef-

fect from and after this the date of its adoption.

Passed And Adopted this 4th day of September, A. D.

1937.

ROSCOE BRUMSTETTER.

Attest:

G. N. SHAW,

City Clerk.

EXHIBIT 3.

Ordinance No. 347.

An Ordinance Declaring The Necessity Of Filing a Peti-

tion In Bankruptcy; Adopting The Refunding Plan

Set Forth In Ordinance No. 269, As Amended By No.

289, As a Plan Of Composition In Such Bankruptcy

Proceeding; And Authorizing The City Attorney To

File a Petition In Bankruptcy.

Whereas the City of Coral Gables since putting into

effect the refunding plan authorized by Ordinance No.

269, as amended by Ordinance No. 289, in the year 1937

has endeavored to secure the agreement of the holders

Whereas the only procedure now available to the City

is to file a petition in bankruptcy in the United States

District Court in and for the Southern District of Florida,

Now, Therefore, Be It Ordained By The Commission

Of The City Of Coral Gables:

Section 1. It is hereby found and determined that as

of March 1, 1940 the City of Coral Gables had exchanged

and delivered refunding bonds and tax participation cer-

tificates for 94.18% of the City’s old obligations; that the

holders of 1.84% of said obligations had placed them in

judgment and now hold peremptory writs requiring the

levy of special taxes to pay the principal and interest

due on the judgments; that 0.91% of the said obligations

are owned and held by parties unknown to the City and

that 3.07% being $252,000.00 of the said obligations, are

12223 2228185

PAUL D. McGARRY,

Mayor.

for and on behalf of the City of Coral Gables.

i

E

a}

82

i

111

EXHIBIT 4.

79

Acceptance Of Plan For The Composition Of Debts Of

Of Coral Gables, Florida, And Consent To

Petition For Said City Under Acts Of Con-

The undersigned creditor of The City of Coral Gables,

Florida, being the owner and holder of Refunding Bonds

of said City, listed below, dated January 1, 1937, maturing

July 1, 1977, with July 1, 1940 and subsequent coupons

partial completion or execution of the plan of composi-

;

i

being the owner and holder of Tax Participation Certifi-

cates were issued and outstanding as the result of the

partial completion or execution of the aforesaid plan evi-

denced by the said ordinances, which said plan of com-

District of Florida, for the completion of said plan for

the composition of said debts under the aforesaid plan in

accordance with Chapter IX of the Acts of Congress re-

'

a

*

€

112

lating to bankruptcy, as amended by Acts of Congress

approved June 22, 1939.

Dated title „„ „ ds. Co eee eee , 1940

Witnesses

n enen e S „„ „„ „„ „„

ese e e e e Ar 6

Series Bond Numbers Aggregate Par Amount

Series Tax Participation Aggregate Par Amount

Certificate Numbers

On June 27, 1940 Order was filed (Recorded in Minute

Book 20, page 886) in words and figures as follows:

80 (Caption Omitted.)

Upon consideration of the petition of The City of Coral

Gables, Florida, filed in this Court on the 27th day of

June, A. D. 1940, for relief under the provisions of Sec-

tions 81, 82, 83 and 84 of Chapter Nine of the Acts of

Congress relating to Bankruptcy, as Amended, and the

Court having had explained and having considered such

petition, and having heard and considered the evidence

adduced and the argument of counsel, and the Court being

satisfied that said petition complies with the said Acts

of Congress, Sections 81, 82, 83 and 84 of Chapter Nine,

relating to Bankruptcy, as Amended, and that said peti-

tion has been filed in good faith;

It Is Hereby Ordered that said petition be and the

same is hereby approved as properly filed under the

—

It Is Further Ordered:

1, That a hearing will be held before this Court in

the above entitled cause on the 21st day of September,

A. D. 1940, at the hour of 10 o’clock A. M., on said day,

in the United States District Court Room, at Miami, Dade

County, Florida, for the purpose of considering said pe-

tition and all answers which may be filed controverting

any of the material allegations thereof, and for the pur-

pose of considering the plan of composition as referred

to and set forth in said petition, and any objecti

all

of

BF

11

174

1

entitled in this cause consist of

writing filed and verified by the creditors,

authorized agents or attorneys or representa

588

8

i

and Court costs.

That bonds and/or coupons upon which proofs of claims

are filed need not be presented or filed with such proofs

of claims provided, however, that such bonds and/or

coupons must be produced by the claimant thereof in

case the Court shall deem it necessary and advisable

to require the production of the same, and in case the

plan of composition be confirmed, said bonds and/or cou-

pons must be produced and deposited in accordance with

the terms of the plan of composition or the further order

of this Court in order to entitle the claimant thereof to

participate in the plan; proofs of claims and interests

duly approved and filed in accordance with the provisions

of this order shall be deemed to have been allowed, sub-

ject, however, to objections by any party in interest and

reconsideration of said allowance of said claim may be

had upon due notice and hearing in such manner as this

Court may hereinafter determine.

3. That the petitioner shall give notice to its credi-

tors of the filing of this petition and its approval as be-

ing properly filed and of the time and manner of filing

115

claims and of the time and place of the hearing above

referred to; that said notice shall be in the following form,

to-wit:

(Caption of Cause.)

Notice to Creditors of The City of Coral Gables, Florida.

You and Each of You are Hereby Notified:

That the above named petitioner, The City of Coral

Gables, Florida, did on the 27th day of June, A. D. 1940

file in the above entitled Court in the above entitled

proceedings, its petition for the composition of its in-

debtedness evidenced by outstanding bonds and interest

coupons appertaining thereto and outstanding judgments

and interest thereon.

You are Further Notified that on the 27th day of June,

A. D. 1940, by order entered in said cause, said petition

of The City of Coral Gables, Florida, was approved as

properly filed under Chapter Nine, Acts of Congress

relating to Bankruptcy, as Amended, and it was adjudi-

cated that the said petition had been filed in good faith,

and that said order so entered did further direct that

all claims and interests of creditors of petitioner to be

affected by said plan of composition, must be filed or

evidenced herein by the filing of proofs of claims for

such claims or interests by creditors within sixty (60)

days subsequent to the entry of said order.

That said proofs of claims and interests shall be filed

with the Clerk of this Court and shall be entitled in this

cause and shall consist of statements in writing filed

and verified by the creditors, or their duly authorized

agents or attorneys or representatives, setting forth the

name of the bond issues, serial numbers and denomina-

tions of all bonds and matured unpaid coupons upon

ͤ—— —

vided, however, that such bonds and/or coupons must be

produced by the claimant thereof if so ordered and the

Court shall deem it necessary and advisable to require

the production of the same, and in case the plan of com-

of the plan of composition or the further order of this

Court in order to entitle the claimant thereof to partici-

pate in the plan of composition.

That proofs of claims and interests duly approved and

filed in accordance with the provisions of this order shall

be deemed to have been allowed, subject, however, to

objections by any party in interest, and reconsideration

of said allowance of said claim may be had upon due

notice and hearing in such manner as this Court may

hereafter determine.

That a hearing in the above entitled cause be held on

the 21st day of September, A. D. 1940, at 10 o’clock A. M.

in the United States District Court Room, at Miami, Dade

County, Florida, for the purpose of considering said pe-

creditors of the said The 2 of Coral Gables, Florida;

and in case the material allegations in said petition are

sustained, for the further purpose of classifying all credi-

sary to the confirmation of said plan of composition and

the carrying out of this proceeding.

Dated: Miami, Florida, June 27th, 1940.

THE CITY OF CORAL

GABLES, FLORIDA,

By PAUL D. McGARRY,

Mayor, Petitioner.

G. N. SHAW,

Clerk.

4. That said petitioner shall cause such notice to be

published at least once a week for three (3) consecutive

weeks in The Miami Herald and The Miami Daily News,

each a newspaper of general circulation in the City of

Miami, County of Dade, State of Florida, and within the

jurisdiction of this Court, and further to be published

once a week for three (3) consecutive weeks in the

Bond Buyer, a paper or magazine published in the City

of New York, State of New York, having general circu-

lation among bond dealers, bondholders and bond owners;

that petitioner shall cause a copy of the foregoing notice

to be mailed, postage prepaid, to each creditor of said

petitioner, The City of Coral Gables, Florida, named in

the petition at the address of such creditor given in the

petition.

—— —— AE

—

118

It is further ordered that such notice shall first be

published as aforesaid and the mailing of the copies there-

of shall be completed not less than sixty (60) days before

the date set for the hearing hereinbefore referred to.

5. It is further ordered that the Court reserves full

right, authority and jurisdiction from time to time to

make such other and further orders as this Court may

deem proper and necessary in exercising any of the

powers of authority conferred under the provisions of

Sections 81, 82, 83 and 84, inclusive, of Chapter Nine of

the Acts of Congress relating to bankruptcy, as amended,

and from time to time make such orders and decrees

as may be proper or necessary in this proceeding.

Done And Ordered in Chambers in The City of Miami,

Dade County, Florida, this 27th day of June, A. D. 1940.

JOHN W. HOLLAND,

District Judge.

On July 13, 1940 Petitioner filed Motion to Amend

Petition for Composition in words and figures as follows,

to-wit:

86 MOTION TO AMEND PETITION.

(Title Omitted.)

To: The Honorable, the Judges of the United States Dis-

trict Court in and for the Southern District of Florida:

Comes now the petitioner, The City of Coral Gables

by its undersigned attorneys, and respectfully shows unto

the Court that in listing the names of the owners and

holders of original bonds not exchanged for the Refund-

0 119

ing Issues and not consenting to or accepting the plan

of composition as shown in Exhibit C“ of the petition,

an inadvertent error was made in failing to show that

the petitioner is advised and believes and therefore al-

leges that Ed. C. Wright of St. Petersburg, Florida, is

owner of some interest in each of the bonds and coupons

listed as being owned by the American National Bank

of Nashville, Tennessee.

Wherefore your petitioner moves the Court for an

order amending Exhibit C“ to the petition so as to show,

in addition to the name American National Bank of

Nashville, Tennessee“ as owner of said bonds and coupons

listed therein, the name and Ed. C. Wright of St. Peters-

burg, Florida” so that said Exhibit “C” shall read every-

where the bank’s name is mentioned, “American National

Bank of Nashville, Tennessee and Ed. C., Wright of St.

Petersburg, Florida.”

This the 13th day of July, A. D. 1940.

MORTON B. ADAMS,

City Attorney.

D. H. REDFEARN,

By MBA,

IRA HAYCOCK,

By MBA,

Attorneys for Petitioner.

On July 13, 1940 Order Amending Petition was filed

in words and figures as follows, to-wit:

87 ORDER AMENDING PETITION.

(Title Omitted.)

This cause came on to be heard upon the motion of

the petitioner for leave to amend the petition by chang-

—

— I CIE

Done and ordered in Chambers in the City of Miami,

Dade County, Florida, this i3th day of July, A. D. 1940.

JOHN W. HOLLAND,

District Judge.

On July 15, 1940, Petitioner filed motion for stay order

in words and figures as follows, to-wit:

88 MOTION FOR STAY ORDER.

(Title Omitted.)

To: The Honorable, the Judges of the United States Dis-

trict Court in and for the Southern District of Florida:

Comes now the petitioner, The City of Coral Gables,

by its undersigned attorneys, and respectfully shows: that

121

on the Twenty-seventh day of June, A. D., 1

i

:

was filed in this Court by your petitioner, a

the composition of debts under Sections 81, 82,

of Chapter 9 of the Acts of Congress relating

112

the respective creditors. As shown in Exhibit C“

petition filed in this case large balances are still out-

standing on said final judgments. The names of the

ereditors and the docket numbers of their respective suits

against the petitioner are as follows:

Creditor

(1) Augustus T. Ashton

(2) Fiduciary Counsel Inc.

(3) Lois Harmon

(4) W. J. Noel

(5) C. J. Root 2333 M-Civil

(6) G. E. Vallette 2512 M-Civil

There is also pending in the Eleventh Judicial Cir-

cuit of the State of Florida in and for Dadé County, in

Common Law, No. 18,569-D, a mandamus suit in which

American National Bank of Nasiiville, Tennessee, is the

relator and your petitioner is the respondent. This suit

seeks to compel the petitioner to pay over to it as the

owner and holder of certain matured coupons of the

petitioner’s old bonds, monies on hand collected from

taxes levied and appropriated to service Refunding Bonds

and Tax Participation Certificates of January 1, 1937 Issue

authorized to be but not yet issued, which monies are

now held by the petitioner for delivery with the Refund-

ing Bonds, immature coupons and Tax Participation Cer-

tificates in exchange for old outstanding bonds and cou-

pons. Final judgment dismissing the suit was entered

in said cause June 25, 1940. The said creditor expressed

an intention to take the suit to the Supreme Court of

Florida by writ of error, and the time for such an appeal

has not yet expired. The said creditor, American National

Bank of Nashville, Tennessee, claims to be the owner

and holder of other old past due bonds and coupons of

the petitioner which are affected by the plan of composi-

tion and there are other such outstanding bonds and cou-

pons as listed in Exhibit “C” to said petition.

All allegations of the petition pertinent to this motion

are hereby adopted by reference and made a part hereof.

Your petitioner further shows to the Court that pend-

ing the determination of the matter set forth in the peti-

tion for composition of debts aforesaid, that the above

entitled causes, each and every of them, should be stayed

and enjoined from proceeding further until the further

order of this Court or until such time as the Court shall

123

determine that either or any of the above entitled causes

should proceed further.

Wherefore, the petitioner prays that the Court enjoin

and stay the further progress of each of said hereinabove

mentioned suits pending the determination of this cause

and to enjoin and stay the commencement of any suit

against the petitioner, or any officer or inhabitant of the

petitioner, on account of the securities of the petitioner

affected by its plan of composition, or to enforce any

lien or to enforce the levy of taxes for the payment of

obligations under any such securities, or any suit or pro-

cess to levy upon or enforce against any property ac-

quired by the petitioner through foreclosure of any such

tax lien, and

The petitioner further prays that a decree be entered

providing that the plan of composition shall be temporarily

operative with respect to all securities affected thereby,

and that the payment of the principal cr interest or both

of such securities shall be temporarily postponed or ex-

tended or otherwise adjusted in the same manner and

upon the same terms as if such plan of composition had

been finally confirmed and put into effect.

This the 15th day of July, A. D. 1940.

MORTON B. ADAMS,

City Attorney,

D. H. REDFEARN,

By MBA

IRA C. HAYCOCK,

By MBA

Attorneys for Petitioner.

124

On August 3, 1940 temporary injunction and stay order

was filed in words and figures as follows, to-wit:

TEMPORARY INJUNCTION AND STAY ORDER.

91 (Title Omitted.)

The City of Coral Gables, a municipal corporation of

Florida, having filed its petition for a composition of its

debts under Sections 81, 82, 83 and 84 of Chapter 9 of

the Acts of Congress Relating to Bankruptcy, as amended,

setting forth its proposed plan of composition, and this

Court having on the 27th day of June, A. D. 1940 entered

an order approving the said petition as properly filed

under said law, and the petitioner

filed in this cause its motion to

petitioner to the relief prayed for

for the composition of its debts,

fully advised in the premises;

It Is Ordered And Adjudged:

That the said motion of The City of Coral Gables, the

petitioner, be and the same is hereby granted, excepting

that the petitioner shall not be relieved from making

the special ear-marked tax levies required under now

existing peremptory writs of mandamus as hereinbelow

provided;

125

It Is Further Ordered And Adjudged:

That the following named plaintiffs and relators in the

following named suits be and they are each hereby en-

A. In the United States District, Southern District of

Florida, Miami Division, United States of America, ex

rel Augustus T. Ashton, Relator, versus The City of

Coral Gables, Respondent, No. 2441 M-Civil, pending on

peremptory writ of mandamus for spread tax levy.

B. In the United States District, Southern District of

Florida, Miami Division, United States of America, ex

rel Fiduciary Counsel Inc., Relator, versus The City of

Coral Gables, Respondent, No. 2442 M-Civil, pending on

peremptory writ of mandamus for spread tax levy.

C. In the United States District, Southern District of

Florida, Miami Division, United States of America, ex rel

Lois Harmon, Relator, versus The City of Coral Gables,

Respondent, No. 2466 M-Civil, pending on peremptory

writ of mandamus for spread tax levy.

D. In the United States District, Southern District of

Florida, Miami Division, United States of America, ex

rel W. J. Noel, Relator, versus The City of Coral Gables,

Respondent, No. 2375 M-Civil, pending on peremptory

writ of mandamus for spread tax levy.

E. In the United States District, Southern District of

Florida, Miami Division, United States of America, ex rel

*

C. J. Root, Relator, versus The City of Coral Gables, Re-

spondent, No. 2333 M-Civil, pending on peremptory writ

of mandamus for spread tax levy.

F. In the United States District, Southern District of

Florida, Miami Division, United States of America, ex rel

G. E. Vallette, Relator, versus The City of Coral Gables,

Respondent, No. 2512 M-Civil, pending on peremptory

writ of mandamus for spread tax ‘levy.

G. In the Eleventh Judicial Circuit of Florida in and

for Dade County, State ex rel American National Bank

of Nashville, Tennessee, Relator, versus The City of Coral

Gables, Respondent. Common Law No. 18,569. Alternative

writ of mandamus dismissed—time for appeal not yet

expired.

Provided, However, that the foregoing injunction and

stay shall not relieve the said petitioner from the duty

of making the several special spread tax levies as re-

quired by the several writs of mandamus in the here-

inabove listed suits against the petitioner, and the peti-

tioner be and it is hereby required to make each and

every of the aforesaid special spread tax levies and to

collect the same;

Provided Further, However, that the proceeds of said

special spread tax levies and the proceeds of delinquent

special tax levies made pursuant to the above listed per-

emptory writs of mandamus, be held by the petitioner

herein and not to be disbursed except by further order

of this Court.

It Is Further Ordered And Adjudged:

That the plan of composition described in the petition

in this cause shall be temporarily operative with respect

to all securities and judgments upon such securities, af-

fected thereby as listed in said petition and that the levy

against the petitioner upon such securities, be and it is

hereby temporarily postponed in the same manner and

upon the same terms as if such plan of composition had

been finally confirmed and put into effect, and pending

the final determination of this matter or until the further

order of this Court, the petitioner shall fully perform

all of its obligations under its plan of composition as to

all outstanding obligations of the petitioner affected there-

by, and shall also make the said spread levies herein-

above ordered and directed to be made. 0

It Is Further Ordered And Adjudged:

That service of a copy of this order upon each of the

parties to the foregoing pending suits or upon their re-

spective attorneys of record shall be made personally or

by mail and such service shall be sufficient service of

this order and that a duly certified copy of this order

also be transmitted to the Clerks of the respective Courts

wherein said suits are now pending.

Done And Ordered at Miami, Dade County, Florida

this 26th day of July, A. D. 1940.

CURTIS L. WALLER,

U. S. District Judge.

Filed August 3, 1940.

Attest: A true copy. :

EDWIN R. WILLIAMS,

(Seal) Clerk, U. S. District Court,

Southern District of Florida.

By ALBERT E. CALL,

Deputy Clerk.

(Title Omitted.)

At St. Petersburg, in the County of Pinellas, State of

Florida, on the 23rd day of August, A. D. 1940, came

Ed. C. Wright who by me being duly sworn deposes and

says that he is President of Ed. C. Wright & Company,

a corporation organized and existing under the laws of

the State of Florida, that as such he has authority to

make this deposition.

That the City of Coral Gables, Florida, petitioner herein,

is justly indebted to Ed. C. Wright & Company as the

owner and holder of the following bonds and securities

issued by said City of Coral Gables, Florida:

to 6/27/40

Bonds

$ 22,000 Perm. Imp. 5½ % dtd 12/1/25:

1M due 12/1/39, No Coupons, Bd. No.

4M due 12/1/42, 12/1/40 sca, Bds. Nos.

182, 183, 185, 199

2M due 12/1/44, 12/1/40 sca, Bds. Nos.

6M due 12/1/45:

5M 12/1/40 sca, Bd. Nos. 251-255...

1M 12/1/39 sca, Bd. No. 270

Bonds

8M due 12/1/46:

5M 12/1/40 sca, Bd. Nos, 251-255 ..

3M 12/1/31 sca, Nos. 280,294,295 ..

1M due 12/1/47, 12/1/31 sca, Bd. No.

Perm. Imp. 5½ % dtd 4/1/26:

5M due 4/1/32, No Coupons, Bd. Nos.

568-572

2M due 4/1/36, No Coupons, Bd. Nos.

609, 610

2M due 4/1/47, 10/1/40 sca, Bd. Nos.

786, 787 1

2M due 4/1/56, 10/1/40 sca, Bd. Nos.

Imp. 6% dtd 7/1/26 due 7/1/38, No

Coupons, Bds. Nos. 1618-1622, 1654,

Mun. Imp. 6% dtd 1/1/27:

4M due 1/1/31, No Coupons, Bd. Nos.

169-171, 179

1M due 1/1/36, No Coupons, Bd. No. 677

3M due 1/1/37, No Coupons, Bd. Nos.

839-841

6M due 1/1/38, No Coupons, Nos. 1054-

1058, 1064

1M due 1/1/39, No Coupons, Bd. No.

7M due 1/1/40, No Coupons, Bds. Nos.

1323-1325, 1348, 1424-1426

to 6/27/40

19.85

1,496.91

498.97

2,265.70

466.28

26.28

|

—

130

Coupons & Ac-

crued Interest

Bonds

39M due 1/1/41:

17M 1/1/32 sca, Bd. Nos. 1539, 1646-

1651, 1687-169900.

1M 1/1/34 sca, Bd. No. 1645 .....

3M 1/1/40 sca, Bd. Nos. 1642-1644

18M 7/1/40 sca, Bd. Nos. 1491, 1527,

1534-1536, 1579, 1580, 1625-1630,

„„

11M due 1/1/42, 7/1/40 sca, Bd. Nos.

1707-1715, 1898, 1899 .............

5M due 1/1/44:

1M 1/1/32 sca, Bd. No. 2362 ......

1M 7/1/30 sca, Bd. No. 2386 ......

IM 7/1/40 sca, Bd. Nos. 2192, 2256,

TG ic cv bovodedseceveceivecss

1M due 1/1/45, 7/1/40 sca, Bd. No. 2582

4M due 1/1/46, 7/1/40 sca, Bd. Nos.

reer

16M due 1/1/47, 7/1/40 sca, Bd. Nos.

2940, 2950, 2984, 2985, 2992, 2994,

3017-3020, 3055, 3064, 3065, 3205-

rr

2M due 1/1/49, 7/1/40 sca, Bd. Nos.

SE .

45M due 1/1/52, 7/1/40 sca, Bd. Nos.

3730-3741, 3745-3747, 3751, 3810-

3819, 3823-3826, 3828-3842 ........

3M due 1/1/53, 7/1/40 sca, Bd. Nos.

SE EE Ss ccbeccbccdsecdse

2M due 1/1/54, 7/1/40 sca, Bd. Nos.

D ˙ ˙*²ꝛů—L .

to 6/27/40

9,168.61

419.33

177.99

LB RE De

Bonds

6M due 1/1/55, 7/1/40 sca, Bd. Nos.

4224, 4227, 4228, 4239, 4252, 4253 *

19M due 1/1/56, 7/1/40 sca, Bd. Nos.

Refunding 6% dtd 6/1/28 due 6/1/38,

No Coupons, Bds. Nos. 155-157 ....

8 6% dtd 6/15/28 with 6/15/40

5M aa 6/15/40 Bds. Nos. 303-307 .

10M due 6/15/42 Bds. Nos. 356-363, 369,

3M due 6/15/50 Bds. Nos. 689-691 os

4M due 6/15/53 Bds. Nos. 833-836

6M due 6/15/53 Bds. Nos. 837-842 ....

$ 5,000 Refunding 6% dtd 6/1/29 due 6/1/38,

No Coupons, Bds. Nos. 116-120 ...

$ 1,000 Refunding 6% dtd 1/1/30 due 3/1/32,

No Coupons, Bd. No. 1

$ 1,000 Refunding 6% dtd 7/1/30 due 7/1/49,

7/1/40 Sea, Bd. No. 86

Totals:—

Bonds

$280,301.74

132

Claimant hereby disapproves and rejects and objects to

the plan of composition of the indebtedness of the City

of Coral Gables, Florida, filed herein.

‘ ED. C. WRIGHT & COMPANY,

(Seal) By ED. C. WRIGHT,

President.

Subscribed and sworn to before me this 23rd day of

August, A. D. 1940.

ALVAH C. BELCHER,

(N. S.) Notary Public in and for the

County aforesaid.

My Commission expires August 19, 1942.

On August 21, 1940 Proof of Claim of American Na-

tional Bank of Nashville, Tennessee, was filed in words

and figures as follows, to-wit:

97

PROOF OF CLAIM.

(Title Omitted.)

1. At Nashville, in the County of Davidson and State

of Tennessee, on the 15th day of August, A. D. 1940, came

Paul M. Davis and made oath and said:

2. I am the President of The American National Bank

of Nashville, Tennessee, a Nationa) banking corporation,

with its principal office and place of business in the City

of Nashville, County of Davidson and State of Tennessee,

hereinafter designated as the claimmnt. I reside in the

City of Nashville, Tennessee and perform the duties of

sa

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