Brooks v. City of Jacksonville
| Decision Date | 27 March 1937 |
| Parties | BROOKS v. CITY OF JACKSONVILLE et al. |
| Court | Florida Supreme Court |
Proceeding by the City of Jacksonville against the State, for the validation of municipal revenue certificates to be issued for the improvement of an existing municipal electric plant wherein T. L. Brooks, a taxpayer, intervened. From a decree of validation, intervener appeals.
Affirmed.
Appeal from Circuit Court, Duval County; A. D McNeill, judge.
Truett & Shea, of Jacksonville, for appellant.
Austin Miller, of Jacksonville, for appellees.
The City of Jacksonville is governed by and acts under chapter 3775, Acts 1887, as from time to time amended and supplemented by subsequent Acts of the Legislature. By its charter it is authorized to own, operate, and maintain a municipal electric light plant and has done so for many years last past.
On January 12, 1937, the Jacksonville City Council (the municipality's legislative body) duly enacted an ordinance No. X-118, as follows:
'Section 1. It is hereby ascertained, determined and declared that:
'(a) The City of Jacksonville, Florida, (hereinafter called the 'City') now owns, operates and maintains a municipal electric plant; the construction of which was finances by the issuance of general obligation bonds of said city, for the payment of which bonds said City was required by law to levy and collect an ad valorem tax upon all taxable property located within the territorial confines of said city.
'(b) The net revenue of such Electric Plant during the last four fiscal years has amounted to the following sums:
| Fiscal years- | Net Revenue |
| 1932 ........... | $1,869,555.00 |
| 1933 ........... | 1,828,217.00 |
| 1934 ........... | 1,715,543.00 |
| 1935 ........... | 1,756,785.00 |
and during the first ten months of 1936, has amounted to $1,566,878.00. The estimated net revenue of said Electric Plant above all expenses of operation and other charges thereon in each fiscal year after the construction of the said extensions and improvements to said Electric Plant hereinafter referred to, is in excess of the amount to become due in each such fiscal year for principal and interest of the certificates hereinafter provided for.
'(c) It is necessary and desirable to construct extensions and improvements to said Municipal Electric Plant, such extensions and improvements to consist of new turbine and boilers and auxiliary equipment so as to increase the appliances for the manufacture and distribution of electricity as may be necessary to furnish same to those taking and using such electricity.
'Section 2. For the purpose of financing the cost of constructing said extensions and improvements, there shall be issued negotiable Electric Revenue Certificates of the City of Jacksonville, Florida, (hereinafter called the Certificates) in the aggregate principal amount of $1,250,000.00 which certificates shall be dated May 1, 1937, in the denomination of $1,000.00 each, numbered from 1 to 1250, both inclusive, in order of maturity, shall bear interest at a rate not to exceed the rate of six (6%) per centum per annum, to be definitely fixed by the City Commission, approved by the Mayor and concurred in by the City Council of said City, such interest payable semi-annually on November 1, and May 1 in each year, first interest being payable November 1, 1937, payable as to both principal and interest at the office of City Treasurer in the City of Jacksonville, Florida, or at Manufacturers Trust Company, the fiscal agency of the City of Jacksonville, in the City of New York, State of New York, at the option of the holder, in such coin or currency as is, on the respective dates of payment of the same, legal tender for the payment of public and private debts; shall be registerable as to principal only at the option of the holder and shall mature serially on May 1, in the years and amounts as follows, to-wit:
| Year | Amount | Year | Amount |
| 1938 .......... | $100,000.00 | 1944 .......... | $100,000.00 |
| 1939 .......... | 100,000.00 | 1945 .......... | 100,000.00 |
| 1940 .......... | 100,000.00 | 1946 .......... | 100,000.00 |
| 1941 .......... | 100,000.00 | 1947 .......... | 100,000.00 |
| 1942 .......... | 100,000.00 | 1948 .......... | 100,000.00 |
| 1943 .......... | 100,000.00 | 1949 .......... | 150,000.00 |
'Said certificates shall be signed by the Chairman and Secretary and one member of the City Commission of said City and sealed with the seal of said City Commission; and the interest coupons attached to said certificates shall be authenticated by the facsimile signature of the City Treasurer of said City.
'Section 3. The City Commission of said City may, from time to time, with the approval of the Mayor and City Council, sell all or any part of said Certificates for not less than par and accrued interest, at either public or private sale, as hereinafter provided; and may on the 1st day of May, 1937, or at any time thereafter, issue and deliver all of said certificates which shall have been so sold. In the sale of said certificates, the City Commission shall agree with the purchaser or purchasers thereof upon the rate of interest, not exceeding six (6%) per centum per annum, said certificates shall bear and before the issuance or delivery of any of said certificates, the definite rate of interest said certificates shall bear shall be declared and determined by a resolution of the City Commission, which resolution shall be approved by the Mayor and concurred in by the City Council; but before said certificates are sold at public sale, notice of said sale shall be published at least twice in a newspaper of general circulation published in Jacksonville, Florida, the first publication to be not less than seven (7) days before the date fixed for the sale, and shall state the time and place of said sale, when and where sealed bids will be received, the amount of certificates, the dates, maturities maximum rate of interest, interest payment dates, and the amount which must be deposited with the bid to secure its performance if accepted. Said notice shall also require the bidders to fix the interest rate that the certificates are to bear, which shall not exceed (6%) per centum per annum. If no bids are received at such public sale, or if all bids are rejected, the certificates may be sold, without notice at private sale, at any time within one year thereafter, but such certificates shall not be sold at private sale on terms less favorable to the City than were contained in the best bid at the directly prior advertised sale. That any and all sales of said certificates shall, before the delivery thereof, be approved by the Mayor and City Council.
'Section 4. The Certificates and coupons attached thereto shall be in substantially the following form, the blanks left for the number of each certificate and the time when it becomes due to be filled in as the number of the certificate and the time of payment may render necessary, and the blanks left for the rate of interest to be filled in as the rate of interest may be determined as herein provided, to-wit:
'No. ..... $1,000.00
'United States of America
'State of Florida
'City of Jacksonville
'Electric Revenue
'Certificate
'The City of Jacksonville, in the County of Duval, a municipal corporation of the State of Florida, for value received, hereby promises to pay to bearer, or, if this certificate be registered as hereinafter provided, to the registered holder hereof, solely from the Certificate Fund provided therefor as hereinafter set forth, the principal sum of One Thousand Dollars ($1,000) on May 1, 19--, and to pay interest on said principal sum semi-annually from said Certificate Fund, at the rate of --- per centum (---%) per annum on May 1 and November 1 in each year until maturity of the principal sum hereof, upon the presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest are payable at the office of the City Treasurer in the City of Jacksonville, Florida, or at the option of the holder, at Manufacturers Trust Company, the fiscal agency of the City of Jacksonville in New York City, New York, in any coin or currency which on the respective dates of payment of the same is legal tender for the payment of public and private debts.
'This Certificate is one of an authorized issue limited to an aggregate principal amount of One Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00), all of like date and tenor, except as to number and maturity, issued by said City under the authority of and in full compliance with the Constitution and Statutes of the State of Florida particularly the Charter of said City and Ordinance No. X-118 duly adopted by the City Council of said City on the 12th day of January, 1937, providing for the construction of certain extensions and improvements to the Municipal Electric Plant of said City. Said Ordinance provides that the City shall fix and maintain rates and collect charges for facilities and...
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