HomeMy WebLinkAboutR-21-0345City of Miami
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Legislation
Resolution: R-21-0345
File Number: 9541
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 9/13/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, BY A FOUR -FIFTHS
(4/5THS) AFFIRMATIVE VOTE, AFTER AN ADVERTISED PUBLIC HEARING,
RATIFYING, CONFIRMING, AND APPROVING THE CITY MANAGER'S
RECOMMENDATION TO ENTER INTO A GIFT AGREEMENT ("AGREEMENT")
PURSUANT TO SECTION 18-85 OF THE CODE OF THE CITY OF MIAMI,
FLORIDA, AS AMENDED ("CITY CODE"), WAIVING THE REQUIREMENTS
FOR COMPETITIVE SEALED BIDDING METHODS AS NOT BEING
PRACTICABLE OR ADVANTAGEOUS TO THE CITY OF MIAMI ("CITY") FOR
PURPOSES OF ACCEPTING A GIFT OF THIRTY PERCENT (30%) OF THE
REVENUE AMOUNT GENERATED FROM A CRYPTOCURRENCY CALLED
MIAMICOIN LAUNCHED BY CITYCOINS, INC., A DELAWARE NOT FOR
PROFIT ORGANIZATION PENDING REGISTRATION TO CONDUCT
BUSINESS IN FLORIDA ("CITYCOINS"), AND, IN PARTNERSHIP WITH THE
CITYCOINS FOUNDATION, PROVIDING ONGOING MONETARY
CONTRIBUTIONS TO THE CITY OVER WHICH THE CITY SHALL HAVE
UNILATERAL CONTROL ON THE USE OF SAID FUNDS YIELDED BY
MIAMICOIN; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE THE AGREEMENT BETWEEN THE CITY AND CITYCOINS, IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE;
FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE ANY AND ALL OTHER DOCUMENTS, INCLUDING ANY
AMENDMENTS, RENEWALS, AND EXTENSIONS, SUBJECT TO ALL
ALLOCATIONS, APPROPRIATIONS, PRIOR BUDGETARY APPROVALS,
COMPLIANCE WITH ALL APPLICABLE PROVISIONS OF THE CITY CODE,
INCLUDING THE CITY'S PROCUREMENT ORDINANCE, ANTI -DEFICIENCY
ACT, AND FINANCIAL INTEGRITY PRINCIPLES, ALL AS SET FORTH IN
CHAPTER 18 OF THE CITY CODE, IN FORMS ACCEPTABLE TO THE CITY
ATTORNEY, AND IN COMPLIANCE WITH ALL APPLICABLE LAWS, RULES,
AND REGULATIONS, AS MAY BE DEEMED NECESSARY FOR SAID
PURPOSE.
SPONSOR(S): Mayor Francis X. Suarez
WHEREAS, CityCoins, Inc., a Delaware not for profit organization pending registration to
conduct business in Florida ("CityCoins"), in partnership with CityCoins Foundation, developed a
blockchain protocol which yields Bitcoin ("BTC") as a function of its use; and
WHEREAS, CityCoins tokens ("Tokens") are powered by Stacks ("STX"), a protocol that
enables smart contracts on the BTC network; and
City of Miami Page 1 of 3 File ID: 9541 (Revision: A) Printed On: 101112021
File ID: 9541 Enactment Number: R-21-0345
WHEREAS, stacking requires holders to lock their Tokens for determined "reward
cycles" and the stacking of the Tokens earns STX rewards, which can be further stacked to earn
BTC rewards; and
WHEREAS, CityCoins offers people a way to support their city and grow a
cryptotreasury while earning BTC and STX for themselves; and
WHEREAS, thirty percent (30%) of the STX that miners forward to the STX protocol will
be sent directly to an electronic wallet that is reserved for each city that is part of the CityCoins
ecosystem with the remaining seventy percent (70%) distributed to holders of Tokens who
choose to STX their Tokens; and
WHEREAS, MiamiCoin is a cryptocurrency powered by the STX Protocol, which enables
smart contracts on the BTC network and is the first such Token launched by CityCoins; and
WHEREAS, Tokens like MiamiCoin are open source programmable Tokens that anyone
can use to develop applications ("Apps") and grow communities; and
WHEREAS, CityCoins forecasts that the MiamiCoin community is poised to build an
ecosystem of Apps that can directly benefit City of Miami ("City") communities, with the
MiamiCoin protocol generating the thirty percent (30%) of the STX for as long as the BTC
blockchain exists; and
WHEREAS, CityCoins shall use a third -party entity to convert the MiamiCoin Token into
United States Dollars ("USD") and that third -party entity shall transfer the USD to the City with
the fees associated with the conversion of the Token into USD, if any, being deducted from the
revenue amount transferred to the City and in no event exceeding five percent (5%) of the total
USD revenue amount transferred to the City for any given transfer; and
WHEREAS, the funds received by the City from CityCoins shall be accounted for
separately, consistent with Generally Accepted Accounting Principles and the Government
Accounting Standards Board; and
WHEREAS, upon receipt by the City from CityCoins, the funds will be placed in a
reserve account for a six (6) month period; and
WHEREAS, the funds will be used for affordable housing efforts in the City; and
WHEREAS, the City has conducted its due diligence with respect to CityCoins, the
CityCoins Foundation, and the principles of the same; and
WHEREAS, the City's acceptance of the revenue amount from CityCoins shall not
constitute an endorsement, sponsorship, promotion, or recommendation of CityCoins, the
CityCoins Foundation, or any and all affiliated or associated entities or companies; and
WHEREAS, the City's acceptance of the revenue amount from CityCoins shall not
constitute an endorsement, sponsorship, promotion, or recommendation of MiamiCoin or any
and all other Tokens; and
WHEREAS, the City's acceptance of the revenue amount from CityCoins shall not
constitute an endorsement, sponsorship, promotion, or recommendation of any investment of
any kind, type, or nature whatsoever;
City of Miami Page 2 of 3 File ID: 9541 (Revision: A) Printed on: 101112021
File ID: 9541 Enactment Number: R-21-0345
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. By a four -fifths (4/5ths) affirmative vote, after an advertised public hearing, the
City Manager's recommendation to enter into a Gift Agreement ("Agreement") pursuant to
Section 18-85 of the Code of the City of Miami, Florida, as amended ("City Code"), waiving the
requirements for competitive sealed bidding methods as not being practicable or advantageous
to the City for purposes of accepting a gift of thirty percent (30%) of the revenue amount
generated from MiamiCoin launched by CityCoins in partnership with the CityCoins Foundation,
providing ongoing monetary contributions to the City, over which the City shall have unilateral
control on the use of said funds yielded by the MiamiCoin is hereby ratified, confirmed, and
approved.
Section 3. The City Manager is hereby authorized' to negotiate and execute the
Agreement between the City and CityCoins, in a form acceptable to the City Attorney, for said
purpose.
Section 4. The City Manager is further authorized' to negotiate and execute any and all
other documents, including any amendments, renewals, and extensions, subject to all
allocations, appropriations, prior budgetary approvals, compliance with all applicable provisions
of the City Code, including the City's Procurement Ordinance, Anti -Deficiency Act, and Financial
Integrity Principles, all as set forth in Chapter 18 of the City Code, in forms acceptable to the
City Attorney, and in compliance with all applicable laws, rules, and regulations, as may be
deemed necessary for said purpose.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i "ndez, Cify Attor iey 9/22/2021
' The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to, those prescribed by applicable City Charter and City Code
provisions.
City of Miami Page 3 of 3 File ID: 9541 (Revision: A) Printed on: 101112021