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Home My WebLink AboutAgenda Item Cover Pagel"i OF AGENDA ITEM COVER PAGE File ID: #9541 L°�• R� 19 Resolution Sponsored by: Mayor Francis Suarez 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. Gt�Y,op City of Miami City Hall Legislation 3500 Pan American Drive Miami, FL 33133 -- Resolution www.miamigov.com Enactment Number: R-21-0345 File Number: 9541 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. 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 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; 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: \�J 1 ,Afr--�N,C? 'L� i ria i "ndez, Cify Attor iey 9/1/2021 Pursuant to the resolution, this item became effective immediately upon adoption by the Commission. ' 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.