HomeMy WebLinkAboutR-00-0947J-00-788
9/20/00
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RESOLUTION NO. S1 �
A RESOLUTION OF THE MIAMI CITY COMMISSION
ADOPTING THE RECOMMENDATIONS OF THE ORANGE
BOWL STEERING COMMITTEE TO PERMIT THE ORANGE
BOWL (1) TO RETAIN EXCESS FUNDS IN ITS
OPERATIONAL ACCOUNT, ABOVE ITS TOTAL
ESTIMATED REVENUES CONTAINED IN ITS ESTIMATED
BUDGET WHICH EXCESS FUNDS SHALL BE DIRECTLY
REINVESTED IN THE FACILITY; AND (2) TO RETAIN
IN ITS OPERATIONAL ACCOUNT, A DESIGNATED
PERCENTAGE OF ITS EXCESS REVENUES, AFTER
EXPENDITURES, TO BE DIRECTLY REINVESTED IN
THE FACILITY; FURTHER DIRECTING THE CITY
MANAGER TO ESTABLISH AN ACCOUNTING SYSTEM TO
ACCOMPLISH SAME.
WHEREAS, the Orange Bowl Stadium ("the Stadium") is a
landmark facility of the City of Miami; and
F
WHEREAS, The Stadium requires repairs and renovations which
are not projected to be allocated in the Stadium budget; and
WHEREAS, without such repairs and renovations, it is
anticipated that fewer events will occur at the Stadium; and
WHEREAS, the current and anticipated City of Miami budgets
do not designate sufficient funding to properly repair and
renovate the Stadium; and
CITY COMMISSION
MEETING OF
T 2 6 22000
Resolution IN Yx-1
WHEREAS, The Orange Bowl Steering Committee ("the
Committee") adopted a resolution at its July 11, 2000 meeting
urging the City ,Commission to permit the Stadium to reinvest its
excess revenues into its operational account for Stadium repair
and renovation;
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 hereby adopted by reference and
incorporated as if fully set forth in this Section.
Section 2. The recommendation of the Orange Bowl
Committee to permit the Orange Bowl to (1) retain in its
operational account, funds in excess of its total estimated
revenues that are contained in its estimated budget, such funds
shall be directly reinvested in the Stadium; and (2) retain in
its operational account a designated percentage of its excess
revenues after its expenditures, such funds to be directly
reinvested in the Stadium, are hereby adopted.
Section 3. The City Manager is hereby directed to
establish an accounting system for such excess revenues to be
retained in the operational account of the Stadium.
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Section 5. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.'/
PASSED AND ADOPTED this 26th,- "day, of October. 2000.
JOE CAROLLO, MAYOR
In accordance with Miarni Code Sec. 2-36, sincs the Mzayor dRoi not ilndm.atz appro-ml of
this legislation by signing it in the designated pla pro,,,Idad, onid
becomes effective with the elapse of ten (10) days n the, of comrn,� i.75:,',on
- nxjar&q same, without the M?.yqeexe 5sir a
ATTEST:
alter J. ity Clerk
WALTER J. FOEMAN
CITY CLERK
APPROVED T FORM_AW CORRECTNESS-t"
rmVILARELLO
RNEY
S54.TOZJ:LB:BSS
If the Mayor does not sign this Resolution, it shall become effective at
the end of ten calendar days from the date it was passed and adopted.
If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
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