HomeMy WebLinkAboutR-96-0663J-96.1071
SI2a196
663
RESOLUTION NO. -�
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS IN
THE AMOUNT OF 'THREE HUNDRED FPFT"Y THOUSAND
DOLLARS (4350,000) TO THE DOWNTOWN DEVELOPMENT
AUTHORITY (DDA) FROM THE GENERAL .FUND AS AN
ADVANCE PAYMENT OF AD VALOREM TAXES TO BE
RECEIVED FROM METRO DADE COUNTY BY THE CITY OF
MIOaMI ON BEHALF OF THE DDA; PROVIDING FOR
REPAYMENT BY DDA BEFORE THE END OF THE 1996-1997
FISCAL YEAR; PROVIDING FOR THE REPAYMENT OF
INTEREST TO THE CITY OF MIAMI AT THE RATE OF SIX
PERCENT (6%) PER ANNUM; FURTHER PROVIDING FOR A
SCHEDULE FOR THE SUBJECT FUNDS TP ANSFIER TO THE
DDA.
WHEREAS, the City of Miami receives from Metro Dade County the ad valorem
taxes levied by the City Commission under the authority of ;section 1 4-34 of the City Core
and collected by Metro Dade County on behalf of the Downtown Development Authority
(DDA);.and
WHEREAS, the DDA is in need of a temporary trensfet of funds in the amount of
Three Hundred Fifty Thousand Dollars ($350,000) w%til the IDDA's ad valorem taxes are
collected and disbursed by the City upon receipt of said tax revenues; and
WHEREAS, it is anticipated that ad valorem taxes for the DDA wil'!' amount to
approximately One Million Three Hundred Seventy -One Hundred Dollars ($1,371,100) in
Fiscal Year 1996-1997;
C irl colt"USSION
KEETING OF
SEP 1 2 1996
ROVAUtion so.
96" 663
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Prearnblo to this Resolution
:are hereby adopted by reference thereto and incorporated herein as if fully set forth in this
Section.
Section 2. A transfer of funds in the amount of Three Hundred Fifty Thousand
Dollars 0350,000) to the DDA from the General Fund as an advance payment of ad
valorem taxes to be received from Metre Dada County by the City of Miami on behalf of
the DDA is hereby authorized, with provisions for said sum to be repaid by the DDA before
the end of the 1996-1997 Fiscal Year,
Section 3. The DDA shall pay interest to the City at the rate of six per cent (6%)
per annum on the transferred amount.
Section 4. The herein approved transfer of funds ahall be made o.iz the following
schedule:
(a) A transfer of One Hundred Seventy Thousand Dollars
(4175,000) shall be made to the DDA on September 30,
1996; and
(b) A transfer of One Hundred Seventy Five Thousand Dollars
($175,000) transfer balance shell be made to the DDA on
October 31, 1996.
Section 5. This Resolution shall become effective immediately upon its adoption.
PISSED AND ADOPTED this12th day of-Sembr, 1996a
CAROLLO, MAYOR
AT -TES.
9 WALTE MA ,f, CITY CLERK
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96- 663
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C;T'r OF ':!IA'.I; F_CRIDA
INTEROFFICE MEIAORANDUM
68
the Honorable Mayor and
'4 Members of the City Commission = 'Fransf<,,r of Funds to the --
DDA from the General
s � ' Fund.
Cc Ver
For September 12, 1996
CitCity Commission Meeting
It is reVe:mMy requested that the Cary CommiWou approve the attached ResoMon
authorizing the tranffff of fimds in the amount of lkm Hu ndFed Fifty Thousand. Dollars
($350,000) to the DDA !prom the feral Fund as an advance payment of ad valorem tax
per•
The City of Na ini receives from Metro Dade Count}, on bfAdf of the DDA, ad valorem
taxes assessed by the City Cowan under the authority of Sec don 14-34 of the City Code.
In Trawl Yen 1996-7, these tax reveimes ,are estates: to be approximately One Million
Thre Hcmdmd Seventy One Thous mmd One Hundred Dollars (S 1,371, 100).
The DDA is ffi need of a tempowy tt-wn&r of fends to rover its epe ry ag expemmses until
WA!s aedvaloreatttue:s are collected and dkkursed bythe Ci*. Ilisdisbiw=ientgmerally
be&ts in R+ d-Ekxember.
The a&wce patcym= is to be repaid by the DDA to the City of before the egad of the
1997 Frs d Year ova of DDA ad valorem prod coIIected faz the DIVA by the City;
hwasted. to be paid to the City at the rate of six per caret (610%) per annum.
Uptm Vpwvv% the City is guested to transfer funds in the amourAt of'Zhre. Hmdced Fifty
IUnmd Dom ($350,000); the BWred Sevcauy Fire thousand DoUars ($175,000) on.
September 30, 1996 and flee Rmdred Seventy 15we 'Thousand DoUm ($175,000) on
October 31, 1996.
CH01I'Alpc
Mil
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