HomeMy WebLinkAboutR-95-0562RESOLUTION NO. (,) 5 -- 5 G )
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS IN THE
AMOUNT OF THREE HUNDRED FIFTY THOUSAND DOLLARS
($350000) 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 MIAMI ON BEHALF OF THE DDA;
PROVIDING FOR REPAYMENT BY DDA BEFORE THE END OF THE
1995-1996 FISCAL YEAR; PROVIDING FOR THE PAYMENT OF
INTEREST TO THE CITY OF MIAMI AT THE RATE OF SIX PERCENT
(6%) PER ANNUM; AND PROVIDING FOR A SCHEDULE FOR THE
SUBJECT FUNDS TRANSFER 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 14-34 of the City Code and collected by Metro Dade County on
behalf of the DDA; and
WHEREAS, the Downtown Development Authority ("DDA") is in
need of a temporary transfer of funds in the amount of Three Hundred Fifty
Thousand Dollars ($350,000) until the DDA'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 will
amount to approximately One Million Three Hundred e
. M ISSION
MEETIP.G OF
JUL1i�
9 �1-
Thousand Five Hundred Dollars ($1,328,500) in Fiscal Year 1995-1996;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION
OF THE CITY OF MIAM[I, FLORIDA:
Section 1. The recitals and findings contained in the Preamble 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 ($350,000) to the DDA from the General Fund as an
advance payment of ad valorem taxes to be received from Metro Dade
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 1995-
1996 Fiscal Year.
Section 3. The DDA shall pay interest to the City at the rate of six
percent (6% o) per anum on the transferred amount.
Section 4. The herein approved transfer of funds shall be made on
the following schedule:
a) A transfer of One Hundred Seventy Five
Thousand Dollars ($175,000) shall be made
to the DDA on September 30,1995; and
95-- 562
STEP LN P. CLAYW, MAYOR
ATTEST:
,a, , � - , - - , 4;; /
ALTER J. N, CITY_ CLERK
PREPARED AND APPROVED BY:
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95- 562
x� lie
CITY OF MIAMI, FLORIDA
' INTER -OFFICE MEMORANDUM86
T : .JUI\ l 2 O1995 FILE
O The Honorable Mayor and DATE
Members of the City Commission SUBJECT: Transfer of Funds to the
DDA from the General
Ce io Fund
FROM. Cl ager REFERENCES For July 13, 1995
ENCLOSURES :City Commission Meeting
Recommendation
It is respectfully requested that the City Commission approve the attached
Resolution authorizing the transfer of funds in the amount of Three Hundred
Fifty Thousand Dollars ($350,000) to the DDA from the General Fund as an
advance payment of ad valorem tax proceeds.
Background
The City of Miami receives from Metro Dade County, on behalf of the DDA,
as valorem taxes assessed by the City Commission under the authority of
Section 14-34 of the City Code. In Fiscal Year 1996, these tax revenues are
estimated to be approximately One Million Three Hundred Twenty Eight
Thousand Five Hundred Dollars ($1,388,500).
The DDA is in need of a temporary transfer of funds to cover its operating
expenses until DDA's ad valorem taxes are collected and disbursed by the
City. This disbursement generally begins in mid -December.
The advance payment is to be repaid by the DDA to the City of Miami before
the end of the 1996 Fiscal Year out of DDA ad valorem proceeds collected for
the DDA by the City; interest to be paid to the City at the rate of six per cent
(6%) per annum.
Upon approval, the City is requested to transfer funds in the amount of
Three Hundred Fifty Thousand Dollars ($350,000); One Hundred Seventy
Five Thousand Dollars ($175,000) on September 30,1995 and One Hundred
Seventy Five Thousand Dollars ($175,000) on October 31, 1995.
95- 562 36-/
Fifty Thousand Dollars ($350,000) to the DDA from the General Fund as an
advance payment of ad valorem tax proceeds is hereby requested.
Section 2. Said sum is to be repaid by the DDA before the end of the
1996 Fiscal Year out of ad valorem taxes received from Metro -Dade County
by the City of Miami on behalf of the DDA; interest shall be paid to the City
of Miami at4he rate of six per cent (6%) per annum.
Section 3. One hundred Seventy -Five Thousand Dollars ($175,000)
is requested by September 30, 1995 and One Hundred Seventy -Five
Thousand Dollars ($175,000) is requested by October 31,1995.
PASSED AND ADOPTED this day of 1995.
Commissioner Wifredo Gort
Chairman
Patricia Allen
Executive Director
95- 562
i
6\95
RESOLUTION NO. /95
A RESOLUTION OF THE BOARD OF DIRECTORS OF TIE
DOWNTOWN DEVELOPMENT AUTHORITY ("DDA") OF
THE CITY OF MIAMI, FLORIDA; REQUESTING THE
TRANSFER OF THREE HUNDRED FIFTY THOUSAND
DOLLARS ($350,000) TO THE DDA FROM THE GENERAL
FUND AS AN ADVANCE PAYMENT OF AD VALOREM
TAXIES TO BE RECEIVED FROM METRO-DADE COUNTY
BY THE CITY OF MIAMI ON BEHALF OF THE DDA
BEFORE THE END OF THE 1996 FISCAL YEAR;
INTEREST TO BE PAID TO THE CITY OF MIANII AT THE
RATE OF SIX PER CENT (6%) PER ANNUM.
WHEREAS, the DDA is in need of a temporary transfer of funds in the
amount of Three Hundred Fifty Thousand Dollars ($350,000) until its ad
valorem taxes are collected and disbursed by the City of Miami upon receipt
of said tax revenues; and
WHEREAS, it is anticipated that ad valorem taxes for the DDA will
amount to approximately One Million Three Hundred Twenty Eight
Thousand Five Hundred Dollars ($1,328,500) in Fiscal Year 1996.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The transfer of funds in the amount of Three Hundred
95- 562
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