HomeMy WebLinkAboutR-94-0523J-94-499
6/27/94
RESOLUTION NO. '9523
A RESOLUTION AUTHORIZING THE PHASED TRANSFER
OF THREE HUNDRED FIFTY THOUSAND DOLLARS
($350,000) TO THE DOWNTOWN DEVELOPMENT
AUTHORITY ("DDA") FROM THE GENERAL FUND AS AN
ADVANCE PAYMENT OF AD VALOREM TAXES TO BE
RECEIVED FROM METROPOLITAN DADE COUNTY BY THE
CITY OF MIAMI ON BEHALF OF THE DDA BEFORE THE
END OF THE 1994-1995 FISCAL YEAR, WITH
INTEREST TO BE PAID TO THE CITY OF MIAMI, AT
THE RATE OF SIX PER CENT (6%) PER ANNUM.
WHEREAS, the City of Miami receives from Metropolitan Dade
County the ad valorem taxes levied by the City Commission under
the authority of Section 14-34 of the City Code and collected
from Metropolitan Dade County on behalf of the Downtown
Development Authority ("DDA"); and
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 upon receipt of said tax revenues; and
WHEREAS, it is anticipated that ad valorem taxes for the DDA
will amount to approximately One Million Two Hundred Seven
Thousand Dollars ($1,207,000) in Fiscal Year 1994-1995;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
CITY Coo—mssrox
1�x F
Rosolution No,
94- 523
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. 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 is
hereby authorized, with said sum to be repaid before the end of
the 1994-1995 Fiscal Year out of ad valorem taxes received from
Metropolitan Dade County by the City on behalf of the DDA, with
interest to be paid to the City at the rate of six per cent (6%)
per annum.
Section 3. The transfer of one-half (1/2) of the above
authorized transfer, One Hundred Seventy -Five Thousand Dollars
($175,000), shall be made to the DDA by September 1, 1994.
Section 4. The transfer of the balance of the authorized
transfer, One Hundred Seventy -Five Thousand Dollars ($175,000),
shall be made to the DDA by October 15, 1994.
Section 5. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 14th day of July 1994.
S PHEN P. CLA K, MAYOR
CITY CLERK
-2-
94- 523
1 CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
43
The Honorable Mayor and
TO Members of the City Commission DATE JUL -5 1994 F-ILE
Transfer of Funds
SUBJECT To the DDA From ;:he
General Fund
FROM Cesar O REFERENCES
Vger
City For July .14, 1994
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. Said funds are to be repaid out of ad valorem taxes to
be received by the City on behalf of the DDA from Metro -Dade
County during Fiscal Year 1995.
Background
The City receives from Metro -Dade County, on behalf of the DDA,
ad valorem taxes assessed by the City Commission under the
authority of section 14-34 of the City Code, In Fiscal Year
1995, these tax revenues axe estimated to be approximately One
Million Two Hundred Seven Thousand Dollars ($1,207,000).
The DDA is in need of a temporary transfer of funds to be used as
follows: A total of $350,000 is needed to cover Fiscal Year 1995
operating expenses until DDA's ad valorem taxes are collected and
disbursed by the City. This disbursement generally begins in
mid -December.
Upon approval, the City will transfer funds in the amount of
$350,000 from the General Fund as an advance payment of ad
valorem tax proceeds; said sum to be repaid before the end of the
1995 Fiscal Year out of DDA ad valorem tax proceeds collected for
the DDA by the City; interest to be paid to the City at the rate
of six (6) per cent per annum.
It is respectfully requested that the City Commission approve the
Transfer of Funds in the amount of $350,000; $175,000 by
September 1, 1994, and $175,000 by October 15, 1994.
MDS/CHO/jt 94- 523
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