HomeMy WebLinkAboutR-93-0413d-93-418
6/4/93
RESOLUTION NO. 9 3- 413
A RESOLUTION AUTHORIZING THE TRANSFER OF
FUNDS IN THE AMOUNT 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; PROVIDING FOR REPAYMENT
BY DDA BEFORE THE END OF THE 1993-1994 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
DDA.
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 by
Metropolitan 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 Two Hundred Sixty -Eight
Thousand Five Hundred Eighty -Seven Dollars ($1,268,587) in Fiscal
Year 1993-1994;
CITY COM1USSION
MEETING OF
JUL Q 8 1993
rt**dUti= Na
93- 413
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
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 Metropolitan 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 1993-1994
Fiscal Year.
Section 3. The DDA shall pay interest to the City at the
rate of six percent (6%) per annum 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 Thousand Dollars
($100,000) shall be made to the DDA on
August 1, 1993; and
b) A transfer of the Two Hundred Fifty Thousand
Dollars ($250,000) transfer balance shall be
made to the DDA on October 1, 1993.
Section 5. This Resolution shall become effective
immediately upon its adoption.
-2-
93- 413
r
PASSED AND ADOPTED this 8th day of July 1993.
XAVIER L SUAREZ, MAYOR
CITY CLERK
PREPARED AND APPROVED BY:
40EV E. MAXWELL/
Fi F ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
JEM/mis/bss/M3647
-3-
93- 413
C7Y OF MIAMI, FLORIDA
INTEF ..')FFICE MEMORANDUM
The Honorable Mayor and AN 2 81993
To: Me hers of the City Commission L' �+ FILE:
FROM : C e s i o
CitV
r
Recommendation
Transfer of Funds .'.
SUBJECT To the DDA From the
General Fund
REFERENCES:
For July 8, 1993
ENCLOSURES :C i t y Commission Meeting
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 1994.
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
1994, these tax revenues are estimated to be approximately One
Million Two Hundred Sixty -Eight Thousand Five Hundred Eighty -
Seven Dollars ($1,268,587).
The DDA is in need of a temporary transfer of funds to be used as
follows: A total of $100,000 is needed to cover cash flow
problems through the end of the 1993 Fiscal Year. A total of
$250,000 is needed to cover Fiscal Year 1994 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
1994 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; $100,000 on August
1, 1993, prior to August 15, 1993 and $250,000 on October 1,
1993, prior to October 15, 1993.
MDS/CHO/jt / � -4
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