HomeMy WebLinkAboutR-92-0558e?-92-495
7/8/92
Is
RESOLUTION NO.
92- 558
A RESOLUTION AUTHORIZING THE TRANSFER OF
FUNDS IN THE AMOUNT OF THREE HUNDRED FIFTY
THOUSAND DOLLARS ($330,000) TO THE DOWNTOWN
DEVELOPMENT AUTHORITY 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 DOWNTOWN
DEVELOPMENT AUTHORITY BEFORE THE END OF THE
1992-1993 FISCAL YEAR; PROVIDING FOR PAYMENT
SCHEDULES; AND PROVIDING THAT INTEREST SHALL
BE PAID TO THE CITY OF MIAMI AT THE RATE OF
SIX PER CENT (8%) 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 Three Hundred Thirty -
Three Thousand Two Hundred Dollars ($1,333,200) in Fiscal Year
1992-1993;
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. 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 tax proceeds is hereby authorized with said
sum to be repaid before the end of the 1992-1993 Fiscal Year out
of ad valorem taxes received from Metropolitan Dade County by the
City on behalf of the DDA; interest to be paid to the City at the
rate of six per cent (6%) per annum.
Section 3. One Hundred Thousand Dollars ($100,000) shall
be transferred to DDA prior to September 15, 1992, and the
remaining Two Hundred Fifty Thousand Dollars ($250,000) shall be
transferred to DDA subsequent to September 15, 1992, but prior to
October 15, 1992.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this inf-h day ofzept Wher 1992.
0
AT
NATTY HIRAI
CITY CLERK
XAVIER L.
MAYOR
2 -
92- 558
-f CITY OF MIAMI, FLORIDA23
INTER -OFFICE MEMORANDUM
=t
The Honorable Mayor and `1116^ FILE
tO Members of the City Commission DATE: 9!
PROM : Cesar H. Odi
City Manager
Recommendation
Transfer of Funds to DDA
SUBJECT : from the General Fund
REFERENCES:
For July 9, 1992
ENCLOSUREflC: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
Downtown Development Authority 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 Downtown Development
Authority from Metro -Dade County during Fiscal Year 1992-1993.
Background
The City of Miami receives from Metro -Dade County, on behalf of
the Downtown Development Authority, ad valorem taxes assessed by
the City Commission under the authority of Section 14-34 of the
City Code. In FY'93, these tax revenues are estimated to be
approximately One Million Three Hundred Thirty -Three Thousand Two
Hundred Dollars ($10333,200).
ii The Downtown Development Authority may be in need of a temporary
az+ transfer of funds to be used as follows:
I ,
s t:
A total of $350,000 is needed to cover FY'93
operating expenses until DDA's ad valorem
taxes are collected and disbursed by the
City. This disbursement generally begins in
mid -December.
'! ; Upon approval by the City Commission, the City of Miami will
transfer funds in the amount
of $350,000 from the
General Fund
as
1, an advance payment of ad valorem tax proceeds;
said sum to
be
„f
repaid..before the end of the
1992-1993 Fiscal Year out of DDA
ad
valorem tax proceeds which are
collected for the
DDA by the City
with interest to .be paid to
the City of Miami at
the rate of
Six
J
(6) per cent per annum.
92- 558
6/15/92
w` MDS : r 1 f
RESOLUTION NO.
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF
MIAMI, FLORIDA; REQUESTING THE TRANSFER OF FUNDS
IN THE AMOUNT OF THREE HUNDRED FIFTY THOUSAND
DOLLARS ($350,000) TO THE DOWNTOWN DEVELOPMENT
AUTHORITY 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 DOWNTOWN DEVELOPMENT AUTHORITY BEFORE THE
END OF THE 1992-1993 FISCAL YEAR; INTEREST TO BE
{ PAID TO THE*CITY OF MIAMI AT THE RATE OF SIX (6)
PER CENT PER ANNUM.-
WHEREAS, the Downtown Development Authority of the City of
Miami 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
Downtown Development Authority will amount to One Million Three
Hundred Thirty Three. Thousand, Two Hundred Dollars ($1,333,200).
in Fiscal Year 1992-1993.
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 Fifty Thousand Dollars ($350,000) to the Downtown
Development Authority from the General Fund as an advance payment
of. ad valorem tax proceeds is hereby requested with said sum to
be repaid before the end of the 1992-1993 Fiscal Year out of ad
92- 558
4
valorem taxes received from Metro -Dade County by the City of
Miami on behalf of the Downtown Development Authority with
interest to be paid to the City of Miami at the rate of Six (6)
per cent per annum.
Section 2. The transfer of One Hundred Thousand ($100,000)
to the Downtown Development Authority is requested to be made
prior to September 15, 1992 and Two Hundred Fifty Thousand
($250,000) prior to October 15, 1992.
PASSED AND ADOPTED THIS �� 9 DAY 04 , 1992.
CommiPsioner Victor D�Yurre
Chair an
Matthew D. Schwartz /l
Executive Director