HomeMy WebLinkAboutR-91-0690J-4 t•-609
9/5/91
RESOLUTION NO.
9 1. u_. C) !l 0
A 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 TAXES TO
BE REPAID OUT 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
1991-1992 FISCAL YEAR, WITH INTEREST TO BE
PAID TO THE CITY OF MIAMI AT THE RATE OF SIX
PERCENT (6%) PER ANNUM.
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 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 Four Hundred Ninety -One
Thousand Five Hundred Dollars ($1,491,500) in Fiscal Year
1991-1992;
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 Three Hundred Fifty Thousand
Dollars ($350,000) in funds to the City of Miami Downtown
Development Authority ("DDA") from the General Fund as an advance
cry COMMSION
MEETING of :.
SEP 26 1991
91690
payment of ad valorem tax proceeds is hereby authorized with said
sum to be repaid before the end of the 1991-1992 Fiscal Year out
of ad valorem taxes received from Metro -Dade County by the City
of Miami on behalf of the DDA with interest to be paid to the
City of Miami at the rate of six percent (6%) per annum.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 26th day of
XAVIER
ATTE
i
MATW HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
te J (�, �_ 111/1"') e_6,111
(11
0 L E. MAXW L
C IEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. QUINN JObTES, III
ACTING CITY ATTORNEY
JEM/db/bss/M2378
tember , 1991.
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
12
The Honorable Mayor and DATE
Members of the City Commission
SUBJECT
FROM
Cesar H. Odi
Np
REFERENCES
A U G 2 8 1991 FILE
Transfer of Funds to DDA
from the General Fund
City Manager ENCLOSUREsFor Next Available
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
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 1991-1992.
The advance will be repaid at an interest rate of Six Per Cent
(6%) per annum by the Downtown Development Authority.
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'92, these tax revenues are estimated to be
approximately One Million Four Hundred Ninety -One Thousand Five
Hundred Dollars ($1,491,500).
The Downtown Development Authority may be in need of a temporary
transfer of funds to be used as follows:
1. $350,000 is needed to cover FY192 operating
expenses until DDA's ad valorem taxes are collected
and disbursed by the City. This disbursement
generally begins in mid -December.
91- 690
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I'
page 2
The Honorable Mayor and Members of the City Commission
Upon approval by the City Commission, the City of Miami 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 at an interest rate of 6% per annum before the end of the
Fiscal Year 1991-1992 out of DDA ad valorem tax proceeds which
are collected for the DDA by the City.
Section 14-30(b)(9) of the City Code authorizes the DDA to borrow
funds on a short term basis and sets the maximum interest rate to
be charged at 6% per annum.
Co/ j t
Encl.