HomeMy WebLinkAboutR-91-0573J-91-606
7/16/91
RESOLUTION NO. 573
A RESOLUTION, WITH ATTACHMENT(S)r AUTHORIZING
THE CITY MANAGER TO EXECUTE AMENDMENT NO. St
IN SUBSTANTIALLY THE ATTACHED FORM, TO AN
AGREEMENT BETWEEN THE CITY OF MIAMI AND
DELOITTE & TOUCHEr CERTIFIED PUBLIC
ACCOUNTANTS, IN ASSOCIATION WITH SHARPTONr
BRUNSON & COMPANY, P.A.; VERDEJAr IRIONDO &
GRAVIER; AND WATSON & COMPANY,, P.A., FOR
RENDERING ARBITRAGE REBATE COMPUTATION
SERVICES AS REQUIRED BY THE TAX REFORM ACT OF
1986 WITH FUNDS THEREFOR IN AN AMOUNT NOT TO
EXCEED $20,620 BEING ALLOCATED FROM FISCAL
YEAR 1991 OPERATING BUDGETS OF THE GENERAL
OBLIGATION DEBT SERVICE FUND, THE SPECIAL
OBLIGATION DEBT SERVICE FUND - SERIES 1986Ar
AND THE SPECIAL REVENUE REFUNDING BONDS -
SERIES 1987, AS FOLLOWS: $12,420 FROM
ACCOUNT NO. 260701-340, $4,300 FROM ACCOUNT
NO. 260224-340r AND $3,900 FROM ACCOUNT
NO. 350115-340 RESPECTIVELY.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized to
execute Amendment No. 5, in substantially the attached form, to
an agreement between the City of Miami and Deloitte & Touche,
Certified Public Accountants, in association with Sharpton,
Brunson & Company, P.A.; Verdeja, Iriondo & Gravier; and Watson &
Company, P.A., for rendering arbitrage rebate computation
services as required by the Tax Reform Act of 1986 with funds
therefor, in an amount not to exceed $20,620, hereby allocated
from Fiscal Year 1991 Operating Budgets of the General Obligation
Debt Service Fund, the Special Obligation Debt Service Fund
Series 1986A, and the Special Revenue Refunding Bonds - Series
1987, as follows: $12,420 from Account No. 260701-340,, $4,,300
from Account No. 260224-340,, and $3,900 from Account No. 350115-
340.
Section 2. This Resolution shall become effective
immediately upon its adoption.
'ATTACHMENTS
1 CONTAINED
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PASSED AND ADOPTED this 25th day of _J 1, 1991,
XAVIER L. SU REZ, JAAYOR
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MATW HIRAI
CITY CLERK
FINANCE RTMENT REVIEW AND APPROVAL:
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CARLO ARCIA, DIRECTOR
DEPARTMENT OF FINANCE
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BUDGETARY REVIEW AND APPROVAL:
MANOHAR S. SU DIRECTOR
DEPARTMENT OF T
APPROVED AS TO FORM AND CORRECTNESS:
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This is an Amendment to the Professional Services Agreement
(hereinafter "Agreement") dated 1st of December, 1989 by and
between the City of Miami, a municipal corporation of the State
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of Florida (hereinafter "CITY"), and Deloitte Haskins & Sells,
predecessor to firm to Deloitte & Touche, Certified Public
Accountants; Sharpton, Brunson & Company, P.A.; Verdeja, Iriondo
& Gravier; and Watson & Company, P.A. (hereinafter
"CONSULTANTS").
RECITAL
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WHEREAS, the Agreement with the CONSULTANTS allow for the
performance of extra work.
NOW, THEREFORE, the parties agree to amend the Agreement as
follows:
Article V, Section I shall read:
"Compensation to the CONSULTANTS for the
arbitrage rebate computation services
required by the Tax Reform Act of 1986
will not exceed $20,620".
It is further understood that all conditions outlined under
the original Agreement dated 1st of December, 1989 shall remain
in full force and effect without modification except to the
extent modified herein.
Witness our hands and seals this day of
1991.
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ATTEST:
MATTY HIRAI, CITY CLERK
ATTEST:
CORPORATE SECRETARY
APPROVED BY:
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CITY OR MIAMI, a municipal
corporation of the State
of Florida
BY:
CESAR H. ODIO
CITY MANAGER
CONSULTANTS:
BY:
DELOITTE & TOUCHE
CERTIFIED PUBLIC ACCOUNTANTS
BY:
SHARPTON, BRUNSON & CO., P.A.
HUMBERTO HERNANDEZ
ASSISTANT CITY ATTORNEY
BY:
VERDEJA,
IRIONDO & GRAVIER
APPROVED AS TO FORM
AND CORRECTNESS:
BY:
WATSON &
COMPANY —
JORGE L. FERNANDEZ
CITY ATTORNEY
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CITY OF MIAMI, FLORIDACA 3
{ INTER -OFFICE MEMORANbUM
TO: Honorable mayor and Members
of the ity Commission
FROM : Odio,
Cesar H.
itity Manager
RRCOMMENDA j_0N:
DATE : JUL 17 1991 FILE :
SUBJECT :
Agenda Item -
Amendment to Agreement
REFERENCES With External Auditors
ENCLOSURES:
It is respectfully recommended that the attached resolution
authorizing the City Manager to execute Amendment No. 5, in
substantially the farm attached, to an agreement between the City
of Miami and peloitte & Touche, Certified Public Accountants, in
association with Sharpton, Brunson & Company, P.A.; Verdeja,
1:riondo & Gravier; and Watson & Company, P.A., tar rendering
arbitrage rebate computation services as required by the Tax
Reform 'Act of 1988 with funds in an amount. not to exceed $20, 620
therefor allocated from the fiscal year 1991 operating budgets of.
the General obligation Debt Service Fund, the Special Obligation
Debt Service Fund - Series 1986A, and the Special Revenue
Refunding Bonds -- Series 1.987 as follows: $12, 4 20 from Account
No. .260701-340, $4,300 from Account No. 260224-•340, and $3,900
from Account No. 350115-340, be. approved.
BACKG OU D-
The Tax Reform Act of 1986 requires municipalities to compute
their arbitrage earnings on bond proceeds, that is the interest
earnings exceeding interest expense on the bonds, to be computed,
avid reported to the Federal Government five years after the bond
sale. At this time it is required that the computations made -by
the City be verified by -the City's.external auditors.
The Department of Finance recommends adoption of- attached
resolution authorizing the City Manager to execute an amendment
to the agreement with the Ci.ty's cxt.ernal audi.tnrs, Deloitte &
Touche, Certified Public Accc: ntantE, in association with
Sharpton, Brunson & Company, P.A. ; Verclz_-j%i, 1riond.:., & Grav-'ier;
and Watson .& Company, P.A., to cc•ver the, additional verif [ration
work required by the 1986 '.Tax }te forru Act.
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