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Home My WebLink AboutR-90-0584A RESOLUTION AUTHUNIZiNv TnS MftW0r•:5x vr FUNDS IN THE A14OUNT OF $350000 TO THE DOWNTOWN DEVELOPMENT AUTHORITY FROM THE 3 GENERAL FUND A3 AN ADVANCE PAYMENT OF AD ( t. VALOREM PROCEEDS TO BE REPAID OUT dF AD VALOREM TAXES TO BE RECEIVED FROM DADE COUNTY BY THE CITY OF MIAMI ON BEHALF OF THE DOWNTOWN DEVELOPMENT AUTHORITY BEFORE THE END OF THE 1990-1991 FISCAL YEAR, WITH INTEREST TO BE PAID TO THE CITY AT THE RATE OF 6% PER ANNUM, AND AUTHORIZING $100,000 OF SAID TOTAL AMOUNT TO BE MADE AVAILABLE IMMEDIATELY. WHEREAS, the City of Miami receives from 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 Dade County on behalf of the Downtown Development Authority (DDA); and WHEREAS, the Downtown Development Authority is in need of a temporary transfer of funds in the amount of $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 Downtown Development Authority will amount to $1,504,406 in fiscal year 1990-1991; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The transfer of $350,000 in funds to the Downtown Development Authority 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 1990-1991 fiscal year out of ad valorem taxes received from Dade County by the City on behalf of the Downtown Development Authority with interest to be paid to the City at the rate of 6% per annum. Section 2. $100,000 of the above amount shall be made available to DDA immediately to cover FY-90 revenue shortfalls. k r �.i i d" t3y 1 Section 3. This ReSolUtioh Shall beoorfie LOff0otOe ifoodiately upon its adoption. � pAgggb AND ADOPTED this 20!;h, day of July 5! Aft VIER L.OUIKREZ MAYOR { ATTEe g �t 1 MAT HIRAI -- CITY CLERK 4 PREPARED AND APPROVED BY: 4• w E. MAXWELL s' -_ C BF ASSISTANT ITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: is J E ITEIRN ANDEZ CI Y` ATTO1EY JEN.dbrM1S36 a t = s — L•�i �L i�. yid 5 a1 3 i M4v' die v�]0.fJN .. 5 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM To : The Honorable Mayor Members of the City and DATE : FILE Commission IUL 181990 Transfer of Funds to suarECT: DDA from'General Fund FROM : Cesar H. OdiO : REFERENCES . City Manager For City Commission ENCLOSURESH e e t i n g of 7/ 26 / 9 0 Recommendation it is respectfully recommended that the City Commission approve the attached resolution authorising the transfer of funds in the amount of $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 Dade County during fiscal year 1990-1991. The advance will be repaid at an interest rate of 6% per annum by the Downtown Development Authority. The amount of $100,000-of the requested advance should be made available to the DDA prior to September 1, 1990 to cover potential FY'90 tax revenue shortfalls resulting from cancelled and unpaid taxes. Background The City of Miami receives from 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 FY191, these tax revenues are estimated to be approximately $1,585,696. The Downtown Development Authority may be in need of a temporary transfer of funds to be used as follows 1. $100.000 is needed to cover potential FY'90 tax 7 revenue shortfalls prior to October 1,.1990. { € 2. $2509000 is needed to cover FY191 operating t expenses until DDA's ad valorem taxes are collected and disbursed by the City, This disbursement f generally begins in mid -December. t„T s.t i 4y Commission, the City of Miami Will p Upon approval by the City General Fund as; i transfer funds in the amount of $350,000 from the tax with said sum to an advance payment of ad valorem proceeds, of 6% per annum before the end of r, —` be repaid at an interest rate 1990-1991 out of DDA ad valorem tax proceeds the fiscal year which are collected for the DDA by the City. - =s Section 14-30(b)(9) of the Code authorizes the DDA to borrow to _ funds on a short term basis and seta the maximum interest rate f be charged at 6% per annum. The City Commission must also establish the dates and times for the DDA the first and second public hearings in connection with the FY191 proposed millage rate and budget. As in past years, dates `as the r DDA public hearings should be scheduled for the same City's. 44i t - i t f { 33 rY F !T l I f • Jyf'� = P k a �I 90 558 F Y Aft RESOLUTION N04 15/90 A ABSOLUTION REQUESTING THE TRANSFER OF FUNDS IN THE AMOUNT dF .$350,000 TO THE DOWNTOWN DEVELOPMENT AUTHORITY FROM THE GENERAL FUND AS AN ADVANCE PAYMENT OF AD VAL099M PROCEEDS TO BE REPAID OUT OF AD VALOREM TAXES TO BE RECEIVED FROM DADE COUNTY BY TH'E CITY OF MIAMI ON BEHALF OF THE DOWNTOWN DEVELOPMENT AUTHORITY BEFORE THE END OF THE 1990-1991 FISCAL YEAR, WITH INTEREST TO BE PAID TO THE CITY AT THE RATE OF 6% 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 $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 Downtown Development Authority will amount to $1,504,406 in fiscal year 1990-1991. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF MIAMI, that: Section 1. The transfer of funds in the amount of $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 1990-1991 fiscal year out of ad valorem taxes received from Dade County by the City on behalf of the Downtown Development Authority with interest to be paid to the City at the rate of 6% per annum. Section 2. $100,.000 of the above amount is requested to be made available to the Downtown Development Authority immediately to cover fiscal year 1989-90 revenue shortfalls. PASSED AND ADOPTED THIS Day of , 1990. ATTEST: Mayor Xavier L. Suarez Chairman Matthew D. Schvsrts Executive Director 90 J � F' c � y.