HomeMy WebLinkAboutItem #08 - First Reading Ordinance9
12/28/89
ORDINANCE NO. _
AN ORDINANCE RELATING TO DOWNTOWN
DEVELOPMENT; AMENDING SECTION 14-27 (b) OF
THE CODE OF THE CITY OF MIAMI, FLORIDA, 'AS
AMENDED, BY ELIMINATING THE REQUIREMENT THAT
DOWNTOWN DEVELOPMENT AUTHORITY BOARD MEMBERS
POST $10,000 BONDS; CONTAINING A REPEALER
PROVISION AND SEVERABILITY CLAUSE; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, Seotion 14-27 (b) of the Code of the City of Miami,
Florida, as amended, requires board members of the Downtow
Development Authority ("DDA") post $10,000 bonds pri r ti
P
serving on the board; and
WHEREAS, the e e f t e DDA board do of h dl DA cash
disbursements, no o an indivic' a board e! thorize DDA
cash urse nt d
WHE EAS, ei er the board me ovkhe Off -Street Parking
Aut ty nor the board members t e Sports and Exhibition
Authority are required to post publim official bonds; and
JiMPLEAS , since the DDA board's creation in 1985 the number
of board members has increased from 8 to 29 members, and the cost
to the DDA for posting said required bonds is now approximately
$100 per bond; and
WHEREAS.
said
bond costs,
in
dollars
and
administrative
effort, are
not
warranted
in
light
of
the relatively
insignificant fiduoiary responsibilities and powers of individual
DDA board members;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. Subseotion (b) of Seotion 14-27 of the Code of
the City of Miami, Florida. as amended, is hereby amended in the