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HomeMy WebLinkAboutR-89-0392J-98-409 4/17/89 RESOLUTION NO. 89-- 12 A RESOLUTION RATIFYING, APPROVING AND CONFIRMING THE ACTION OF THE CITY MANAGER IN MAKING APPLICATION TO THE FLORIDA LEAGUE OF CITIES FOR A LOAN IN THE AMOUNT OF $8,500,000 AND IN MAKING PAYMENT IN THE AMOUNT OF $7,225 TO ACCOMPANY SAID APPLICATION, USING FUNDS THEREFOR IN THE AMOUNT OF $7,225 FROM THE ORANGE BOWL ENTERPRISE FUND OPERATING BUDGET; FURTHER AUTHORIZING THE CITY MANAGER TO TAKE THE NECESSARY ACTION TO SECURE SUCH ADDITIONAL LOAN FUNDS AS MAY BE MADE AVAILABLE FROM THE FLORIDA LEAGUE OF CITIES, SUBJECT TO THE REVIEW AND APPROVAL OF ALL FINAL LOAN DOCUMENTS BY THE CITY COMMISSION. WHEREAS, by Resolution No. 88-750, adopted July 21, 19• the City Commission approved the concept of the Orange Bowl Modernization Project - Phase II; and WHEREAS, the Directors of the Departments of Finance and Parks, Recreation and Public Facilities have explored various methods of financing such a project; and WHEREAS, the Florida League of Cities bond pool was identified as one of the preferred sources for financing said proposed project; and WHEREAS, the Finance Director and the City Manager were advised on April 12, 1989 that $8,500,000 was available to the City as a loan from the Florida League of Cities bond pool upon the condition that the City f=-jard $7,225 and an application no later than April. 14, 1985; and WHEREAS, said application and payment were duly sent to the Florida League of Cities and the Orange Bowl Renovation Project Phase II was identified as the priority project for such funding; and WHEREAS, it is anticipated that additional monies will be made available from the same funding source within the next sixty CITY COMMISSION MEE`rIN"G OF APR 27 1989 RESOLUTION No. REMARKS: (60) days, which funds may be utilized to complete the balance of funding necessary for said project; and WHEREAS, the City P9anager bas determined that the above described situation c onstituter3 a valid public emergency upon grounds which required the immediate payment of funds for the preservation of property of the City of Miami, and to generally carry out the functions and duties of municipal affairs; -A NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The action of the City Manager in making — application to the Florida League of Cities for a loan in the amount of $8,500,000 and in making payment in the amount of j' $7,225 to said organization to accompany said application is hereby ratified, approved and confirmed, using funds therefor in the amount of $7,225 from the Orange Bowl Enterprise Fund Operating Budget. Section 2. The City Manager is hereby authorized to take the necessary action to secure such additional loan funds as may be made available from the Florida League of Cities, subject to the review and approval of all final loan documents by the City Commission. Section 3. This Resolution shall become effective immediately upon its adoption pursuant to law. PASSED AND ADOPTED this 27th day of ATTEST• At'ex� MAT Y HIRAI, CITY CLERK PREPARED AND APPROVED BY: ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY XAV I LO SUA.REZ OR , 1989. APPROVED AS TO FORM AND CORRECTNESS: J GE FE ANDEZ CITY ATTO EY - 2 - 89— ;e. 7 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM Honorable Mayor and Members TO : of the City Commission DATE : APR i a inns FILE FROM : Cesar H. Odi City Manager SUBJECT : Resolution Approving Loan Application REFERENCES: ENCLOSURES: RRCOMMMDATION It is respectfully recommended that the City Commission adopt the attached resolution ratifying, approving and confirming the action of the City Manager in making application to the Florida League of Cities for a loan in the amount of $8,500,000 and in making payment in the amount of $7,225 to accompany said application. BACKGROUND ®' The Department of Parks, Recreation and Public Facilties has been working with the Finance Department and the Budget Department to identify financing for the Orange Bowl Modernization Project - Phase II. This project was approved in concept by Resolution No. 88-720 on July 21, 1989, and authorization was given to negotiate a design consultant contract by Resolution No. 88-1049 on November 31, 1988. As a result of this research, the bond wool. cf the Florida League of Cities was identified as a preferred source of financing for this project, however, we viere first advised that no fund:, were available. On April 12, 1989, the Finance Director was advised that $8, 500, 000 had become "uncommitted" and would be available to the City of Miami if a loan application and deposit payment in the amount of $7,225 were received within two days. The Administration proceeded to make the required payment based on the determination that such conditions constituted a valid emergency on the grounds that immediate action was required for the preservation of property and to generally carry out the functions and duties of municipal affairs. The Administration also learned at that time that additional monies from this funding source may become available within the immediate future in an amount sufficient to cover the balance of funding needed for the projects The City Commission's authorization is thus also requested to allow the City Manager to take the necessary action to secure these additional monies. it should be noted that the Commission will be presented all final loan documents prior to finalization.