HomeMy WebLinkAboutR-88-0835J-
88-828 4
8/24/88
RESOLUTION NO. 88-835
A RESOLUTION AUTHORIZING THE
TRANSFER OF FUNDS IN THE AMOUNT OF
$250,000 TO THE DOWNTOWN DEVELOPMENT
AUTHORITY FROM THE GENERAL FUND AS
AN ADVANCE PAYMENT OF AD VALOREM
PROCEEDS TO BE REPAID OUT OF 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
1988 1989 FISCAL YEAR, WITH INTEREST
TO BE PAID TO THE CITY AT THE RATE
OF 6% PER ANNUM.
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; and
WHEREAS, the Downtown Development Authority is in need of a
temporary transfer of funds in the amount of $250,000 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 $1,457,666 in
fiscal year 1988-1989;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA;
Section I. The transfer of $250,000 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 1988-1989
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.
CITY COMMISSION
MEETING OF
sEP &'_In^
N
XXUTI No.
PASSED AND ADOPTED this 27th day of S tember 1
AVIER L. SUAREZ
MAYOR
ATTEST:
(J��
M Y HIRAI, CITY CLERK
PREPARED AND APPROVED BY:
z C, t � z , &—a'c'e
ROBERT F. CLAR
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
Y
JORGIF L. NFERN NDEZ . CITY ATTO EY
r y3
CITY OF MIAM1. FLORIDA
�q
INTER -OFFICE MEMORANDUM
�O Honorable Mayor and Members OATE
City of Miami Commission
SUBJECT
FROM Cesar Odio REFERENCES:
City Manage
ENCLOSURES
Recommendation
S E P 0 i503 FILE
Resolution Authori -P i ri t
Transfer of Funds t ) i li-
Downtown Development
Authority
It is recommended that the attached resolution be adopted by the City
Commission authorizing the transfer of funds in the amount of $250,000
to the Downtown Development Authority from the General Fijil, 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 D,�vNlopment Authority from Dade County during fiscal year
1988-1989. The advance will he repaid at an interest rate of 6% per
annum by the Downtown Development Authority.
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 Coda. 1(t
FY'89 these tax revenues are estimated to be approximately $1,451,',:�.
The Downtown Development Authority is in need of a temporary transfer
Of fun 3 i '. I ! 't - -I TJO>Jlit of S250,000 to cover FY' 89 operating ax,lenses
until its ad valorem taxer are collected and disbursed by the City.
This disbursement generally begins in mid —December.
Upon approval by the City Commission, The City of Miami will transfer
funds in the amount of $2509000 from the General Fund as an advance
payment of ad valorem tax proceeds, with the said sum to be repaid at
an 1ntorest rate of 6% before the end of fiscal year 1988-89 out of
DDA ad valorem tax proceeds, which are collected by the City.
Section 14-30(b)(9) of the Code authorizes DDA to borrow funds on a
short term basis and s,:ts I.11,! aauimum interest rate to be charged at
6%.
Enclosed is DDA Board Resolution 12/88 authorizing DDA to seek the
cash advance from the City.
PJA/cs
Encl.
6 ♦ �
RESOLUTION NO. 12/88
A RESOLUTION AUTHORIZING THE
TREASURER TO NEGOTIATE WITH THE
CITY OF MIAMI FOR A CASH ADVANCE OF
$ 250,000 AGA I NS-r EXPECTED DOWNTOWN
DEVELOPMENT AUTHORITY TAX DISTRICT
REVENUES ESTIMATED AT $1,457,666
FOR T14E FISCAL YEAR BEGINNING
OCTOBER 1, 1988 AND ENDING
SEPTEMBER 30. 1989 AT A RATE OF
INTEREST NOT TO EXCEED SIX PERCENT
PER ANNUM AND AUTHORIZING THE
EXECUTIVE DIRECTOR TO RECEIVE AND
EXPEND THE ADVANCED FUNDS AS PER
THE FISCAI. YEAR 1989 OPERATING
BUDGET APPROVED BY THE BOARD AUGUST
19, 1988.
WHEREAS, the cash resources on hand and available to the
Authority to begin the 1988-89 fiscal year are not sufficient to
sustain its operation until Downtown Development District tax
receipts become available in December, 1988; and
WHEREAS, it is estimated that approximately $250,000 will be
required by the Authority for operating purposes between October
l , 1988 and December 15, 1988; and
WHEREAS, Section 14-30(b)(9) of the Miami Code authorizes
the Authority to negotiate short term loans at an annual interest
rate not to exceed 6%.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE DOWNTOWN
DEVELOPMENT AUTHORITY OF THE, CITY OF MIAMI, that:
Section 1. . The Treasurer is authorized to negotiate with
the City of Miam: frar a cash advance of $250,000 payable -
from anticipated ad valorem tax receipts for fiscal year
1989 of $ 1,457,666 at a rate of interest not to exceed six
percent per annum.
--N
Section 2. The Executive Director is authorised to receive
and expend said cash advance to cover expenditures included
in the Fiscal Year 1999 Operating Budget approved by the
Board August 19, 1988.
PASSED AND ADOPTED THIS 19th DAY OF AUGUST, 1988.
/1"
,3
ayor Xavier Suarez
Chai r m a n
ATTEST:
Peter J. And ina
Acting E ecutive Director
Executive Secretary