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RESOLUTION NO. ` 7 87
A RESOLUTION AUTHORIZING THE. TRANSFER OF FUNDS
IN THE AMOUNT OF $200,000 TO THE DOWNTOWN
DEVELOPMENT AUTHORITY FROM THE GENERAL FUND AS
AN ADVANCE PAYMENT OF AD VALOREM TAX 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 1986-1987 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 $200,000 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 more than
$1,321,992 in fiscal year 1986-1987;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
w
CITY OF MIAMI, FLORIDA:
y
Section 1. The transfer of $200,000 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 1986-87 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.
PASSED AND ADOPTED this 7th day of tZn�-ni, 1986.
RO ERT F. CLARE
CHIEF 14PUTY CITY ATTORNEY
LPTAIGO E BR
CITY AT'TOkUR'
CITY 9F MIAM1. FIORIDA
iNTER•QE'FICE MMMORANDUM
' Honorable Mayor and oA*g: September 17, 1986 pus+
Members of the City Commission
sutJEcr: Resolution Authorizing
_ Transfer of Funds to the
Downtown Development
FROM: Cesar H. Odio REFERENCES: Authority
City Manager
ENCLOSURES:
It is recommended that the attached
resolution be submitted to the City
Commission to authorize the transfer of
funds in the amount of $200,000 to the
Downtown Development Authority from the
General Fund, as an advance payment of ad
valorem tax proceeds, and 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 1986-1987. The
advance will be repaid at an interest
rate of 6% per annum by the Downtown
Development Authority.
The City of Miami receives from Dade County, on behalf of the Downtown
Development Authority, ad valorem taxes assessed by thz City
Commission under the authority of Section 14-34 of the • City Code. In
Fy'87 these tax revenues are estimated to be approximately #1,321,992.
The Downtown Development Authority is in need of a temporary transfer
of funds in the amount of $200,000 to cover Fy-87 operating expenses
until its ad valorem taxes 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 $200,000 from the General Fund as an advance
payment of ad valorem tax proceeds, with the said sum to be repaid at
an interest rate of 6% before the end of fiscal year 1986-87 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 sets the maximum interest rate to be charged at
6X.
x
RESOLUTION NO.11/86
A RESOLUTION AUTHORIZING THE
TREASURER TO NEGOTIATE WITH THE
CITY OF MIAMI FOR A CASH,ADVANCE OF
$200,000 AGAINST EXPECTED DOWNTOWN
DEVELOPMENT AUTHORITY TAX DISTRICT
REVENUES ESTIMATED A•T $1,321,992
FOR THE FISCAL YEAR BEGINNING
OCTOBER 1, 1966 AND ENDING
SEPTEMBER 30, 1987 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 FISCAL YEAR 1987 OPERATING
BUDGET APPROVED BY THE BOARD JULY
11, 1986.
WHEREAS, the cash resources on hand and available to the
Authority to begin the 1986-87 fiscal year are not sufficient to
sustain its operation until Downtown Development District tax
receipts become available in December, 1986; and
WHEREAS, it is estimated that approximately $200,000 will be
required by the Authority for operating purposes between October 1,
1986 and December 15, 1986; and
WHEREAS, Section 14-30(b) (9) of the Miami Code authorizes the
Authority to negotiate short term loans at an annual interest not to
exceed 6%.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF THE DOWNTOWN
DEVELOPMENT.AUTHORITY OF THE CITY OF MIAMI, FLORIDA.
Section 1. The Treasurer is authorized to
negotiate with the City of Miami for a cash
advance of $200,000 payable from anticipated ad
valorem tax receipts for fiscal year 1987 of
$1,321,992 at a rate of interest not to exceed
six percent per annun.
11
Section 2. The Executive Director is authorized
to receive and expend aaid cash advance to
cover expenditures included in the Fiscal Year
1987 Operating Budget approved by the Board
July 11,' 198G.
PASSED AND ADOPTED THIS iL DAY OF
1986. j
Mayor Xavier S rez
Chairman
ATTEST4.
Execu ive Secretar
Roy F.
Executive Director