HomeMy WebLinkAboutItem #40 - First Reading Ordinance55 -
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ORDINANCE NO,
AN ORDINANCE ESTABLISHING A SPECIAL ASSESSMENT FUND IN THE
AMOUNT OF $2,5009000 FOR THE PURPOSE OF RECORDING ASSESSMENT
LIEN ACTIVITY FOR FY'859 REVENUE WILL BE EQUAL TO THE
ESTIMATED CASH COLLECTION OF ASSESSMENT LIENS AND
TRANSFERRED TO THE GENERAL OBLIGATION DEBT SERVICE FUND TO
PROVIDE AN ADDITIONAL RESOURCE FOR THE REPAYMENT OF MATURING
PRINCIPAL AND INTEREST ON OUTSTANDING GENERAL OBLIGATION
BOND ISSUES APPROVED BY THE CITY COMMISSION; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE.
WHEREAS, the City of Miami frequently makes special assessments on property
owners who benefit from public improvements; and
WHEREAS, examples of said improvements include pavement of streets and
laying of sanitary and storm sewers, which add to the value of property; and
WHEREAS, the City establishes an official list sho g t amount of
special assessments levied against such property benefited a improvement or
�D
service; and
WHEREAS, the City prepares assessment li ces a mails same to
property owners benefiting from a specific impr or se v e to help defray
the total cost of said improvemen ; a
WHEREAS, generally accep d acc ti principals as outlined by the
Governmental Finance Officers ss ci ctate that the establishment of a
Special Assessment Fund is re to record the cash collection from
assessment liens; and
WHEREAS, the City , is i us of it
compliance with this
requirement;
NOW, therefore b it
Florida:
Secti, A
resources a ..
fund T
Sect
ined by the Commission -,r "
purpee-ot rec
Section 3
inconsistent or in conflict with
repealed.
f Miami,
;hed and
the
Lb of -ordinances insofar as they are
Provisions of this ordinance are hereby
CITY COMMISSION
MEETING OF
DEG 13
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