HomeMy WebLinkAboutR-83-0662J-83-586
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RESOLUTION NO. � I,f` 66A!'
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS IN THE
AMOUNT OF $125,000 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 MAIMI ON BEHALF OF
THE DOWNTOWN DEVELOPMENT AUTHORITY BEFORE THE END OF THE
1983-84 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 tem-
porary transfer of funds in the amount of $125,000 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 $614,000 in fiscal year
1983-84;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MAAMI, FLORIDA:
Section 1. The transfer of $125,000 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 1983-84 fiscal year out of ad valorem taxes received
from Dade County by the City on behalf of Downtown Development Authority
with interest to be paid to the City at the rate of 6% per annum.
PASSED AND ADOPTED this 18th
PH G. ONGIE, CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
Ze'
J e R. arcia-Pedrosa, City Attornev
day of July , 1983.
Maurice A. Ferre
MAURICE A. FERRE, MAYOR
CITY COMMISSION
MEETING OF
J U L 18 1983
SoLui,o,.83-662
REMARKS --
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A
�� CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
TO. Howard V . Gary
City Manager
FROM: Carlos E. Garci
Director of Finance
DATE: June 30, 1983 FILE:
SUBJECT Resolution Authorizing Transfer
of Funds to Downtown Develop-
ment Authority
REFERENCES:
ENCLOSURES;
It is recommended that the attached Resolution
be submitted to the City Commission to authorize
the transfer of funds in the amount of $125,000
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
Downtown Development Authority from Dade County
during fiscal year 1983-84. The advance will be
repaid at an interest rate of 10% per annum by
the Downtown Development Authority.
The City of Miami received on behalf of the Downtown Development
Authority from Dade County ad valorem taxes assessed by the City
Commission under the authority of Section 14-34 of the City Code, and
estimated to be approximately $614,000 or at least $900,000 if the
Hrickell Area is added to the Downtown Development Authority District.
Additionally, the Downtown Development Authority is in need of a
temporary transfer of funds in the amount of $125,000 to cover revenue
shortfalls for FY-83 and FY-84 operating expenses until its ad valorem
taxes are collected and dispersed by the City.
Upon approval by the City Commission the City of Miami will transfer
funds in the amount of $125,000 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 10% before the end of fiscal year 1983-84 out of
their ad valorem tax proceeds, which are collected by the City.
All amounts previously owed to the City by Downtown Development Auth-
ority have been paid in full.
cc: Jose Garcia -Pedrosa,
City Attorney.
83-66Z