HomeMy WebLinkAboutR-82-090314 0
��—
1.i' Rf:S0TTON NO.J��')
:1 P.I:SOLUTION AU1'HORI7.ING THE TRANSFER OF FUNDS TN THE
AMOUNT OF S60,000 TO THE DOWNTOWN DEVELOPMENT AUTHORITY
OF THE CITY OF MIADII, FROM -Fill: CAPTTAI. TMPROVEMENTS
FUND AS AN ADVANCi: PAYMENT Of AD VALORi M TAX PROCEEDS
TO BE REPAID OUT OF AD VALOREM TANi:S TO Bi? RECEIVED
FROM DADE COUNTY BY THE CTTY OF MTAM1 ON BEHALF OF
SAID AUTHORITY BEFORE TiLE END OF TIIE 1.982-83 FTSCAL
YEAR, WTTII TNTEREST TO BE PATD TO "CHI' CTTY A'1 THI: RATE
OF b% PER ANNUM.
WHEREAS, the City of M I;lmi , on heltrtl f of the Downtown
Development Authority of the City of N klmi, receives from
Dadc' Countv the ad valorem tares levied by the City Commis -
lion tinder the Authority of Section 14-34 of the City Code
and Cullected by Dade Countv; and
ttiHi:REAS, the said Authority is in need of a temporary
transfer of funds in the amount of �h0,000 until its ad
valorem taxes are Collected and disbursed b`• the (:ity upon
receipt of the above tax revenues; and
WIIER1:AS, it is anticipated that ad valoreum taxes for
the Dnwntov.'n Development of the (:1ty of '•Miami w i I I amount to
5 )48, 9-' 1 in f isca l year 1 98'-83;
NOh, 'I'll EREFOR1:, B1: iT RESOLVED BY THE COMMISSION OF THE
CITY OF MIA'11, 1'1,01\'IDA:
Sect inn 1. The transfer of $60,000 in funds to the
Dnt.ntot.n Development Authority of the City of 'Miami from
the Capital Improvements Fund, as an advance payment of ad
valorem ta:: proceeds, is hereby authorized with said sum to
he repaid before the end of the 1982-83 fiscal year out of
ad valorem taxes received f rom Dacle. ('ounty by the City on
behalf of said ,luthority with interest to be paid to the City
at the rate of hi' per annum.
PASSED AND ADOPTED this 14th day of October
-.— _ Maurice A. Ferre
M A Y 0 R
1< A T
RALP1 r. ONGIE
, 1982.
CITY COMMISSION
MEETING OF
0 ,^ T ! 4 1982
RE£+OLUTION W..� 2W
Ri11064ft ............................
1
i
PREPARED AND APPROVED BY:
ROBERT F . CLARK
1)1;PL'TY CITY ATTORNEY
APPROVED AS TO FORA AND CORRECTNESS:
S1. R. -PEDROSA
�QITY Al"FORNU
r 4
K;]
Hov:ard Gary
City ttanaacr
_r
Carlos E. Garcia
Finance Director •� \J
r
Sep ter,ber 29, 1982 —
Resolution Authorizina Transfer of
Funds to the Downtm-in Development
Authr,r i ty
It is recOmr:u,ndEd that the attached Resulution
be subnitted to the City Cur-,rrission to authorize
the transfer of funds in the 1-irount of $60,000
to the Dnwnto�•:n Develolvient ,uthcrity fror the
C-ip i La I I rnpn is Fund , as an ;idv.1nce payment
of ad valorem tax proceeds, and to be repaid out
of ad va l orcri ta:%cs to be recc i ved `,)y the City
on bch,31 f of the Do:rntol:,n DeveIoprrent Authori ty
frorr Dade County during fiscal year 1982-°3.
The advance w i 1 1 be repaid at an interest rate
of 6 per annum by the Dov.ntm:n Developr-)ent
Authority.
-lie C i t', of rccc i . _ s, I lof f'e ✓v..n town Devu I O;)i -ant A�, r . ty,
fror; Dade C,.unty ,:d valorer:r t >.cs a 5ess,�d by the C'ty Co;rmission under the
uti.ori ty of Sect ir,n ' 4- �: of ILhe City Code, and est ir. ,ted to be ap�)rc irately
S921 f r,r f i scat u:rr i''382-63.
j ItIOn�iIly' ih� D(�I':niCc:n DcA'L1��p;''ent Autl-ority i5 In need of a terPporary
transfer (-)fn-ls in t-,i-cunt i-cunt of ,V170 for !1;)eratinQ expenses until its
`,_,l , , .J ,,nd c.' i churr�_d c ' ti C, ty.
Upon by the City Cc,'�.:,ic.sion the City ut Miaeri r:ill transfer funds in
the crr•�ount of S60,000 fror, the Capital Improvurents Fund as an advance payment
c,f ad valorcr: tax proceeds, �-.Ith the said sure to be repaid at an interest rate
of 6 beforu the end of the fiscal year 1982-83 out of Dovntown Development
luthority ad lurca tax r^rceecds, ,:hieh are ;ollccted by the City.
t'•t tachvivrt
:_c: Jose Garci0 -Pedru-,a, City Attorney
` Z 903 -