HomeMy WebLinkAboutR-81-0855A Y :a.
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS IN THE
AMOUNT OF $ 60,000 TO THE DOWNTOWN DEVELOPMENT AUTHORITY
FROM THE CAPITAL IMPROVEMENTS 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 1981-82 FISCAL YEAR, WITH INTEREST TO BE PAID
TO THE CITY AT THE RATE OF 6% PER ANNUM.
81 - 855
"
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 $60,000 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 $541,439 in fiscal year 1981-82.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The transfer of $ 60,000 in funds to the Downtown
Development Authority from the Capital Improvements Fund as an advance payment
of ad valorem tax proceeds is hereby authorized with said sum to be repaid before
the end of the 1981-82 fiscal year out of advalorem 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 (),f.r,b r , 1981.
Maurice A. Ferre
MAYOR
ATTEST:
RALPH G. CNGIE, CITY CLERK
APPROVED AS TO FOIZ1 AND CORRECTNESS:
. l
GEORGE F. KIN JR., CITY<A=RNEY
r.
t�
CITY OF �hJl A1111. FLORIDA
INTER -OFFICE MEMORANDUM
81 SEP c
TO Howard V. Gary oATt September 21, 1981 FILE:
City Manager
SUBJECT Resolution Authorizing Transfer of
Funds to the Downtown Development
# Authority
3
FROM Carlos E. Garcia REFERENCES:
Acting Director of in
ENCLOSURES:
a
1
It is recommended that the attached Resolution
be submitted to the City Commission to authorize
the transfer of funds in the amount of $ 60,000
to the Downtown Development Authority from the
Capital Improvements 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
,4..
on behalf of the Downtown Development Authority
E
from Dade County during fiscal year 1981-82
The advance will be repaid at an interest rate
of 6% per annum by the Downtown Development
Authority.
71
The City
of Miami receives 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
$541,439
for fiscal year 1981-82.
Additionally, the Downtown Development Authority is in need of a temporary
transfer of funds in the amount of $60,000 for operating expenses until its
ad valorem taxes are collected and disbursed by the City.
Upon approval by the City Commission the City of Miami will transfer funds in
the amount of $ 60,000 from the Capital Improvements 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 the fiscal year 1981-82 out of their ad valorem tax
proceeds, which are collected by the city.