HomeMy WebLinkAboutR-81-0758RESOLUTION NO. $ i " 7 5 8
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXPEND FUNDS EARNED AS INTEREST IN THE CON-
STRUCTION
ACCOUNT FOR THE CITY OF MIAMI/
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UNIVERSITY OF MIAMI INTERNATIONAL CENTER
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AS IS NECESSARY FOR ADDITIONAL WORK AND
FURTHER AUTHORIZING THE CITY MANAGER TO
EXPEND THESE FUNDS WITHOUT FURTHER CITY
COMMISSION AUTHORITY; SAID FUNDS TO BE
LIMITED TO AMOUNTS EARNED IN THIS ACCOUNT
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AND APPROVED AS BEING AVAILABLE BY THE
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TRUSTEES.
WHEREAS, additional monies are necessary to complete
the City of Miami/University of Miami James L. Knight Inter-
national Center; and
WHEREAS, increased interest rates have produced more
revenue than anticipated in the construction account already
established for said Center; and
WHEREAS, these funds are properly available for use of
constructing said Center; and
WHEREAS, it will be necessary that these additional funds
be placed in the construction contract for said Center Project
which the City has with Frank J. Rooney, Inc., dated October 24,
1979;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The use and expenditure by the City Manager
of funds which are available from increased interest rates on
monies in the construation account of the City of Miami/University
of Miami James L. Knight International Center as earned from in-
creased interest rates is hereby authorized without further
action of the City Commission. Said funds are limited entirely
to funds available to the City, as approved by the trustees for
the bond issue, and are to be used as needed for meeting future
contingencies and additional work arising in connection with
said Center Project and said funds may be spent, upon the recom-
CITY COMMISSION
MEETING OF
SEP 1 01981
81 - 7 8
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mendation of the Project Director,as designated by the City
Manager from time to time unless or until the herein authority
is otherwise terminated by the City Commission.
PASSED AND ADOPTED this 10 day of September, 1981
ATTEST:
L H T. ON IE, CITY-CLERPLK47
PREPARED A14D APPROVED BY;
DEPUTY CITY ATTORNEY
APPROVED AS TG� FORM(AND COnECTNESS:
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CITY ATTORN
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MAURICE A. FERRE
MAURICE A. FERRE
M A Y O R
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
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To Howard V. Gary DATE September 8, 1981 FILE
City Manager
1 SUBJECT Item #9 and Item #29
G o e F., Knox, Jr. Commission Agenda of _
. FROM CS
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y REFERENES September 10, 1981
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ENCLOSURES.
The attached approved measures appearing in the previously
distributed Commission Packet have been slightly revised as
to form but no change of substance has been made from that
draft from which was distributed:
Item #9 Trust and Agency Fund ordinance (Partners for Youth).
References to the Department of Leisure Services
have been deleted. (This is a companion measure to
Item #12.) Language has been added to reflect the
Commission's proposed action on Item #12. (Resolution
to allocate $30,000.)
Item #29 Resolution authorizing additional Convention Center
funding from increased Construction Account Interest
earnings. Necessary qualifying and clarifying
language has been added.
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,81 -758
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T Howard V. Gary August 27, 1981
City Manager
Conference/Convention Center
,/' / Additional Funds
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intent E m
. � Assj� t i anager
I had hoped that when the City Commission provided the additional $4.5 million
for the Conference/Convention Center in March, that we would not need any
additional funds. This has not worked out. We are in the process of spend-
ing the last of these funds now and I have no way of knowing exactly how
much will be needed to complete the project.
The last resolution authorized by the City Commission (81-202) allocated funds
to be used at your discretion without further City Commission authorization.
I hope that the City Commission will continue this same approach.
Because interest rates have been higher this past year than were anticipated,
the monies in our construction account have earned higher dividends than
anticipated. The attached resolution will give you the authority to place
these funds in the contract at your discretion, as necessary. Your ability
to spend the funds will be limited entirely to the monies in that account.
Hopefully, there will be no need for additional fi-nndinq from any other source.
Should additional funds beyond is availahle in that account be required,
this will only be done after City Co,ii ni ss-i on approval.