HomeMy WebLinkAboutR-80-0757RESOLUTION NO. S O- 7 5 7
A RESOLUTION AUTHORIZING THE TRANSFER OF
FUNDS IN THE AMOUNT OF $100,000 TO THE
D014NT014N 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
C.,THE`j"}��[•BY HE CITY OF MIAMI ON BEHALF OF THE DOWNTOWN
D�'/f ti i! L;,DEVCLOPMENT AUTHORITY BEFORE THE END OF THE
cYI'C"
.�,iN t"% 1980-81 FISCAL YEAR, WITH INTEREST TO BE PAID
J TO THE CITY AT THE RATE OF 6% PER ANNUM.
..L0W71
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 $100,000 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 $447,358 in fiscal
year 1980-81;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The transfer of $100,000 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
1980-81 fiscal year out of ad valorem taxes received from Dade
County by the City on behalf of the Downtown Development
Authority with interest to be paid to tite City at tite rate
of 6% per annum.
i y PASSED AND ADOPTED this 30th-clay of OC1'OBER 1980.
"DOCUMENT INDEX
12
ITEM IYUMAURICE A. FERRE
M A Y 0 R
liALP G. ONCTIE CITY Cl K
CITY COMMISSION
MEETING OF
80-7
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PREPARED AND APPROVED BY:
A400t-
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ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
C,E0RGE KNOX, JR.
CITY A TORNCY
r
Richard Fosmoen
City Manager
Carlos E. a is
Acting Finan, Director
010i1
October .17, 1.980
Resolution Authorizing Transfer of
Funds to the Downtown Development
Authority
It is recommended that the attached Resolution
be submitted to the City Commission to authorize
the transfer of funds in the amount of $100,000
=' M 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
on behalf of. the Downtown Development Authority
CZ, from Dade County during fiscal year 1980-81.
r.r The advance will be repaid at an interest rate
U of G% per annum by the Downtown Development
;:- o Authority.
c.�
The City of Miami receives on behalf of the Downtown Development Authority
from Dade County nd valorem taxes assessed by the City Commission under the
authority of Section 14-34 of the City Code, and estimated to be approximately
$447,358 for fiscal year. 1980-81.
Additionally, the Downtoc,m Development Authority is in need of a temporary
transfer of funds in the amount of $100,000 for operating expenses until .its
ad valorem taxes are collected and di.sbursed by the City.
Upon approval. by the City Comm..ss-.Lon the City of Maami will transfer funds in
thu amount of $1.00,000 from the Capital. Improvements Fund' as an advance payment
of ad vril.orcm tax proceeds, with the said sum to be repaid at an interest rate
of Q. before the end of fiscal year .1980-8.1. out of their ad valorem tax proceeds,
wh-i.uh are •co1loctod ,by the city.
CEG: hb
Attachment
cc: George P. Knox, City Attorney
80-75'7