HomeMy WebLinkAboutR-04-0042City of Miami
Legislation
Resolution: R-04-0042
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00055 Final Action Date: 1/22/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO APPOINT AN ADVISORY AND OVERSIGHT COMMITTEE
("COMMITTEE") TO THE BOARD OF DIRECTORS ("BOARD") OF THE LITTLE
HAITI EDISON FEDERAL CREDIT UNION ("CREDIT UNION") OF NOT LESS
THAN THREE (3) NOR MORE THAN SEVEN (7) PERSONS FROM
GOVERNMENT AND PRIVATE SECTORS TO INCLUDE BUT NOT BE LIMITED
TO PROVIDING: (1) A REVIEW OF ALL GOVERNMENT DOLLARS ("DONATED
GOVERNMENT FUNDS") THAT HAVE BEEN INFUSED INTO THE CREDIT
UNION TO SUPPORT OPERATION OF THE CREDIT UNION, (2) A
RECOMMENDATION FOR THE AMOUNT OF DONATED GOVERNMENT FUNDS
NECESSARY FOR THE CREDIT UNION TO BECOME SELF-SUFFICIENT IN
THE NEXT 3 YEARS, (3) A SURVEY OF SIMILARLY SITUATED CREDIT UNIONS
IN THE SOUTH FLORIDAAREATHAT HAVE RECEIVED DONATED
GOVERNMENT FUNDS AND THE AMOUNTS RECEIVED, AND (4) A PLAN FOR
SELF-SUFFICIENCY WITHIN THREE (3) YEARS, APPROVED BY THE BOARD
OF DIRECTORS, AND APPROVED AND AUTHORIZED BY THE NATIONAL
CREDIT UNION ADMINISTRATION ("NCUA"), WHICH PLAN IS ANALYZED AND
REVIEWED BY THE NCUA TO BE FULLY COMPLIANT WITH APPLICABLE
REGULATIONS; INSTRUCTING THE CITY ATTORNEY TO PROVIDE LEGAL
ADVICE TO THE COMMITTEE; FURTHER DIRECTING THE CITY MANAGER TO
PRESENTATHREE-YEAR PLAN FOR SELF-SUFFICIENCY TO THE BOARD
AND THE CITY COMMISSION AT THE MARCH 12, 2004 CITY COMMISSION
MEETING; DIRECTING THE CITY CLERK TO TRANSMIT A COPY OF THIS
RESOLUTION TO THE NCUA UNDER SEAL.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The City Manager is authorized{1} to appoint an Advisory and Oversight Committee
to the Board of Directors ("Board") of the Little Haiti Edison Federal Credit Union of not less than
three (3) nor more than seven (7) persons from government and private sectors to included but
not be limited to providing:
(1) a review of all government dollars ("donated government funds")
that have been infused into the Credit Union to support operation of the
credit union;
(2) a recommendation for the amount of donated government funds
necessary for the Credit Union to become self-sufficient in the next
three (3) years;
City of Miami
Page 1 of 2 File Id: 04-00055 (Version: 1) Printed On: 8/26/2016
File Number: 04-00055 Enactment Number: R-04-0042
(3) a survey of similarly situated Credit Unions in the South Florida area
that have received donated government funds and the amounts
received; and
(4) a plan for self-sufficiency within three (3) years approved by the
Board of Directors, and approved and authorized by the National Credit
Union Administration ("NCUA"), which plan is analyzed and reviewed
by the NCUA to be fully compliant with applicable regulations.
Section 2. The City Attorney is instructed to provide legal advice to the Committee.
Section 3. The City Manager is further directed to present a three-year plan for self-sufficiency
to the Board and the City Commission at the March 12, 2004 City Commission meeting.
Section 4. The City Clerk is directed to transmit a copy of this Resolution to the NCUA under
seal.
Section 5. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City
Charter and Code provisions.
{2} This Ordinance shall become effective as specified herein unless vetoed by the Mayor within
ten days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall
become effective immediately upon override of the veto by the City Commission or upon the
effective date stated herein, whichever is later.
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