HomeMy WebLinkAboutR-04-0155City of Miami
Legislation
Resolution: R-04-0155
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00167 Final Action Date: 3/11/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE
TRANSFER OF GENERAL OBLIGATION BOND ("G.O.B.") FUNDS FROM THE
FUND ENTITLED "UDAG 2ND MORTGAGE REPAYMENT," INCLUDING FUNDS
IN THE AMOUNT NOT TO EXCEED $391,994.06, FROM ACCOUNT NO.
625004.045999.4.502, FROM THE REPAYMENT OF PRINCIPAL ON
AFFORDABLE HOUSING CONSTRUCTION LOANS, AND AN AMOUNT NOT TO
EXCEED $36,392.18, FROM ACCOUNT NO. 625004.045999.4.323 FROM
INTEREST PAID ON AFFORDABLE HOUSING CONSTRUCTION LOANS, FOR A
TOTAL AMOUNT NOT TO EXCEED $428,386.24; ALLOCATING SAID FUNDS TO
THE HOUSING LOAN RECOVERY FUND TO PROTECT THE CITY OF MIAMI
HOUSING LOAN PORTFOLIO.
WHEREAS, in June 1998, the Commission of the City of Miami ("City"), Florida, established a
Housing Loan Recovery Fund for the purpose of protecting the City's housing loan portfolio for
loans provided through the Community Development Block Grant Program funded single-family
and multi -family rehabilitation loan programs, Home Investment Partnerships program and State
Housing Initiatives Partnership Program; and
WHEREAS, the City has General Obligation Bond ("G.O.B.") funds available from the
repayment of principal and payment of interest on affordable housing construction loans;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The transfer of G.O.B. funds from the fund entitled "UDAG 2nd Mortgage
Repayment," including funds, in the amount not to exceed $391,994.06, from Account No.
625004.045999.4.502, from the repayment of principal on affordable housing construction loans,
and an amount not to exceed $36,392.18, from Account No. 625004.045999.4.323 from interest
paid on affordable housing construction loans, for a total amount not to exceed $428,386.24, and
the allocation of said funds to the Housing Loan Recovery Fund for the purpose of protecting the
City's housing loan portfolio, is authorized.{1}
Section 3. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor{2}.
City of Miami
Page 1 of 2 File Id: 04-00167 (Version: 21 Printed On: 9/1/2016
File Number: 04-00167 Enactment Number: R-04-0155
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} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10)
calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it
shall become effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 04-00167 (Version: 2) Printed On: 9/1/2016