HomeMy WebLinkAboutpre resolutionCity of Miami
Legislation
Resolution: R-04-0687
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.ws
File Number: 04-01095 Final Action Date:10/14/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE TRANSFER OF FUNDS FROM THE MAYOR'S POVERTY
INITIATIVE FUND IN THE AMOUNT OF $400,000; ALLOCATING SAID FUNDS
TO THE DEPARTMENT OF COMMUNITY DEVELOPMENT TO IMPLEMENT AN
INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM TO BE ADMINISTERED BY
MICRO -BUSINESS USA, WHICH IS TO BE EQUALLY MATCHED BY BOTH
PARTICIPANT AND FEDERAL FUNDS AND PLACED IN A MATCH SAVINGS
ACCOUNT.
WHEREAS, the Mayor's Poverty Initiative has, as one of its four cornerstones, the goal of helping
City of Miami ("City") residents to save and accumulate assets thus allowing its residents the
opportunity to reach self sufficiency; and
WHEREAS, the City wants to leverage federal funds to assist City residents in accumulating and
increasing assets to achieve business ownership, homeownership and increased education; and
WHEREAS, federal program requirements include only three permissible uses for said matched
funds including, capitalizing a small business, post -secondary education and first-time
homeownership; and
WHEREAS, funds, in the amount of $400,000, from the Mayor's Poverty Initiative are to be
transferred to an Individual Development Account to be administered by Micro -Business USA and to
be equally matched by both participant and federal funds and placed in a match savings account;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals 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 funds from the Mayor's Poverty Initiative fund, in the amount of
$400,000, and the allocation of said funds to the Department of Community Development to
implement an Individual Development Account program to be administered by Micro -Business USA,
which is to be equally matched by both participant and federal funds and placed in a match savings
account, is authorized.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor (1).
City of Miami
Page I of 2
Printed On: 5/11/2005
File Number: 04-01095 Enactment Number: R-04-0687'
Footnotes :
{1} 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 Printed On: 5/I1/200S