HomeMy WebLinkAboutSummary FormJUN-06-2007 10:03 From:CITY MANAGER
Date: 5/30/2007
AGE DAJITEM SUMMARY FORM
FILE ID: O7 t 0 1 ! 8-
Requesting Department: Finance,
RE.7
Commission Meeting Date: 6/14/2007 District Impacted:
Type; ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: A Resolution authorizing.the Citv Commission to Temporarily Advance from the Citv's
Reserve Fund to finance the cost of the Street§caDcs Improven1onts Projects.
Purpose of Item:
It it respectfully recommended that the City Commission adopt the Attached resolution authorizing
the temporarily Advance of funds from the City's Reserve Fund, an amount not to exceed
$80,000,000 to finance the cost of'acquistion, contraction and equipping oreerLain capital
Improvements projects ("Strectscape improvements Project"). The City Commission is declaring the
official intent of the City of Miami, Florida to issue bonds in order to, amoung other things, reimburse
itself from the proceeds of such bonds for funds advanced .
Background Information:
The United States Treasury Regulations 1,150-2(the"Reimbursement Regulations") prescribe
conditions under which proceeds of bonds obligations, uscd to reimburse advances made for capital
and certain other expenditures paid before the issuance of such bonds; will be deemed to be expended
for the purposes of Sections 103 and 141-150 of the internal Revenue aide of 1986, as amended, and
the regulations promulgated thereunder, upon such reimbursement so that the proceeds so used will no
longer be subject to requirements or restrictions under those sections of the code.
Budget In>pact Analysis
NO Is this item related It, revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CH' Project No,
Is this item funded by homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal impact:
Final Approvals
(SIGN AND DATE)
Cil' Budget
JI' usim ur rourivinw uunituJ !funds
Grants Risk Malnttgem
Purchasing
Chief
r 4#7
Dept, Direett
City Manager
Pup I of I