HomeMy WebLinkAboutSummary FormJUN-06-2007 10:04 From:CITY MANAGER
Date: 5/30/2007
ACENpA ITEM SUMMARY FORM
Requesting Department: Finance
Commission Mating Date: 0/11/2007 District impacted:
RE.8
Type; ® Resolution ❑ Ordinance ❑ Emergency Ordinance [,J Discussion ltem
C:1 Other
Subject: A Resolution authotzijt the City Commission to Temporarily Advance from the City's
Reserve Fund to finance: the oat of H. ►t1 l nc1..Defensc/Neighborhood improvements projects,
Purpose of Item:
It is respectfully recommended that the City Commission adopt the Attached resolution authorizing
the temporarily Advance from the City's Reserve Fund an amount not to exceed $50,000,000 to
finance the cost of acquistion, contruct.ion and equipping various Homeland Defence/ Neighborhood
improvements projects. The City Commission is declaring the official intent of the City of Miami,
Florida to issue bonds in order to, amount other things, reimburse itself from the proceeds of such
bonds for funds advanced
immmmor
'Background Information:
The United States Treasury Regulations 1.150-2(thc"Reimbursement Regulations") prescribe
conditions under which proceeds of bonds obligations used to reimburse advances made for capital
and certain other expenditures paid before the issuance of such bonds; will be deemed to he expended
for the purposes of Sections 103 and 141-150 of the Internal Revenue code or 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 or the coda.
Budget Imnact kualysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No.
Special Revenue Account No;
GIP Prn/ect No:
YES Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost
Total Fiscal Impact:
Final Approvals
{ IGN ANP PAIL1
C11' _.. Budget
lrusina or receiving capital funds
Grants Risk Managenl
Purchasing Dept. Directo
Chief P City Manager
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