HomeMy WebLinkAboutSummary FormDate: 5/16/2008
AGENDA ITEM SUMMARY FORN
FILE ID: 0 0"'00L3.
RE.6
Requesting Department: Finance Department
Commission Meeting Date: 6/12/2008 District Impacted:
Type: ® Resolution (1 Ordinance ❑ Emergency Ordinance 11 Discussion Item
❑ Other
Subject: The Sunshine State Governmental Financing Commission Loan in the amount of $27,500,000.
Purpose of Item:
A resolution authorizing the execution and delivery by the City Manager of a loan agreement in an
amount not to exceed $27,500,000 be entered between the Sunshine State Governmental Financing
Commission and the City of Miami ; providing certain other matters in connection with the making of
the loan be adopted.
Background Information:
The Sunshine State Governmental Financing Commission ("SSGFC") is an interlocal agency, of
which the City of Miami is a member, organized in 1986 for the purposes of making loans to public
agencies. SSGFC has approved making of a loan to the City of Miami, initally in the amount of
$27,500,000, for the purpose of making improvements to and financing the contruction of various
City projects. SSGFC provides efficiencies for borrowers by decreasing issuance costs and
expediency of obtaining funds. The City has received six loans from SSGFC since 1986.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
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)
CIP Budget
Risk Managem t
Purchasing Dept. Directo
Chief City Manager
If using or receiving capital funds
Grants
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