HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
Date: 4/1512009
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Requesting Department: City Manager's Office
Commission Meeting Date: 4123/2009 District Impacted: Citywide
Type: X Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Law Department
Matter ID No.
Subject: A Resolution authorizing the City Commission to temporarily advance funds from the General
Fund Balance to finance the cost of the design and construction of the parking facility at the new
Marlins Baseball Stnflium located at the former Orange Bowl site, and declaring the City's official intent
to issue special obligation revenue bonds.
Purpose of Item:
To authorize the temporary advance of funds from the General Fund Balance, in the amount not to
exceed $9,000,000, to finance the cost of design and construction of the parking facility at the new
Marlins Baseball Stadium located at the former Orange Bowl site. The City Commission is declaring
the official intent of the City to issue special obligation revenue bonds in order to, among other things,
reimburse itself from the proceeds of such bond for funds advanced.
Background Information:
The United States Treasury Regulations 1.150-2 prescribe conditions under -which proceeds of bond
obligations used to reimburse advances made for capital and certain other expenditures paid before the
issuance of such bonds will be deemed to be expended for purposes of Sections 103 and 141-150 of
the internal Revenue Code 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 IRS Code.
Budget Impact Analysis
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:
CEP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
JSIGN AND DATE)
CIP Budget
Risk Management
Purcha in Dept. Director
Chief City Manage
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