HomeMy WebLinkAboutCRA-R-09-0047 Legislation 09-24-09ovi of ,
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City of Miami
Legislation
CRA Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-01073 Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AUTHORIZING PAYMENT, IN AN AMOUNT NOT TO EXCEED $361,239, TO THE
CITY OF MIAMI FOR THE CITY'S ADVANCE OF THE DEBT SERVICE RESERVE
REQUIRED BY THE COMMUNITY REDEVELOPMENT REVENUE BONDS,
SERIES 1990; ALLOCATING FUNDS FROM SEOPW TAX INCREMENT FUND,
"INTERFUND TRANSFER - DEBT SERVICE," ACCOUNT CODE NO.
10050.920101.891000.0000.00000.
WHEREAS, the City of Miami issued Community Redevelopment Revenue Bonds, Series 1990
("Series 1990 bonds"), on behalf of the Southeast Overtown/Park West Community Redevelopment
Agency ("CRA"); and
WHEREAS, in order to issue the Series 1990 bonds, a debt service reserve was required;
however, the CRA was unable to fund said reserve and the City advanced the required funds; and
WHEREAS, the City has requested that the CRA reimburse the City for its advance of the debt
service reserve, in the amount of $361, 239; and
WHEREAS, the Board of Commissioners wishes to authorize payment to the City for its
advance of the debt service reserve required for the issuance of the Series 1990 bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. Payment, in an amount not to exceed $361,239, to the City of Miami for the
City's advance of the debt service reserve required by the Community Redevelopment Revenue
Bonds, Series 1990, is authorized.
Section 4. Funds are to be allocated from SEOPW Tax Increment Fund, "INTERFUND
TRANSFER - DEBT SERVICE," Account Code No. 10050.920101.891000.0000.00000.
Section 5. This Resolution shall become effective immediately upon its adoption.
City of Miami
Page 1 of 2 Printed On: 9/18/2009
File Number: 09-01073
APPROVED AS TO FORM AND CORRECTNESS:
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WILLIAM R. BLOOM
SPECIAL COUNSEL
City of Miami Page 2 of 2 Printed On: 9/18/2009