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HomeMy WebLinkAboutR-12-0411City of Miami Legislation Resolution: R-12-0411 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-01160 Final Action Date: 10/25/2012 A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING APPROPRIATIONS RELATING TO THE DEBT SERVICE FUND FOR FISCAL YEAR 2012-13 AS ADOPTED ON SEPTEMBER 27, 2012, FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2013. WHEREAS, pursuant to Resolution No. 12-0361, adopted September 27, 2012, the City Commission adopted the Budget for Fiscal Year 2012-2013; and WHEREAS, the Debt Service Fund Budget for Fiscal Year 2012-2013 was $65,924,600; and WHEREAS, that budget did not include the allocation for the refinancing of the City's Series 2010 (Port of Miami Tunnel and Access Improvement Project) Loan (the "Tunnel Loan") payment which is due in January, 2013; and WHEREAS, the City Commission will at a later date be considering the refinancing of the Tunnel Loan, the receipt of bond proceeds, the establishment of reserve accounts, and the payment of related issuance costs in an amount estimated not to exceed $49,784,700; and WHEREAS, this action requires the amendment of Section 6 and Section 7 of the Adopted Budget Resolution No. 12-0361; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION 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 as if fully set forth in this Section. Section 2. Section 6 of the Adopted Budget is amended to read as follows: The following appropriations are made for the municipal operations of Debt Service Funds for the Fiscal Year ending September 30, 2013: DEBT SERVICE FUNDS Special Obligation Bonds General Obligation Bonds Tunnel Loan Related Expenses TOTAL DEBT SERVICE FUNDS APPROPRIATIONS $ 39,135,200 26,789,400 49,784,700 $ 115,709,300 City of Miami Page 1 of 2 File Id: 12-01160 (Version: 2) Printed On: 12/12/2017 File Number: 12-01160 Enactment Number: R-12-0411 Section 3. Section 7 of the Adopted Budget is amended to read as follows: The above appropriations for Debt Service Funds are made based on the following sources of revenues for the Fiscal Year ending September 30, 2013: DEBT SERVICE FUNDS REVENUES Property Taxes $ 26,789,400 Transfers In 39,135,200 Bond Proceeds 49,784,700 TOTAL DEBT SERVICE FUNDS $ 115,709,300 Section 4. This Resolution is a resolution of precedent and all other resolutions in conflict with it are held null and void insofar as they pertain to these appropriations; however, no provision contained in this Resolution shall be construed to violate the Anti -Deficiency Act, as set forth in Sections 18-500 through Sections 18-503 of the Code of the City of Miami, Florida, as amended. The appropriations are the anticipated expenditure requirements for the City of Miami ("City"), but are not mandatory should efficient administration of City Departments and Boards or altered economic conditions indicate that a curtailment in certain expenditures is necessary or desirable for the general welfare of the City. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{1} Footnotes: {1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 2 of 2 File Id: 12-01160 (Version: 2) Printed On: 12/12/2017