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