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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 14-00287 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION MAKING AMENDMENTS TO
APPROPRIATIONS RELATING TO THE CAPITAL FUND, THE DEBT SERVICE
FUND, AND THE GENERAL FUND BUDGETS FOR THE FISCAL YEAR ENDING
SEPTEMBER 30, 2014 TO COMPLY WITH CITY COMMISSION RESOLUTION NO.
11-0228, ADOPTED MAY 26, 2011, AND THE TAX COMPLIANCE CERTIFICATE,
DATED AS OF JULY 21, 2011 FOR THE $70,645,000.00 CITY OF MIAMI, FLORIDA
SPECIAL OBLIGATION NON -AD VALOREM REVENUE REFUNDING BONDS,
SERIES 2011-A.
WHEREAS, in order to comply with the City of Miami's ("City's") continuing covenants under
Resolution No. 11-0228, adopted May 26, 2011 ("Bond Resolution") and the Tax Compliance
Certificate dated as of July 21, 2011 ("Tax Compliance Certificate"), and in accordance with advice
from Bond Counsel, the City now determines to: (1) recognize and reallocate $11,766,000.00 of the
remaining original issue proceeds of the Sunshine State Loans as debt service interest payments
attributable to such interest payments previously made for fiscal years 2014, 2013, and 2012; (2)
recognize and reallocate back to the General Fund $11,766,000.00 of earlier General Funds
transferred to pay debt service interest payments on the Series 2011-A Bonds for fiscal years 2012,
2013, and 2014; (3) recognize and allocate the remaining original issue proceeds of the 2007, 2008,
and 2009 Sunshine State Loans in the amount of $1,364,642.75 and all unspent interest thereon
through February 1, 2014 to the City's future February 1, 2015 interest payment on the Series 2011-A
Bonds; and (4) attribute the General Fund revenues in the amount of $11,766,000.00 previously
budgeted to make such required debt service interest payments by a separate resolution to amend,
rebudget, reprogram, and reappropriate such previous General Funds to the Capital Projects
Appropriations of the City's Multi -Year Capital Plan;
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 Resolution.
Section 2. The Capital Fund for Fiscal Year commencing October 1, 2013 and ending September
30, 2014 shall be increased by $12,938,000.00 to allow for Transfers Out in that amount to the Debt
Service Fund. These appropriations are made based on a revenue increase in Transfers In in the
same amount.
Section 3. The following appropriations are made for the municipal operations of Debt Service
Funds for Fiscal Year ending September 30, 2014:
DEBT SERVICE FUNDS APPROPRIATIONS
Special Obligation Bonds $41,331,200 $51,154,200
General Obligation Bonds $26,471,900
City of Miami Page 1 of 2 File Id: 14-00287 (Version: 1) Printed On: 4/15/2014
File Number: 14-00287
TOTAL DEBT SERVICE FUNDS $67-78-1-371-00 $77,626,100
Section 4. The above appropriations for Debt Service Funds are made based on the following
sources of revenues for Fiscal Year ending September 30, 2014:
DEBT SERVICE FUNDS REVENUES
Transfers In $41,331,200 $51,154,200
Property Taxes $26,471,900
TOTAL DEBT SERVICE FUNDS $67,813,100 $77,626,100
Section 5. The following appropriations are made for the municipal operations of the General
Fund for Fiscal Year commencing October 1, 2013 and ending September 30, 2014:
GENERAL FUND APPROPRIATIONS
Departments, Boards, and Offices $456,718,700
Non -Departmental Accounts (NDA) $26,016,800
Transfers Out $4�-, 6,300 $55,362,300
TOTAL GENERAL FUND $526,331,800 $538,097,800
Section 6. The above appropriations for the General Fund are made based on the following
sources of revenues for Fiscal Year ending September 30, 2014:
GENERAL FUND
Property Taxes
Franchise Fees and Other Taxes
Licenses and Permits
Intergovernmental Revenues
Charges for Services
Fines and Forfeitures
Interest
Other Revenues
Transfers -I n
TOTAL GENERAL FUND
REVENUES
$225,773,400
$99,587,900
$44,156,500
$47,112,200
$93, 314, 300
$4, 019, 200
$1,000,000
$11,408,300
$0 $11,766,000
$526, 331, 800 $538,097,800
Section 7. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.{1}
AP ROVED AS TO FORM AND CORRECTNESS:
I'CTORIA IVIENDEZ
CITY ATTORNEY
�l
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: 14-00287 (Version: 1) Printed On: 4/15/2014