HomeMy WebLinkAboutR-16-0242City of Miami
Legislation
Resolution: R-16-0242
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 16-00409 Final Action Date: 5/26/2016
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
ACCEPTING AND APPROVING THE AMENDED AND RESTATED CITY OF MIAMI
DEBT MANAGEMENT POLICY ("DEBT POLICY"), ATTACHED AND
INCORPORATED; DIRECTING THE CITY MANAGER TO INSTRUCT THE
DIRECTOR OF FINANCE TO IMPLEMENT THE AMENDED AND RESTATED DEBT
POLICY AND TO UPDATE ALL NECESSARY GUIDELINES AND PROCEDURES
RELATED TO THE DEBT POLICY.
WHEREAS, Resolution No. 98-631, adopted June 23, 1998, by the Miami City Commission
authorized the implementation of the City of Miami ("City") Debt Management Policy along with
specific guidelines and procedures for the implementation of said policy, as subsequently amended
pursuant to Resolution No. 98-767, adopted July 21, 1998, Resolution No. 03-1216, adopted
December 18, 2003, and Resolution No. 05-0401, adopted June 23, 2005 (collectively, "Prior Debt
Policy"); and
WHEREAS, the City is updating the Prior Debt Policy to reflect current "best practices" as stated
in the City's Financial Integrity Principles pursuant to Section 18-542(11)(a) of the Code of the City, as
amended ("City Code"), and including updates to conform with other City Code provisions and
Resolutions; and
WHEREAS, the City's Finance Committee has met and approved the recommended amendments
to and restatement of the Prior Debt Policy; and
WHEREAS, the City's Department of Finance is recommending that the City Commission accept
and approve the Finance Committee's updates to, amendments to and restatement of the Prior Debt
Policy and replace it with the new Debt Management Policy (collectively, "Debt Policy"); and
WHEREAS, the City's Department of Finance is also recommending that all necessary guidelines
and procedures for implementation of the Debt Policy be updated;
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. The amended and restated Debt Policy, attached and incorporated, is accepted and
approved.
Section 3. The City Manager is directed to instruct the Director of Finance to implement the
amended and restated Debt Policy and to update all necessary guidelines and procedures related to
the Debt Policy.
City of Miami
Page 1 of 2 File Id: 16-00409 (Version: 11 Printed On: 5/8/2018
File Number: 16-00409 Enactment Number: R-16-0242
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor. {1}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10)
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: 16-00409 (Version: 11 Printed On: 5/8/2018