HomeMy WebLinkAboutR-77-0072RESOLUTION NO, 7792
A RESOLUTION AUTHORIZING THE TRANSFER OF $3,257 16
FROM THE CAPITAL IMPROVEMENT FUND UNALLOCATED TO A
RESERVE ACCOUNT IN THE DEBT SERVICE FUND IN ORDER
TO PROVIDE SUFFICIENT FUNDS TO PAY THE OUTSTANDING
PRINCIPAL AND INTEREST ON THE SPECIAL OBLIGATION
CAPITAL IMPROVEMENT BOND SERIES A TO E AND THE
ORANGE BOWL SPECIAL OBLIGATIONS OF THE CITY.
WHEREAS, it is in the best interest of the City to provide
sufficient reserves for its outstanding bonded indebtedness;
WHEREAS, funds have been accumulated in an amount sufficient
to provide for the complete payment of principal and interest on the
Special Obligation Capital ;Improvement Bond Series A to E and the Orange
Bowl Special Obligations;
WHEREAS, it is in the best interest of the Bondholders to
have such amounts set forth in a reserve;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1 The Director of Finance is authorized to transfer
$3,257,316 from the Capital Improvement Fund Unallocated to a reserve
account in the Debt Service Fund in order to provide sufficient funds to
pay the outstanding principal and interest on the Special Obligation Capital
Improvement Bond Series A to E and the Orange Bowl Special Obligations of
the City.
PASSED AND ADOPTED this 27 day of JANUARY
ALPH G, ONGIE
CITY CLERK
PREPARED AND APPROVED Y;
eeutie
ASSISTANT CITY ATTORNEY
APPROVES AS TO FORM AND CORRECTNESS:
GEORGE F .KNOX, JR.,
CITY..ATUURNEY
MAURICE A. FERRE
MAURICE A, FERRE
MAYOR
"DOCUMENT,INDEX
ITEM N0.:::_,
CITY COMMISSION
MEETING OF
JAN 2 r ►1'.77
RESOLUTION NQ•, 77' .(• • =�r,y.
Wwatd Gary
bireetor of t•tattagentent Servi.coy
Janes E1 Gunderson
Director of Finance
January 4, 1977
Reserve for Capital. Impr Vetnet'1t tdfds
In order to provide sufficient funds to pay the outstanding
principal and interest oft the Special Obligation Capital
Improvement i3ottds Series A to is and the Orange Bowi Special
Obligations of the City, it is hereby requested that $3)257,316
be transferred from the. Capital Improvement Fund to the Debt
Service Fund for those obl i ;azt' +,ns i
The Finance Director, upon such transfer, t'i 11 set up the
appropriate reserv.? ::'i'cu t flr the red „ttion of the afore-
s•`l'_ . obligation; t h CO.i1.2 due and payable.
JEC/p
Al N['OVE ):
Joseph R. Grassie
City I•ianager