HomeMy WebLinkAboutR-77-0440ii'SUPPORTIVE
DOCUMENTS
FOLLOW,'
Rtg 3LUTIt N NO. 77- 440 ._....:...
A RESOLUTION AbVANCING $688,000 PROM THE
CDNV t4TION CENTtg _DOND , 'UND. TO THE . LATIN
AMERICAN TRADE EXHIBITIQI.TRUST AND AGENCY
PfAD .TFACILITATE
LATIN
MFAIAUE
FAIR; SAID ADVANCEMENT TOCOMEFROM
DERIVED FROM SOURCES OUTSIDE OF THE SALE OF
BONDS; THE CONVENTION CENTER BOND FUND TO BE
REIMBURSED BY THE LATIN AMERICAN TRADE
EXHIBITION TRUST AND AGENCY FUND THE AMOUNT
OF $688,000 PLUS INTEREST COMPUTED SIMPLY AT.
4-1/2% PER ANNUM.
WHEREAS, on April 14, 1977 the Commission adopted
Resolution No. 77-341 expressing the intent of the City Com
mission to provide funding for the Trade Fair of the Americas;
and
WHEREAS, funds are available on a reimbursable basis
in the amount of $688,000 in the Convention Center Bond Fund which
will come from monies derived from sources outside of the sale of
bonds; and
WHEREAS, Convention Center Bond funds advanced to the
Latin American Trade Exhibition Trust and Agency Fund will be
reimbursed from the operations of the Trade Fair of the Americas;
and
WHEREAS, funds advanced to the Latin American Trade
Exhibition Trust and Agency Fund will accrue interest computed
simply, at 4-1/2% per annum;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF
THE CITY'' OF MIAMI, FLORIDA:
Section 1. Funds in the amount of $688,000 are hereby
advanced from the Convention Center Bond Fund to the Latin
American Trade Exhibition Trust and Agency Fund, said advancement
to come from monies outside of the sale of bonds.
Section 2. Funds advanced from the Convention Center
Bond Fund to the Latin American Trade Exhibition Trust and Agency
Fund are reimbursable from the proceeds of the Trade Fair of the
Americas Project.
400CLINIETIIT itiprx
III M NO 4
CITY COMMISSION
MEETING OF
MAY lelf 1977
1E O UTiON No 7,,7" ::„.
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ASSRb AND AORTRD thisI9TH :.day
19'7
MAUL I C A. FERR
MAURICE A.:.:FERRE..
MAYOR
ATTEST:
CZ-
i• a G. ? GI
CIT CLERK
PREPARED AND APPROVED.' BY:
a
ROBERT F. CLARK •
ASSISTANT CITY ATTORNEY
APPR'- fd AS TO. FORM: AND CORRECTNESS:
4
GD:' E F. .QOX, JR,
CITY :ATTO: Y
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t:f4cLbt.writs:
The advance of $688)000 itom the Convention CehEet Bond
Fund to the Latin Ametican Trade Center Trust & Agency
Pund at 4% interest is recommended not to exceed one •
year. The cash flow forecast indicates these monies
will not be necessary for Convention Center ependitUres
(luting this period.
The loan of such monies does not deplete the Bond Fund,
but merely changes the character of the asset from cash
to a loan. The City characteristically does this when
making an investment in other securities. This merely
changes the liquidity of the asset and does not remove
the asset from the Bond Fund. This practice, therefore,
• cannot be characterized as diverting bond fund monies.
In addition, the Convention Center Bond Fund contains a
balance of $4,248,473, which are monies received from
sources outside the sale of bonds. There are no unspent
•bond monies within the Convention Center Bond Fund.
• JEG:vh
cc: Assistant City Attorney Robert Clark