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HomeMy WebLinkAboutItem #49 - Discussion ItemTO: FROM: CITY OF MIAMI, FLORIDA eb INTEROFFICE MEMORANDUM Honorable Members of the City Commission P. W. Andrews City Manager DATE. JUN 4 1976 su©iicr General Obligation Bond Issue ktrcitrNCEs: ENCLOSURES: At the March 25, 1976 meeting, the City Commission by Motion No. 76-345 requested the City Attorney to prepare the neces- sary legislation to accomplish the issuance of $100 million of bonds for sanitary sewers and other necessary improvements in the City of Miami. An analysis has been made of the effect such a bond issue would have on the City's financial position and debt service requirements. After reviewing this information with the Director of Finance, it i s recommended that the amount of thi<.; issue be reduced 1. �')' rip)lYt)i..i.{i C1`)' t.11e-hall, to the amount of $40 million. Tli.i;. would provide $?5 million for sanitary sewer improvements, $5 million for fire improvements and $10 million for street. lighting. If this reduced amount meets with the approval of the City Commission, it is recommended that the City Attorney be directed to prepare the necessary resolutions and ordinances to bring this to the voters for approval, no later than September 7, 1976, the Dade County Primary Election. r= 1 1 •