HomeMy WebLinkAboutR-74-0978RESOLUTION NO. TV -PAP
A RESOLUTION AUTHORIZING AND DIRECTING THE CITY
MANAGER OF THE CITY OF MIAMI, FLORIDA TO ESTAB-
LISH RESERVES IN THE AMOUNT OF' $5,500,000 TO
SUPPLEMENT EXISTING FUNDS IN THE POLICE HEAD-
QUARTERS AND CRIME PREVENTION FACILITIES BOND
FUND, FOR AWARD OF CONSTRUCTION CONTRACT FOR
POLICE IMPROVEMENTS; AN AMOUNT NOT TO EXCEED
$2,000,000 TO BE TRANSFERRED AS NEEDED AND RE-
QUIRED FROM CAPITAL IMPROVEMENT FUND (UNALLOCATED
FUNDS) AND AN AMOUNT NOT TO EXCEED $3,500,000 TO
BE TRANSFERRED AS NEEDED AND REQUIRED FROM FEDERAL
REVENUE SHARING FUNDS.
WHEREAS, the current condition of the Municipal Bond
Market is not favorable for the sale of Police Headquarters
and Crime Prevention Facilities Bonds; and
WHEREAS, it is imperative that the schedule of planned
Police Improvements proceed without delay, and the construc-
tion phase is estimated at $7,500,000; and
WHEREAS, there exists $2,000,000 in the Police Head-
quarters and Crime Prevention Facilities Bond Fund, and the
Charter of the City of Miami requires funds to be available
prior to award of contract; and
WHEREAS, $2,000,000 can be made available from the
Capital Improvement Fund - Unallocated Funds and $3,500,000
can be made available from Federal Revenue Sharing Funds on
a temporary basis, as needed and required, for construction
and development of these facilities;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. That the City Manager is hereby authorized
to utilize available unencumbered funds in the amount of
$2,000,000 of the Police Headquarters and Crime Prevention
Facilities Bond Fund proceeds to finance the construction
of the Police Headquarters and Crime Prevention Facilities;
Section 2. That the City Manager is hereby authorized
to establish a reserve in the amount of $5,500,000 in the
Police Headquarters and Crime Prevention Facilities Bond
Fund. An amount not to exceed $2,000,000 shall be made
available from the Capital Improvement Fund - Unallocated
Funds, to be transferred as needed. An additional amount
not to exceed $3,500,000 shall be made available from Federal
Revenue Sharing Funds to be transferred as needed, such funds
to be used for the construction phase of the Police Headquarters
and Crime Prevention Facilities;
Section 3. That the reservation of funds authorized
in Section 2 will be required until delivery and receipt of
proceeds from the sale of sufficient Police Headquarters
and Crime Prevention Facilities Bonds, or proceeds are made
available from other sources to fund the obligations funded
under provisions of this resolution. Any funds transferred
pursuant to Section 2 shall, thereupon, be returned to the
funds from which they originated.
PASSED AND ADOPTED this /2 day of.11100,104.440
1974.
A • R
idcrir °'1
City lerk
PREPARED AND APPROVED By:, Cs -"A ,7 "`=- ___ ------
Frank H. Weston 74',_=N4
Assistant to Direcilor__
APPROVED AS TO FOANDORRECTNESS :
John S. Lloyd
City Attorney
I bzrtI,.a!dr: NO..r
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„CCCU"ENT INDEX
ITEM NO. `�IMP
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