Ordinance 88-2629 ORDINANCE NO. 88-2629
AN ORDINANCE OF THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA,
REPEALING SUBSECTION (e) OF SECTION 41-68
OF THE CODE OF THE CITY OF MIAMI BEACH,
FLORIDA, IN ITS ENTIRETY AND CREATING A
NEW SUBSECTION (e) OF SECTION 41-68
PROVIDING FOR THE PREPARATION AND
SUBMISSION OF A BUDGET OF THE CITY OF
MIAMI BEACH VISITOR AND CONVENTION
AUTHORITY, AND PROVIDING FOR 50% OF THE
RESORT TAX COLLECTED BY THE CITY TO BE
ALLOCATED TO THE VISITOR AND CONVENTION
AUTHORITY, SUBJECT TO THE RIGHTS OF
HOLDERS OF BONDS SECURED BY THE RESORT
TAX; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA:
SECTION 1. That subsection (e) of Section 41-68 of the Code
of the City of Miami Beach, which reads as follows:
"Sec. 41-68 Powers and Duties
(e) To annually prepare and submit a budget for the
expenditures of that portion [sic] of the resort tax
provided for in article V of this chapter, or any future
amendment thereof, allocated to the authority, as
hereinafter provided. The budget prepared and submitted by
the authority to the city commission shall specify, with
particularity, the expenditures anticipated and proposed to
be made by the authority, and no budgetary provisions shall
be made in broad or all-inclusive terms, and such proposed
budget shall be in conformity with the requirements for a
"line-by-line" budget. A sum not to exceed twenty percent
of the total annual budget may be placed in an "Event
Contingency Fund", to be expended by the authority during
the budget period for events and projects authorized
subsequent to passage and approval of the budget, and which
will occur within one year from date of authorization
thereof. Commencing October 1, 1975, resort tax monies
collected after October 1, 1975 shall he prorated, allocated
and appropriated for the authority as follows:
(1) Fifty percent of the total sum
collected annually is hereby allocated to
the authority. In the event the
allocation of fifty percent of
collections to the authority exceed the
amounts which would have been due the
authority under the allocation formula
provided for in Ordinance 1885, the
payment of such excess sums shall be
subject to the prior claims of
1
bondholders holding bonds issued pursuant
to Resolutions 12650 and 75-14745.
(2) The resort tax receipts allocated to
the authority shall be distributed and
paid to the authority on or before the
tenth day of the month immediately
following the month of collection thereof
in the following manner:
Twenty-five percent of the total
collections for the months of October,
November and December, the remaining
twenty-five percent to be paid as
hereinafter sent forth;
Forty percent of the total
collections for the months of January,
February and March, the remaining ten
percent to be paid as hereinafter set
forth;
Fifty percent of the total
collections in each of the remaining
months of the fiscal year;
On or before May 31st of each year
the portion of collections withheld and
not paid during the prior months of
October through March shall be
distributed and paid to the authority.
On or before October 31st of each
year any remaining funds due to the
authority from the prior fiscal year
shall be distributed and paid to the
authority;
Provided, however, all payments
shall be subordinate to the city's
covenants with its bondholders under its
resort tax bond indenture.
(3) The authority's percentage of
past due taxes shall be paid to the
authority within thirty days after
collected in the manner provided for
current collections.
* * *"
is hereby repealed in its entirety and a new subsection (e) of
Section 41-68 is hereby created to read as follows:
"Sec. 41-68 Powers and Duties
* * *
(e) To annually prepare and submit a budget for the
expenditures of the portion of the resort tax provided for
in article V of this chapter, or any future amendment
thereof, allocated to the authority, as hereinafter
provided. The budget prepared and submitted by the
authority to the city commission shall specify, with
particularity, the expenditures anticipated and proposed to
be made by the authority, and no budgetary provisions shall
be made in broad or all-inclusive terms, and such proposed
budget shall be in conformity with the requirements for a
"line-by-line" budget. A sum not to exceed twenty percent
2
of the total annual budget may be placed in an "Event
Contingency Fund", to be expended by the authority during
the budget period for events and projects authorized
subsequent to passage and approval of the budget, and which
will occur within one year from date of authorization
thereof.
(1) Subject to the limitations contained
in sub-subsection (3) below with respect
to the rights of bondholders, commencing
October 1988, fifty percent (50%) of the
resort tax monies collected by the city
in each month on or after October 1988
shall be prorated, allocated and
appropriated for the authority. The
resort tax receipts allocated to the
authority shall be distributed and paid
to the authority on or before the
twentieth day of the month immediately
following the month of collection thereof
in the following manner:
Twenty-five percent of the total
collections for the months of October,
November, December, the remaining twenty-
five percent to be paid as hereinafter
set forth;
Forty percent of the total
collections for the months of January,
February and March, the remaining ten
percent to be paid as hereinafter set
forth;
Fifty percent of the total
collections in each of the remaining
months of the fiscal year;
On or before May 31st of each year
the portion of collections withheld and
not paid during the prior months of
October through March shall be
distributed and paid to the authority;
On or before October 31st of each
year any remaining funds due to the
authority from the prior fiscal year
shall be distributed and paid to the
authority;
(2) Subject to the limitations contained
in sub-subsection (3) below with respect
to the rights of bondholders, the
authority's percentage of past due taxes
shall be paid to the authority within
thirty days after collected in the manner
provided for current collections.
(3) Notwithstanding the foregoing, all
such payments shall be junior and
subordinate in all respects to any and
all obligations of the city under any
ordinances and resolutions pursuant to
which the city issues bonds or other
indebtedness secured by the resort tax
provided for in Article V of this chapter
or any future amendment thereof.
* * *n
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SECTION 2. REPEALER.
All ordinances or parts in conflict herewith be and the same are
hereby repealed.
SECTION 3. SEVERABILITY.
If any section, sentence, clause or phrase of this ordinance is
held to be invalid or unconstitutional by any court of competent
jurisdiction, then said holding shall in no way affect the
validity of the remaining portions of this ordinance.
SECTION 4. EFFECTIVE DATE.
This ordinance shall take effect ten (10) days after its
adoption, on October 2 , 1988 .
PASSED and ADOPTED this 22nd day of September , 1988
2°47
MA OR
Attest:
2dL FORM APPROVED
City Clerk LEGAL DEPT.
1st Reading - September 7, 1988 By
2nd Reading - September 22, 1988
PNB/mml
Date /2/P
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