RESOLUTION 92-20566 RESOLUTION NO. 92-20566
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, ACCEPTING THE
IMPROVEMENTS ON OCEAN DRIVE FROM FIFTH
THROUGH FIFI'EENTH STREETS,PROVIDING NOTICE OF
THE ASSESSMENTS AGAINST PROPERTIES SPECIALLY
BENEFITTED AND SPECIFYING THE DISPOSITION OF THE
FUNDS DERIVED FROM THE ASSESSMENTS.
Whereas, the City Commission of the City of Miami Beach, Florida, has heretofore
provided for the construction of street and sidewalk improvements, storm drainage
improvements and water main improvements on Ocean Drive from Fifth through Fifteenth
Streets, all lying within the corporate limits of the City, and
Whereas, the City Commissionhas heretofore levied special assessments and
confirmed and approved the assessment roll providing for special assessments against the
property specially benefitted by the construction of the improvements in a proportionate
part of the costs thereof, all of which has been done in accordance with provisions of
Chapter 170, Florida Statutes Annotated, and
Whereas, the Public Works Director of said City has notified and advised the City
Commission of said City that the construction of said improvements has been completed
in accordance with the plans and specifications therefor and the contract under which the
same was constructed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA,
That the construction of street and sidewalk improvements, storm drainage
improvements and water main improvements all lying within the corporate limits of said
City, as heretofore authorized and provided for, be and the same are hereby accepted, and
that the assessments against the property specially benefitted by the construction of said
improvements as heretofore approved and confirmed by the City Commission of said City,
shall become due and payable without interest at any time within thirty (30) days from the
date notice is transmitted to the property owners regarding same.
BE IT FURTHER RESOLVED that the City Clerk of said City shall notify, by
regular mail postage prepaid, all persons whose names appear on the assessment roll
heretofore adopted and approved by the City Commission, of the acceptance of said
improvements and of the amount of the assessments against each particular property, and
that the same is due and payable within thirty (30) days from the date of such notice and
if not so paid will bear interest at the rate of eight per cent (8%) per annum from the due
date until paid; provided however that those who wish to do so may elect to pay said
assessments in ten (10) equal annual installments which will bear interest at the rate of
eight per cent (8%) per annum from the due date until paid and to which, if delinquent,
shall be added an additional penalty at the rate of one per cent (1%) per month until paid.
BE IT FURTHER RESOLVED that all funds derived from the special assessments
collected hereunder, shall be placed in the debt service fund for the General Obligation and
Special Assessment Revenue Bonds, Series 1987B or any debt refinancing of said bonds
by the Finance Director of said City and used solely for the /`payment of such bonded
indebtedness, and shall be used for no other purpose.
Passed and adopted this 22nd day of July , 1992.
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M.y.
Attest:
Ta,:itead
City Clerk ��,�da_44Aezi FORM APPROVED
LEGAL DEPT.
Date �7472_
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CITY OF MIAMI BEACH
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CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
FAX: (305) 673-7782
COMMISSION MEMORANDUM NO. 24--)S-9-2
DATE: July 22 , 1992
TO: Mayor Seymour Gelber and
Members of the City Commission
FROM: Roger M. Canto
City Manager L
SUBJECT: Resolution accepting the Improvements on Ocean Drive from Fifth through
Fifteenth Streets, providing Notice and Specifying the Use for the Funds
Collected.
Administrations Recommendation
The Administration recommends that the City Commission adopt the attached Resolution
which accepts the improvements to Ocean Drive, provides notice requirements to the
affected property owners and specifies the use of the funds collected.
Background
This is the final action necessary by the City Commission for the issuance of the bills for
the special assessments on the specially benefitted properties in the project area. Along with
the acceptance of the improvements, the Resolution provides for notices to be mailed to
each property owner specifying the amount of the assessment and the manner of payment.
Additionally, this Resolution provides that the funds collected from the special assessments
may only be used for debt service payments on the bonds issued to finance the project.
Analysis
It is assumed that approximately 50% of the special assessments will be paid upon receipt
of the bills and that will produce approximately $550,000 which will be deposited in the
debt service fund for the bonds. The balance of the assessments, payable over ten years, will
produce an annual deposit of approximately $85,000 annually into the fund.
Conclusion
The City Commission should adopt this Resolution accepting the improvements, specifying
notice to the property owners and directing the use of the funds collected.
� 1! G
AGENDA
ITEM
7-
DATE
U 1 1.1i 11V t&L
lr
RESOLUTION NO. 92-20566
Accepting the improvements on Ocean Drive
from Fifth through Fifteenth Streets,
providing notice of the assessments
against properties specially benefitted
and specifying the disposition of the
funds derived from the assessments.