97-22302 RESORESOLUTION NO. 97-22302
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA REQUIRING
THAT WHENEVER A PROJECT IS TO BE FUNDED BY THE
CITY PURSUANT TO BORROWED FUNDS, ALL COSTS
ASSOCIATED WITH ANY LOANS, INCLUDING THE
AMOUNT OF INTEREST TO BE PAID, SHALL BE
PRESENTED TO THE MAYOR AND CITY COMMISSION
PRIOR TO THE CONSIDERATION AND APPROVAL OF
SUCH PROJECT.
WHEREAS, it is in the best interest of the City of Miami Beach for the Mayor and Ci y
Commission to be fully apprised of all costs of projects to be funded by the City prior to ~u~ h
projects receiving review and consideration by the Mayor and City Commission; and
WHEREAS, in some instances where a project is funded by the City pursuant to a loan, tl e
calculation of interest on such loan may involve significant amounts and a significant percentage, ,f
the total cost of such project; and
WHEREAS, when projects are presented for consideration, it would assist the Mayor ar d
City Commission, and enable them to be fully apprised of all relevant matters in making a
determination thereon, if all costs of funding, including the amount of interest to be paid on ar y
amount borrowed by the City, are made part of such presentation.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CilT'~(
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that whenever any project s
to be funded by the City pursuant to borrowed funds, all costs associated with any loans, inclu :lit g
the amount of interest to be paid, shall be presented to the Mayor and City Commission prior o
consideration and approval of such project.
PASSED and ADOPTED this 19th day,of
ATTEST:
CITY CLERK
DJT\kw
f:Xatto\turnkresos\intdiscl.res
February , 1997.
~_ hlq~C~,~ll} AS TO
0 E',I(E,?,UTION
MURRAY H. DUBBIN
City Attorney
OFFICE OF THE CITY ATTORNEY
F L O R I D A
Telephone:
Telecopy:
(.:t0::;;) 673-7470
(.:t0:: ;) 673-7002
COXUMISSION X.E ORANDUX" NO. I X ' Cf
DATE: FEBRUARY 19, 1997
TO:
FROM:
SUBJECT:
MAYOR SEYMOUR GELBER
MEMBERS OF THE CITY COMMISSION
JOSE GARCIA-PEDROSA ~D~
QUIRIN ISCLOSURE OF COSTS OF LOANS F O3i {,
CITY FUNDED PROJECTS
Pursuant to the request of Commissioner Martin Shapiro, the Legal Department has prep ~re :1
the attached Resolution requiring that whenever a project is to be fimded by the City with borro we J
funds, all costs associated with any loans, including the mount of interest to be paid, shall 1: e
presented to the Mayor and City Commission prior to the consideration and approval of such pro. iec :.
DJT~kw
f:\atto\tum\resos\intdiscl.mem
Agenda Item ~ ~__
1700 Convention Center Drive -- Fourth Floor - Miami Beach, Florida 33139