RESOLUTION 88-19350 R-7. PESOLPTIONS
A. COMMISSION MEMORANDUM NO. 414-88
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, AUTHORIZING THE TRANSFER OF
SURPLUS FUNDS FROM THE ARTHUX GODFREY ROAD CAPITAL PROJECTS FUND TO THE DEBT SERVICES FUND
FOR THE PURPOSE OF EXTINGUISHING ASSOCIATED DEBT.
ADMINISTRATION RECOMMENDATION: THAT THE CITY COMMISSION ADOPT THE RESOLUTION.
(FINANCE DEPARTMENT)
0 (DEFERRED FROM 7/27/88)
ACTION: Proposed resolution amended to reserve $50,000 for additional items in the 41st
Street project, including light fixture rebulbing, landscaping refreshing, new flags, and
contingency.
Resolution No. 88-19350 adopted as amended, to transfer $1,513,376* surplus funds from
Arthur Godfrey Road/41st Street Revitalization Project General Obligation/Special Assessment
Bond proceeds to Debt Service Fund to extinguish the bonded debt. *$50,000 of $1,563,376
remaining funds reserved as indicated above.
Also see related item R-6B.
ACTION SUMMARY (R-6B - R-7A) SEPTEMBER 7, 1988 -15-
RESOLUTION NO. 88-19350
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, AUTHORIZING THE
TRANSFER OF SURPLUS FUNDS FROM THE ARTHUR
GODFREY ROAD CAPITAL PROJECTS FUND TO
THE DEBT SERVICES FUND FOR THE PURPOSE OF
EXTINGUISHING ASSOCIATED DEBT.
WHEREAS, the City Commission of the City of Miami Beach,
Florida, did on the 7th day of February, 1979, adopt Resolution
No. 79-15829 authorizing the issuance of negotiable coupon bonds
in the sum of $2 , 500, 000 for the purpose of improvements to
Arthur Godfrey Road/41st Street; and
WHEREAS, said bonds were issued in 1983 and the intent of
the bond issue has been satisfied; and
WHEREAS, said project is now complete;
NOW, THEREFORE IT BE RESOLVED BY THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH: that the surplus funds from the Arthur
Godfrey Road Capital Projects Fund be transferred to the Debt
Services Fund for the purpose of extinguishing
associated debt.
PASSED and ADOPTED this 7th day of September , 1988 .
Ad(//1 /f if
OPr MA OR
Attest:
City Clerk
FORM APPROVED
TDL/mml LEGAL DEPT.
7/19/88
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OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 673-7010
COMMISSION MEMORANDUM NO. '
LISY
DATE: July 27 , 1988
TO: Mayor Alex Dao- • and
Members of e City Corn ' iss'•
��
FROM: Rob W. Par ' s /
City Manager AW
SUBJECT: TRANSFER OF EXCESS FUNDS IN THE ARTHUR GODFREY ROAD PROJECT TO
DEBT SERVICE
In 1979 City Commission adopted a Resolution authorizing the
issuance of $2,5(70,000 in General Obligation/Special Assessment
Bonds for the Revitalization of Arthur Godfrey Road. The bonds
were issued and the project is now complete. The funds remaining
in the project account with the accrued interest thereon total
$1,563,376. Bond Council ha(i ned that these funds may only be
used on 41st Street or to pay e t service costs of the debt.
Accordingly, the attached Resolution authorizes the transfer of
the remaining project funds to the Debt Service Fund to be used
to extinguish the bonded_debt.
ADMINISTRATION RECOMMENDATION
The Administration recommends that the City Commission approve the
Resolution authorizing the transfer of these funds.
RWP:RJN:sw
Attachment
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DATE 1 1
AGENDA
ITEM R-1- A ___
DATE 'l^
ORIGINAL
RESOLUTION NO. 88-19350
Authorizing the transfer of surplus funds
from the Arthur Godfrey Road Capital
Projects Fund to the debt services fund
for the purpose of extinguishing associated
debt.