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97-22560 RESO RESOLUTION NO. 97-22560 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING AND AUTHORIZING THE FUNDING SOURCE FOR THE CITY OF MIAMI BEACH CULTURAL ARTS COUNCIL; SAID FUNDING TO BE DERIVED FROM THE APPROPRIATION OF THE INVESTMENT INCOME EARNED FROM A $10 MILLION PORTION OF THE FUNDS RECEIVED FROM METRO- DADE COUNTY IN RELATION TO THE INTERLOCAL AGREEMENT BETWEEN THE CITY AND THE COUNTY REGARDING THE CONVENTION DEVELOPMENT TAX; SAID FUNDS TO BE MAINT AINED BY THE CITY'S FINANCE DIRECTOR IN A SEPARATE ACCOUNT; AND DIRECTING THAT A RESOLUTION, SPECIFICALLY DELINEATING THE COUNCIL'S PROPOSED INVESTMENT POLICY AND PARTICULARLY DELINEATING THE SPLIT BETWEEN EXPENDITURES AND ENDOWMENTS, BE BROUGHT FOR CONSIDERATION BY THE MAYOR AND CITY COMMISSION AT A FUTURE DATE. WHEREAS, on March 5, 1997, the Mayor and City Commission adopted Ordinance No. 97-3075, creating and establishing the Miami Beach Cultural Arts Council (Council); and WHEREAS, concurrent with the passage of the Ordinance and creation of the Council, the Mayor and City Commission discussed proposed funding sources for the Council; and WHEREAS, conceptual approval was given as to anticipated funding for the Council to be derived, in part, from the dedication of the investment income from a $10 million portion of the funds received from Metro-Dade County pursuant to the Interlocal Agreement between the City and the County concerning the Convention Development Tax; and WHEREAS, in addition to this proposed funding source, and pursuant to the terms of the Ordinance establishing the Council, the Council is further required to actively seek other revenue sources, which shall include private sector contributions and public funds; and WHEREAS, pursuant to the Ordinance, Council funds shall be maintained and invested in accordance with procedures established and approved by the Mayor and City Commission and, to that end, the Finance Subcommittee of the Council is currently working with the City's Finance Director toward formulating a proposed investment policy for the Council which, among other items, will delineate the split between expenditures and endowments, and will be brought before the Mayor and City Commission for their consideration at a future date; and WHEREAS, the Administration would recommend that the Mayor and City Commission herein approve the proposed funding for the Council as well as direct the City's Finance Director to place said monies in a separate fund, to be used for the stated purposes of the Council. NOW THEREFORE BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission herein approve and authorize the funding source for the City of Miami Beach Cultural Arts Council; said funding to be derived from the appropriation of the investment income earned from a $10 million portion of the funds received from Metro-Dade County in relation to the Interlocal Agreement between the City and the County regarding the Convention Development Tax; said funds to be maintained by the City's Finance Director in a separate account; and directing that a resolution, specifically delineating the Council's proposed investment policy and particularly delineating the split between expenditures and endowments, be brought for consideration by the Mayor and City Commission at a future date. PASSED and ADOPTED this 21st day of APPROVED AS TO FORM & LANGUAGE & FOR EXeCUTION ATTEST: -J26'k ~ f eM Jv.- CITY CLERK F,ISCMB\TEMPlCUL T ART$FND /frtdy~' (~-4 2 CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139 CITY OF MIAMI BEACH OFFICE OF THE CITY MANAGER COMMISSION MEMORANDUM NO. ~ BS-gl TELEPHONE: (305) 673-7010 FAX; (305) 673-7782 TO: Mayor Seymour Gelber and Members of the City Commission DATE: October 21, 1997 FROM: Jose Garcia-Pedrosa City Manager SUBJECT: Resolution Approvi and Authorizing the Funding Source for the City of Miami Beach Cultural Arts Council; Said Funding to be Derived from the Appropriation of the Investment Income Earned from a $10 Million Portion of the Funds Received from Metro-Dade County in Relation to the Interlocal Agreement Between the City and the County Regarding the Convention Development Tax; Said Funds to be Maintained by the City's Finance Director in a Separate Account; and Directing that a Resolution, Specifically Delineating the Council's Proposed Investment Policy and Particularly Delineating the Split Between Expenditures and Endowments, be Brought for Consideration by the Mayor and City Commission at a Future Date. ADMINISTRATION RECOMMENDATION It is recommended that the Mayor and City Commission approve the Resolution. BACKGROUND On March 5, 1997, the Mayor and City Commission adopted, on second and final reading, Ordinance No. 97-3075, creating and establishing the Miami Beach Cultural Arts Council (Council). The Council has the mission of developing, coordinating, and promoting the performing and visual arts in the City for the enjoyment, education, cultural enrichment and benefit of the residents and visitors to the City. Concurrent with the creation of the Council, the Mayor and City Commission discussed and considered potential funding sources for the Council, for the purpose of funding capital projects and/or operating endowments for qualified cultural arts and entertainment organizations in the City. The Administration recommended that an appropriate funding source for the Council would be a dedication of the investment income from a $10 million portion of the funds received from Metro-Dade County in relation to the Interlocal Agreement between the City and the County concerning the Convention Development Tax, Agenda Item C-l ~ Date lO -? \ - '1.1 , .. wherein the County, among other things, transferred to the City the amount of $35 million for improvements to the Miami Beach Convention Center Complex (defined by the Agreement as the Miami Beach Convention Center and Jackie Gleason Theater of the Performing Arts) and related projects and uses. It should also be noted that, pursuant to the Ordinance establishing the Council, in addition to the funding source proposed herein, the Council must also actively seek other revenue sources, which shall include private-sector contributions and public grants. The Administration would request that the Mayor and City Commission herein ratify its prior conceptual approval of the City funding source for the Council, to be funded from the investment income from the aforestated $10 million. Additionally, the Council has established a Finance Subcommittee which is currently working with the City's Finance Director as to a proposed investment policy for future Council earnings. This directive also follows the provisions of the Ordinance creating the Council, which states that funds for the Council must be maintained and invested in accordance with procedures established and approved by the Mayor and City Commission. It is therefore anticipated that a resolution delineating the Council's proposed investment policy shall be presented to the Mayor and City Commission for consideration in the near future. CONCLUSION It is recommended that the Mayor and City Commission approve the attached Resolution authorizing the appropriation of the investment income earned from a $10 million portion of the funds received from the County in relation to the Interlocal Agreement regarding the Convention Development Tax; said funds to be maintained by the City's Finance Department in a separate account; and directing that a resolution, specifically delineating the Council's proposed investment policy, and particularly delineating the split between expenditures and endowments, be brought to the Mayor and City Commission for their consideration at a future date.