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Date:
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM
The Honorable Mayor & Members of the City Commission
Hector Mirabile, PhD, City Manager /
Alfredo Riverol, Chief Financial Officer
February 18, 2011
Agenda Item No.:
A Resolution of the Mayor and City Commission of the City of South
Miami, Florida, relating to budget; authorizing a transfer of $698.49 from
Subject: account No. 001 -1410- 513 -71 10, Debt Service- Principal, settlements to
account No. 001- 1410 -513 -7210, Debt Service- Interest; providing and
effective date.
It is requested that the budget for Debt Service - Interest be increased by
$698.49 from account No. 001 - 1410 - 513 -7110. It is essential to provide
Background: sufficient funds for Debt Service - Interest account as the interest was
understated and principal overstated, to pay for the financing of the multi -
space parking stations financed by SunTrust Bank approved by Resolution
No. 12 -1 I - 13326.
Transfer Amount: $698.49
Transfer From: Account number 001 - 1410 - 513 -71 10, Debt Service- Principal, with a
current balance of $88,516.25
Transfer To: Account number 00 1 - 1410-513-72 10 Debt Service - Interest, with a current
balance of $4,679.89.
Attachments: • Resolution No. 12-11-13326
IS 1iTlliltl[I7►KEla
2 A Resolution of the Mayor and City Commission of the City of
3 South Miami, Florida, relating to budget; authorizing a transfer of
4 $698.49 from account No. 001 - 1410 -513 -7110, Debt Service-
s Principal, settlements to account No. 001 - 1410 -513 -7210, Debt
6 Service- Interest; providing and effective date.
7 WHEREAS, it is requested that the budget for Debt Service - Interest be increased
8 by $698.49 from account No. 001 - 1410 - 513 -7110; and,
9 WHEREAS, it is essential to provide sufficient funds for Debt Service- Interest
10 account as the interest was understated and principal overstated, to pay for the financing
11 of the multi -space parking stations financed by SunTrust Bank approved by Resolution
12 No. 12-11-13326; and,
13 WHEREAS, the Mayor and City Commission desire to transfer sufficient funds
14 from account No. 001 - 1410 -513 -7110, Debt Service - Principal, with a current balance of
15 $88,516.25, Settlements to account No. 001- 1410 -513 -7210, Debt Service - Interest, with
16 a current balance of $4,679.89.
17 NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
18 COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
19 Section 1. The Mayor and City Commission approve the transfer of $698.49 from
20 account No. 001- 1410 -513 -7110, Debt Service- Principal, with a current balance of
21 $88,516.25, Settlements to account No. 001 - 1410 -513 -7210, Debt Service - Interest, with
22 a current balance of $4,679.89.
23 Section 2. This resolution shall take effect immediately upon adoption.
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1W..Y.Y MI ellr =11193 11019111M
ATTEST:
CITY CLERK
CITY ATTORNEY
day of , 2011
APPROVED:
1-010 434
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Beasley:
Commissioner Palmer:
Commissioner Harris:
RESOLUTION NO. 12 -11 -13326
A Resolution of the Mayor and City Commission of the City of South Miami,
Florida, authorizing the City Manager to finance up to thirty eight (38)
multi -space parking stations for an amount not to exceed $420,000 and
accepting the interest rate of 2.355% with no prepayment penalty through
SunTrust Bank, charging Debt Service - Principal Account No.
001.1410.513.7110 and Debt Service•Interest Account No.
001.1410.513.7210; and providing an effective date.
WHEREAS, the 2010 -2011, approved budget reflects the allocation of funds for the
purchase and financing of the multi- spaced parking stations; and
WHEREAS, in accordance with competitive bidding procedures, three (3) banks have
provided quotes, SunTrust Batik, First National Bank of South Miami and Government Capital
Corporation; and
WHEREAS, SunTrust Bank has provided the lowest rate and has agreed to finance the
multi -space parking stations at an interest rate of 2.355% with no prepayment penalty.
WHEREAS, resolution 237 -10 -13271 authorizing City Manager to finance the
multi -space parking stations with SunTrust Bank at an interest rate of 2.06 %. The
Treasury Reserve interest rates increased by 42 basis points, increasing the rate to 2.48 %.
After further negotiation, the City administration was able to obtain the final interest rate
of 2.355 %, which is locked until January 20, 2011.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
Section 1. That the City Manger is authorized to execute a contract with SunTrust
Bank for financing as described in this resolution.
Section 2. That the funding will be provided from Account No. 001.1410.513.71.10
Debt Service- Principal, with a current balance of $95,086 and Account No. 001.1410.513.7210
Debt Service - Interest, with a current balance of $5,500.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this4th day of January , 2011.
ATTEST: APPROVED-.J 1z&4j—
CITY CLERK MAYO
COMMISSION VOTE: 4 -0
READ AND APPROVED AS TO FORM
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