GOB DRAWDOWN

Board of County Commissioners · 2026-07-21 · resolution

[case 260977] Miami-Dade County Board of County Commissioners adopted Resolution R-594-26 (Legislative Item File Number 260977) on 7/21/2026, authorizing the issuance of General Obligation Bonds (Building Better Communities) in a principal amount not to exceed $350,000,000.00. The bonds will fund approved capital projects under the Building Better Communities Bond Program, with proceeds applied to Community Projects as detailed in Appendix A of the resolution. The bonds will be initially issued as Drawdown Bonds under a new Drawdown Bond Program with Wells Fargo Municipal Capital Strategies, LLC, with no more than $200,000,000 outstanding in drawdown mode at one time. The resolution authorizes negotiated sale to Wells Fargo, conversion to fixed rate or alternate floating rate bonds, and related actions. No specific project sites, addresses, acreage, or zoning changes are stated in the document. The document is a legislative item for the Miami-Dade County Board of County Commissioners regarding a Series 2026 Resolution to authorize the issuance of general obligation bonds for the Building Better Communities (BBC) program. The bonds will finance projects with countywide impact, with a minimum draw of $10,000,000. The bonds are payable from unlimited ad valorem taxes on all real and tangible property within the County. The interest cost in drawdown mode is based on a short-term index plus a spread of 0.35 percent, with a fee for unutilized amounts of 0.20 percent. The County may convert to fixed rate bonds with a long-term maturity up to thirty years. Wells Fargo was selected through a competitive solicitation as the direct placement purchaser. The document requests a waiver of Resolution No. R-130-06. The projects in Appendix A include those approved by citizens at a special election on November 2, 2004, or subsequently added. The Board enacted Ordinance No. 05-47 on March 1, 2005, and Resolution No. R-576-05 on May 17, 2005, authorizing general obligation bonds up to $2,925,750,000. Twelve series of bonds have been authorized in an aggregate principal amount of $2,372,285,000, of which $1,663,960,000 remains outstanding as of May 1, 2026. The document does not state a specific project address, parcel, size, zoning change, applicant, or decision.