SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220] This document is a resolution authorizing the issuance of up to $700,000,000.00 in Miami-Dade County, Florida Seaport Revenue and Revenue Refunding Bonds. The bonds are for financing certain additional improvements and capital expenditures at the Seaport Properties and refunding all or a portion of outstanding CP Notes. The resolution was adopted by the Board of County Commissioners on 7/21/2026. The estimated costs of issuance are $5,580,600.42 and the estimated final maturity of the bonds is October 1, 2056. The document does not specify a particular construction project, site address, or parcel. It authorizes the County Mayor to finalize terms and select agents. A public hearing was held as required by Section 147(f) of the Internal Revenue Code. The document does not state any specific public comments or stakeholder sentiment. The document is a staff recommendation for a Resolution authorizing the issuance of Miami-Dade County Seaport Revenue and Revenue Refunding Bonds, Series 2026, in an aggregate principal amount not to exceed $700,000,000. The bonds will pay for certain Capital Improvement Plan (CIP) budgeted projects previously approved by the Board of County Commissioners and refund all outstanding Seaport Commercial Paper Notes (CP Notes). The Seaport Department has reached the authorized limit of $200,000,000 in outstanding CP Notes, requiring refinancing with long-term, fixed-rate bonds. The scope of the transaction is countywide. The principal and interest on the bonds are payable solely from the net revenues of the Seaport Department. The estimated cost of issuance is $5.58 million. The bonds are anticipated to price in August 2026 and close in September 2026. The recommendation is to approve the Resolution, which also includes a waiver of Resolution No. R-130-06. The staff recommendation is to approve the Resolution. No public comment or stakeholder sentiment is stated in the document.