SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

Resolution authorizing issuance of Miami-Dade County Seaport Revenue and Revenue Refunding Bonds, Series 2026, in aggregate principal amount not to exceed $700,000,000, to pay costs of Capital Improvement Plan budgeted projects and refund all outstanding Seaport Commercial Paper Notes. Staff recommends approval. Bonds anticipated to price in August 2026 and close in September 2026. Estimated cost of issuance is $5.58 million. Seaport Department credit ratings are 'A3' (stable) from Moody's and 'A' (stable) from Fitch. Scope is countywide. Fiscal impact: principal and interest payable solely from net revenues of Seaport Department. Refunding will result in net present value savings below 5% threshold and extend maturity, but achieves compelling public policy objective of additional financial flexibility. Waiver of Resolution No. R-130-06 requested. Delegates authority to Mayor or designee to appoint underwriter, finalize terms, determine dates and maturities, select registrar and paying agent. David Clodfelter, CFO of PortMiami, will manage budgeting and funding of debt service. Arlesa Wood, OMB, will manage issuance and disclosure. Background: Ordinance 21-74 authorized up to $250,000,000; Ordinance 23-19 authorized up to $905,000,000 for Royal Caribbean headquarters; Ordinance 23-53 authorized up to $500,000,000 refunding bonds. No public comment stated.