SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220 (Resolution R-596-26)] The document is a legislative item file for a Miami-Dade County resolution authorizing the issuance of up to $700,000,000.00 in Seaport Revenue and Revenue Refunding Bonds. The resolution was introduced on 7/2/2026 and adopted by the Board of County Commissioners on 7/21/2026. The bonds are for paying costs of certain additional improvements and capital expenditures at the Seaport Properties and refunding all or a portion of outstanding CP Notes. 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 project site, address, or parcel, but references the Seaport Properties and the Series 2026 Project as described in Exhibit A. The resolution includes a public hearing held on 7/21/2026 as required by Section 147(f) of the Internal Revenue Code. No specific public comments or stakeholder sentiment are stated in the document. 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 fund 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 bonds are payable solely from net revenues of the Seaport Department. The transaction scope is countywide. The bonds are anticipated to price in August 2026 and close in September 2026. Estimated cost of issuance is $5.58 million. The recommendation is to approve the resolution, which also includes a waiver of Resolution No. R-130-06. No specific project site, address, parcel, acreage, or zoning change is stated.