SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220 (File Number); R-596-26 (Resolution Reference)] Miami-Dade County Board of County Commissioners adopted Resolution R-596-26 (File Number 261220) on July 21, 2026, authorizing the issuance of not to exceed $700,000,000.00 aggregate principal amount of Miami-Dade County, Florida Seaport Revenue and Revenue Refunding Bonds. The bonds are for paying costs of certain additional improvements and capital expenditures (the Series 2026 Project) 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 resolution approves a plan of financing and issuance of bonds after a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986. The bonds will be sold by negotiation. The resolution authorizes the County Mayor or designee to finalize details, terms, and other provisions of the bonds and their negotiated sale, and to select a bond registrar, paying agent, and other agents. The resolution waives provisions of Resolution No. R-130-06, as amended. The document does not specify a street address, parcel or folio, acreage, number of units or lots, square footage, or a specific zoning or use change. The document does not state any public comment or stakeholder sentiment beyond noting that a public hearing was held and a reasonable opportunity to be heard was afforded to all persons present. The document is a staff recommendation for a Miami-Dade County Board of County Commissioners resolution authorizing the issuance of 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 and refund all outstanding Seaport Commercial Paper Notes (CP Notes). The Seaport Department has reached the $200,000,000 authorized limit for outstanding CP Notes, requiring refinancing with long-term, fixed-rate bonds. The transaction scope is countywide. The bonds are payable solely from 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, including a waiver of Resolution No. R-130-06. No specific project site, address, parcel, acreage, or zoning change is stated in the document.