SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220] Miami-Dade County Board of County Commissioners adopted Resolution R-596-26 (File Number 261220) on 7/21/2026, 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 and refunding all or a portion of CP Notes. Estimated costs of issuance are $5,580,600.42, with estimated final maturity of October 1, 2056. The resolution approves a plan of financing and negotiated sale. A public hearing was held. The resolution waives provisions of Resolution No. R-130-06. The document does not state a specific street address, parcel, acreage, or number of units. The applicant/developer/owner is not stated; the requester is the Office of Management and Budget. The document does not describe a specific construction project with a location or size beyond the bond authorization for seaport improvements and capital expenditures. Resolution authorizing the issuance of Miami-Dade County Seaport Revenue and Revenue Refunding Bonds in an amount not-to-exceed $700,000,000. The bonds will pay for certain Capital Improvement Plan (CIP) budgeted projects and refund all outstanding Seaport Commercial Paper Notes. The Seaport Department has reached the $200,000,000 authorized limit for outstanding commercial paper notes, necessitating refinancing with long-term, fixed-rate bonds. 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. The principal and interest are payable solely from net revenues of the Seaport Department. The Seaport Department maintains credit ratings of 'A3' from Moody's and 'A' from Fitch. The resolution delegates authority to the Mayor or designee to appoint an underwriter, finalize terms, and take necessary actions. David Clodfelter, Chief Financial Officer of PortMiami, will manage budgeting and funding of debt service payments. Arlesa Wood will manage issuance and continuing disclosure. Background includes prior ordinances: Ordinance No. 21-74 (up to $250,000,000), Ordinance No. 23-19 (up to $905,000,000 for Royal Caribbean Cruises Ltd. headquarters), and Ordinance No. 23-53 (up to $500,000,000 for refunding bonds). The Series 2026 Bonds will be the initial series under Ordinance No. 21-74, the second series under Ordinance No. 23-19, and the initial series under Ordinance No. 23-53. The refunding will result in net present value savings below the required threshold and extend the maturity of the original debt, but will achieve the compelling public policy objective of providing additional financial flexibility.