SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220 (Legislative Item File Number); R-596-26 (Resolution Reference)] Miami-Dade County Board of County Commissioners adopted Resolution R-596-26 (Legislative Item File Number 261220) on 7/21/2026, authorizing issuance of up to $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 at the Seaport Properties (the Series 2026 Project) and refunding all or a portion of outstanding CP Notes. Estimated costs of issuance are $5,580,600.42, estimated final maturity is October 1, 2056, and estimated net present value savings from refunding is 0.00 percent. The resolution approves a plan of financing and negotiated sale, and waives provisions of Resolution No. R-130-06. A public hearing was held on 7/21/2026 as required by Section 147(f) of the Internal Revenue Code. The resolution was introduced on 7/2/2026 by the Office of Management and Budget. The document does not state a specific street address, parcel/folio, acreage, number of units/lots, square footage, or a zoning/use change. The document does not state any public comment or stakeholder sentiment beyond noting a public hearing was held and a reasonable opportunity to be heard was afforded. Miami-Dade County Board of County Commissioners agenda item authorizing issuance of Seaport Revenue and Revenue Refunding Bonds, Series 2026, in an aggregate principal amount not to exceed $700,000,000. The bonds fund Capital Improvement Plan (CIP) budgeted projects previously approved by the Board and refund all outstanding Seaport Commercial Paper Notes (CP Notes), which have reached the $200,000,000 authorized limit requiring refinancing. The transaction is countywide in scope. Staff recommends approval. The bonds are anticipated to price in August 2026 and close in September 2026. Estimated cost of issuance is $5.58 million. The Seaport Department maintains credit ratings of 'A3' (stable) from Moody's and 'A' (stable) from Fitch. The resolution delegates authority to the Mayor or designee to appoint underwriter, finalize terms, and take necessary actions. A waiver of Resolution No. R-130-06 is requested. No public comment or stakeholder sentiment is stated in the document.