SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

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 pay for certain Capital Improvement Plan (CIP) budgeted projects and refund all outstanding Seaport Commercial Paper Notes (CP Notes). The scope is countywide. The recommendation is to approve the Resolution, which also includes a waiver of Resolution No. R-130-06. The bonds are anticipated to price in August 2026 and close in September 2026. The Seaport Department has credit ratings of 'A3' (stable) from Moody's and 'A' (stable) from Fitch. The estimated cost of issuance is $5.58 million. The principal and interest are payable solely from net revenues of the Seaport Department. The issuance will extend the maturity of the original debt and result in net present value savings below the required threshold, but achieves the compelling public policy objective of providing additional financial flexibility. No specific street address, parcel, acreage, or zoning change is stated. No public comment or stakeholder sentiment is stated.