TRANSIT DRAWDOWN RESOLUTION

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

The document authorizes the issuance of up to $350,000,000 of Miami-Dade County, Florida Transit System Sales Surtax Revenue Bonds, with no more than $200,000,000 outstanding at any one time, as drawdown bonds under the Transit Drawdown Program. Proceeds will fund budgeted projects in the Miami-Dade Department of Transportation and Public Works' Multi-Year Capital Plan under the People's Transportation Plan. The recommendation is to adopt the Series 2026 Resolution, which authorizes the issuance, selects Wells Fargo Municipal Capital Strategies, LLC as purchaser, funds issuance costs and reserve requirements, and waives Resolution No. R-130-06. The item is placed for Board consideration pursuant to Miami-Dade County Code Section 29-124(f). The Citizens' Independent Transportation Trust is expected to have a resolution on its agenda for June 24, 2026. The bonds are repaid from a 0.5 percent discretionary sales surtax. The initial minimum draw is $10,000,000, with subsequent draws of at least $1,000,000. The proposed spread is 0.59 percent and the fee for unutilized amounts is 0.25 percent. Five financial institutions responded to the Request for Proposal, and Wells Fargo provided the most favorable proposal. The document does not state a specific project site, address, parcel, acreage, or zoning change.