TRANSIT DRAWDOWN RESOLUTION

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

The document is a Board of County Commissioners agenda item recommending adoption of a Series 2026 Resolution authorizing issuance of up to $350,000,000 of Miami-Dade County 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 includes selecting Wells Fargo Municipal Capital Strategies, LLC as purchaser, funding issuance costs and reserve requirements, and waiving Resolution No. R-130-06. The item may only be considered if the Citizens' Independent Transportation Trust forwards a recommendation before the Board date or 45 days have elapsed since filing; CITT is expected to have a resolution on its June 24, 2026 agenda. The bonds are repaid from the 0.5 percent discretionary sales surtax. Initial minimum draw is $10,000,000, subsequent draws minimum $1,000,000. Interest is variable rate plus 0.59 percent spread, unutilized fee is 0.25 percent. Five financial institutions responded to the RFP; Wells Fargo provided the most favorable proposal. No specific project address, parcel, acreage, or zoning change is stated.