TRANSIT DRAWDOWN RESOLUTION

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

[case 261079 (Resolution R-621-26)] Miami-Dade County adopted Resolution R-621-26 (Legislative Item File Number 261079) authorizing the issuance of Transit System Sales Surtax Revenue Bonds in a principal amount not to exceed $350,000,000.00 for transportation and transit projects under the People's Transportation Plan. The bonds will be issued through a Drawdown Bond Program with Wells Fargo Municipal Capital Strategies, LLC as the lender/bond purchaser, with no more than $200,000,000.00 outstanding in drawdown mode at any one time. The resolution was introduced on 6/10/2026 and adopted on 7/21/2026. The specific projects are described in Appendix A to the resolution, which is not included in the provided text. The document does not list specific project addresses, acreage, or zoning changes. 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 a Transit Drawdown Program. The 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 waives Resolution No. R-130-06. The item is placed for Board consideration pursuant to Miami-Dade County Code Section 29-124(f), and may only be considered if the Citizens' Independent Transportation Trust forwards a recommendation or 45 days have elapsed. The CITT is expected to have a resolution on its June 24, 2026 agenda. The bonds will be 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. The document does not specify a single project site, address, parcel, acreage, or zoning change; it covers countywide projects.