TRANSIT DRAWDOWN ORDINANCE

Board of County Commissioners · 2026-06-16 · ordinance

Miami-Dade County is authorizing the issuance of up to $350,000,000 in Transit System Sales Surtax Revenue Bonds. These bonds will be issued as drawdown bonds under a drawdown bond program to fund transportation and transit projects within the People's Transportation Plan (PTP) as outlined in Exhibit A. The proceeds will pay for costs associated with these projects, which are part of the Miami-Dade Department of Transportation and Public Works' Multi-Year Capital Plan. The bonds will be repaid using the 0.5 percent discretionary sales surtax. The ordinance was adopted on first reading by the Board of County Commissioners on June 16, 2026, and a public hearing is scheduled for July 21, 2026. The proposed ordinance aims to provide a more efficient funding solution for the capital plan by allowing the county to borrow funds as needed, reducing costs and optimizing resource use.