GOB DRAWDOWN

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

Miami-Dade County is authorizing the issuance of up to $350,000,000.00 in General Obligation Bonds (Building Better Communities Program) to fund capital projects. These bonds will initially be issued as Drawdown Bonds, with a maximum of $200,000,000.00 outstanding in Drawdown Mode at any one time. The Drawdown Bonds can be converted to Fixed Rate Bonds or, with a supplemental resolution, to Alternate Floating Rate Bonds. Wells Fargo Municipal Capital Strategies, LLC is selected as the purchaser of these Drawdown Bonds. The funds will be used for various community projects previously authorized under separate resolutions for water/sewer, parks, public infrastructure, public safety, emergency/healthcare, public service outreach, housing, and cultural/library facilities. The decision to proceed with a negotiated sale to Wells Fargo is based on recommendations that it results in lower costs and less risk compared to other programs. The County Mayor is authorized to finalize terms, execute agreements, and oversee the issuance and conversion processes.