SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

The document is a legislative item recommending Board approval of a Resolution authorizing the issuance of Miami-Dade County Seaport Revenue and Revenue Refunding Bonds, Series 2026, in an aggregate principal amount not to exceed $700,000,000. The bonds will pay for certain Capital Improvement Plan (CIP) budgeted projects previously approved by the Board and refund all outstanding Seaport Commercial Paper Notes (CP Notes). The Seaport Department has reached the authorized limit of $200,000,000 in outstanding CP Notes, requiring refinancing with long-term, fixed-rate bonds. The scope of the transaction is countywide. The bonds are payable solely from net revenues of the Seaport Department. The issuance will result in net present value savings below the required threshold and will extend the maturity of the original debt, but will achieve the compelling public policy objective of providing additional financial flexibility and better matching revenues with debt service payments. The estimated cost of issuance is $5.58 million. The bonds are anticipated to price in August 2026 and close in September 2026. The document does not describe a specific construction project, site, or physical location.