SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220 (File Number); R-596-26 (Resolution Number)] Miami-Dade County Board of County Commissioners adopted Resolution R-596-26 (File Number 261220) on July 21, 2026, authorizing the issuance of up to $700,000,000.00 in Seaport Revenue and Revenue Refunding Bonds. The bonds will fund certain additional improvements and capital expenditures at the Seaport Properties (the Series 2026 Project) and refund all or a portion of outstanding Commercial Paper (CP) Notes. The estimated costs of issuance are $5,580,600.42, with an estimated final maturity of October 1, 2056. The resolution approves a plan of financing and negotiated sale of the bonds. A public hearing was held on July 21, 2026, as required by Section 147(f) of the Internal Revenue Code. The document does not specify a particular address, parcel, or acreage for the project, nor does it list specific construction trades or a business opportunity beyond the bond financing itself. The document is a staff recommendation for a Board 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 $200,000,000 authorized limit for outstanding CP Notes, requiring refinancing with long-term, fixed-rate bonds. The transaction scope is countywide. The bonds are payable solely from net revenues of the Seaport Department. The estimated cost of issuance is $5.58 million. The bonds are anticipated to price in August 2026 and close in September 2026. The recommendation is to approve the resolution, which also includes a waiver of Resolution No. R-130-06. No specific project site, address, parcel, acreage, or zoning change is stated.