SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220] This is a legislative item (File Number 261220) for a Miami-Dade County resolution authorizing the issuance of up to $700,000,000.00 in Seaport Revenue and Revenue Refunding Bonds. The resolution was introduced on 7/2/2026, adopted on 7/21/2026, and the final action was also on 7/21/2026. The bonds are for paying costs of certain additional improvements and capital expenditures at the Seaport Properties and refunding all or a portion of outstanding CP Notes. The estimated costs of issuance are $5,580,600.42, and the estimated final maturity of the bonds is October 1, 2056. The resolution approves a plan of financing and issuance of bonds after a public hearing. The document does not specify a particular project site, address, or parcel, nor does it describe specific construction work. It authorizes the County Mayor to finalize details of the bonds and their negotiated sale. The document does not state any public comment or stakeholder sentiment beyond noting that a public hearing was held and a reasonable opportunity to be heard was afforded to all persons present. 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 is countywide in scope. The principal and interest 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. The document does not state a specific project site, address, parcel, acreage, or zoning change.