SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

[case 261220] This document is a resolution authorizing the issuance of up to $700,000,000.00 in Miami-Dade County, Florida Seaport Revenue and Revenue Refunding Bonds. The bonds will fund certain additional improvements and capital expenditures at the Seaport Properties and refund all or a portion of outstanding CP Notes. The resolution was adopted on July 21, 2026. The document does not specify a particular project site, address, or parcel. The estimated costs of issuance are $5,580,600.42, and the estimated final maturity of the bonds is October 1, 2056. The estimated net present value savings from the refunding is 0.00 percent. The resolution approves a plan of financing and the negotiated sale of the bonds. A public hearing was held as required by Section 147(f) of the Internal Revenue Code. The document does not include any public comment or stakeholder sentiment. Resolution authorizes issuance of Miami-Dade County Seaport Revenue and Revenue Refunding Bonds, Series 2026, in aggregate principal amount not to exceed $700,000,000, to pay costs of Capital Improvement Plan (CIP) budgeted projects and refund all outstanding Seaport Commercial Paper Notes (CP Notes). Staff recommends Board approval. Bonds anticipated to price in August 2026 and close in September 2026. Scope is countywide. Principal and interest payable solely from net revenues of Seaport Department. Estimated cost of issuance is $5.58 million. Seaport Department credit ratings are 'A3' (stable) from Moody's and 'A' (stable) from Fitch. Waiver of Resolution No. R-130-06 requested. Delegates authority to Mayor or designee to appoint underwriter, finalize terms, determine dates and maturities, select registrar and paying agent, and take all actions necessary to issue bonds. Refunding will extend maturity of original debt and result in net present value savings below five percent threshold, but achieves compelling public policy objective of providing additional financial flexibility and better matching revenues with debt service payments. Background cites Ordinance No. 21-74 (July 20, 2021) authorizing up to $250,000,000 in Seaport Revenue Bonds; Ordinance No. 23-19 (April 4, 2023) authorizing up to $905,000,000 for PortMiami facilities for Royal Caribbean Cruises Ltd. headquarters; Ordinance No. 23-53 (July 18, 2023) authorizing up to $500,000,000 in Seaport Revenue Refunding Bonds. Commercial paper program requires refinancing once outstanding balances reach $200,000,000, which has been reached. No public comment or stakeholder sentiment stated.