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 in Seaport Revenue and Revenue Refunding Bonds. The bonds will fund certain additional improvements and capital expenditures for the Seaport Properties and refund all or a portion of outstanding Commercial Paper (CP) Notes. The resolution was adopted by the Board of County Commissioners on July 21, 2026. The estimated costs of issuance are $5,580,600.42, and the estimated final maturity of the bonds is October 1, 2056. The document does not specify a particular project site, address, or parcel. It authorizes the County Mayor to finalize details of the bonds and their negotiated sale. A public hearing was held, and a reasonable opportunity to be heard was afforded to all persons present, but the document does not state any specific public comments or stakeholder sentiment. The document is a staff recommendation for 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 of County Commissioners 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 bonds are payable solely from the net revenues of the Seaport Department. The transaction scope is countywide. The bonds are anticipated to price in August 2026 and close in September 2026. The estimated cost of issuance is $5.58 million. The recommendation is to approve the Resolution, including a waiver of Resolution No. R-130-06. The document does not specify a particular project site, address, parcel, acreage, or zoning change.