SEAPORT REVENUE AND REVENUE REFUNDING BONDS

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

Resolution authorizing the issuance of Miami-Dade County Seaport Revenue and Revenue Refunding Bonds in an 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. The Seaport Department has reached the $200,000,000 authorized limit for outstanding commercial paper notes, necessitating refinancing with long-term, fixed-rate bonds. The resolution delegates authority to the Mayor or Mayor's designee to appoint an underwriter, finalize terms, determine dates and maturities, select a registrar and paying agent, and take all actions necessary to issue the bonds. The scope is countywide. The principal and interest are payable solely from net revenues of the Seaport Department. The issuance of Refunding Bonds 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. Estimated cost of issuance is $5.58 million. The bonds are anticipated to price in August 2026 and close in September 2026. The resolution also requests a waiver of Resolution No. R-130-06, which requires contracts with third parties to be executed and finalized prior to placement on an agenda for Board consideration. Background includes prior ordinances: Ordinance No. 21-74 authorizing up to $250,000,000 in Seaport Revenue Bonds; Ordinance No. 23-19 authorizing up to $905,000,000 in Seaport Revenue Bonds for PortMiami facilities for Royal Caribbean Cruises Ltd.; and Ordinance No. 23-53 authorizing up to $500,000,000 in Seaport Revenue Refunding Bonds. The Series 2026 Resolution authorizes issuance as the initial series of New Money Bonds under Ordinance No. 21-74, the second series under Ordinance No. 23-19, and the initial series of Refunding Bonds under Ordinance No. 23-53. The staff recommendation is to approve the resolution.