TRANSIT DRAWDOWN ORDINANCE

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

Miami-Dade County is authorizing the issuance of up to $350,000,000.00 in Transit System Sales Surtax Revenue Bonds. These bonds will be issued as drawdown bonds under a drawdown bond program to fund certain transportation and transit projects within the People's Transportation Plan, as detailed in Exhibit A. The ordinance was adopted on first reading by the Board of County Commissioners on June 16, 2026, and a public hearing is scheduled for July 21, 2026. The bonds are special, limited obligations payable solely from pledged revenues derived from the one-half of one percent (0.5 percent) discretionary sales surtax. No other county revenues are pledged. The drawdown program is intended to provide a more efficient funding solution for the Multi-Year Capital Plan by allowing the County to borrow funds as needed, reducing costs and optimizing resource use. Details, terms, and other matters related to the bonds and the drawdown program will be determined in subsequent resolutions.