TRANSIT DRAWDOWN ORDINANCE

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

Miami-Dade County Board of County Commissioners 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 (PTP) as detailed in Exhibit A. The ordinance was adopted on first reading 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, specifically the one-half of one percent (0.5 percent) discretionary sales surtax. The drawdown program is intended to provide a more efficient funding solution for the Multi-Year Capital Plan (MYCP) by allowing funds to be borrowed as needed, reducing costs and optimizing resource use. The ordinance also authorizes the undertaking to finance projects within the People's Transportation Plan.