TRANSIT DRAWDOWN RESOLUTION

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

[case 261079] This document is a legislative resolution authorizing the issuance of up to $350,000,000 in Transit System Sales Surtax Revenue Bonds for transportation and transit projects under the People's Transportation Plan. It establishes a drawdown bond program with Wells Fargo Municipal Capital Strategies, LLC as the purchaser. The resolution was adopted by the Board of County Commissioners on July 21, 2026. No specific project sites, addresses, or construction scopes are identified in the document text. The document is a Board of County Commissioners agenda item recommending adoption of a Series 2026 Resolution authorizing issuance of up to $350,000,000 of Miami-Dade County Transit System Sales Surtax Revenue Bonds as drawdown bonds, with no more than $200,000,000 outstanding at any one time, to fund budgeted projects in the Miami-Dade Department of Transportation and Public Works' Multi-Year Capital Plan under the People's Transportation Plan. The bonds will be sold via direct placement to Wells Fargo Municipal Capital Strategies, LLC, selected through a competitive solicitation. The resolution also requests a waiver of Resolution No. R-130-06. The document does not list specific project addresses, acreage, or zoning changes. The CITT is expected to forward a recommendation at its June 24, 2026 meeting. The proposed spread is 0.59 percent and the fee for unutilized amounts is 0.25 percent. Initial minimum draw is $10,000,000 and subsequent draws minimum $1,000,000. Repayment source is the 0.5 percent discretionary sales surtax. No public comment or stakeholder sentiment is stated.