TRANSIT DRAWDOWN RESOLUTION

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

The document authorizes the issuance of up to $350,000,000 of Miami-Dade County, Florida 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 through a direct placement to Wells Fargo Municipal Capital Strategies, LLC, selected through a request for proposals. The repayment source is the 0.5 percent discretionary sales surtax. The document recommends Board adoption of the Series 2026 Resolution, which also waives Resolution No. R-130-06. The item is placed for Board consideration pursuant to Miami-Dade County Code Section 29-124(f), and it is expected that the Citizens' Independent Transportation Trust will have a resolution on its June 24, 2026 agenda. The initial minimum draw is $10,000,000, and each subsequent draw is a minimum of $1,000,000. The proposed applicable spread is 0.59 percent, and the fee for unutilized amounts is 0.25 percent. Five financial institutions responded to the request for proposals, and Wells Fargo provided the most favorable proposal. The document does not state a specific project site, address, parcel, acreage, or zoning change.