TRANSIT DRAWDOWN RESOLUTION

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

[case 261079 (Resolution R-621-26)] This document is a legislative resolution (File Number 261079, Resolution R-621-26) adopted by the Miami-Dade County Board of County Commissioners on 7/21/2026. It authorizes 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. The bonds will be issued through a drawdown program with Wells Fargo Municipal Capital Strategies, LLC as the purchaser, with a maximum of $200,000,000 outstanding at any one time. The resolution approves the negotiated sale, authorizes the County Mayor to finalize terms, and waives provisions of Resolution No. R-130-06. It does not list specific project sites, addresses, or construction scopes. Public comment sentiment is not stated in the document. The document is a Board of County Commissioners item authorizing the 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 recommendation is to adopt the Series 2026 Resolution, select Wells Fargo Municipal Capital Strategies, LLC as purchaser, fund issuance costs and reserve requirements, and waive Resolution No. R-130-06. The item is placed for Board consideration pursuant to Miami-Dade County Code Section 29-124(f), with CITT expected to forward a recommendation at its June 24, 2026 meeting. The bonds are repaid from a 0.5 percent discretionary sales surtax. The initial minimum draw is $10,000,000, and subsequent draws are a minimum of $1,000,000. Wells Fargo provided the most favorable proposal with a spread of 0.59 percent and a fee for unutilized amounts of 0.25 percent. The document does not specify a particular project site, address, parcel, acreage, or zoning change.