TRANSIT DRAWDOWN RESOLUTION

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

[case 261079] This is a legislative matter, specifically a resolution (File Number 261079, Reference R-621-26) adopted by the Miami-Dade County Commission on 7/21/2026. It authorizes the issuance of Transit System Sales Surtax Revenue Bonds in a principal amount not to exceed $350,000,000.00 for transportation and transit projects for the Department of Transportation and Public Works. The bonds are to be issued under a drawdown bond program with Wells Fargo Municipal Capital Strategies, LLC as the lender/bond purchaser. The resolution was introduced on 6/10/2026 and adopted on 7/21/2026. No specific project addresses, acreage, or parcel numbers are stated in the document. The document does not contain public comment or stakeholder sentiment. 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, with no more than $200,000,000 outstanding at any one time, as drawdown bonds under a drawdown bond program. The proceeds will fund budgeted projects in the Miami-Dade Department of Transportation and Public Works' Multi-Year Capital Plan under the People's Transportation Plan. The resolution authorizes selection of Wells Fargo Municipal Capital Strategies, LLC as purchaser, funding issuance costs and reserve requirements, and waiver of Resolution No. R-130-06. The item is placed for Board consideration pursuant to Miami-Dade County Code Section 29-124(f), and may only be considered if the Citizens' Independent Transportation Trust forwards a recommendation prior to the Board date or 45 days have elapsed since filing. It is expected CITT will have a resolution on its June 24, 2026 agenda. The resolution delegates authority to the Mayor or designee to sell the bonds, determine details, select agents, and convert to fixed rate bonds. The source of repayment is the 0.5 percent discretionary sales surtax. During the drawdown period, interest is at a variable rate plus a spread; the proposed spread is 0.59 percent and the fee for unutilized amounts is 0.25 percent. The initial minimum draw is $10,000,000 and subsequent draws are $1,000,000. On April 22, 2026, PFM Financial Advisors LLC released a competitive solicitation; five financial institutions responded, and Wells Fargo provided the most favorable proposal. The document does not state a specific project address, parcel, acreage, number of units, square footage, or zoning change. No public comment or stakeholder sentiment is stated.