BRADENTON, Fla.— In a
The judge’s ruling and some technical changes made to the underlying baseball agreement and bond documents on Friday clear the way for the county to sell about $340 million of bonds, including $90 milllion of refunding debt. The sale currently is expected to take place June 29-30. An additional $100 million variable-rate component is expected to price on July 13, with the entire transaction closing on July 14.
A late-minute legal maneuver delayed the sale last week of about $340 million of revenue bonds that were to be sold to provide the primary financing for construction of the 37,000-seat, retractable roof ballpark on public land that will be owned by the county and operated by the Marlins.
Local residents claimed in their suit that it was unconstitutional for the county to sell the $90 million in refunding bonds as part of the overall plan of finance. In addition to ruling that the plaintiffs did not have standing, Schwartz said they failed to include the Florida Marlins as an “indispensable party” to their suit.
“The procedure being utilized by [Miami-Dade County] for sale of the subject bonds is not unconstitutional therefore the Series 2009 refunding bonds may be issued,” Swartz concluded.
In a related matter on Friday, Miami-Dade County commissioners also approved technical changes to the baseball agreement and bond documents. One of the changes designates the source of funding for administrative costs related to a letter of credit from Wachovia Bank NA for variable-rate bonds that expected to price on July 13.
Miami city commissioners, who are also a party to the stadium contract, approved changes to the baseball agreement and bond documents last week as well.
