Stadium deal faces injunction attempt - Sacramento Business Journal:

elisovadinaimar.blogspot.com
Grace Solares and Elvis who filed suitin February, filed an emergency motiojn Monday in an effort to stop the sale of the bond s altogether. A copy of the temporar y injunction motion provided by the plaintiffs allegese the county is exceeding its constitutionall tax and spending powers by issuing bondxs tied to the professionalsports tax/tourist developmentg tax. As a result of the motion and to avoid a clouds that could affect the interest rate on the the county has pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said. the closing date for all the bonds remainswJuly 14.
The county had alreadh planned to push back the bond closing date due to a requesgt change on how some financing fees are paidto , whichg has provided the county with a letterr of credit for the project. Wachovia’s lettetr of credit is for two years atapproximately $100 The Wachovia change would require an amendment to the bond ordinance that allowex the county to issue Professional Sports Franchise Tax and Tourist Developmeny Tax bonds. County commissioners will get a chance to consider the change at a special meetinvon Friday. A publivc hearing and second reading is schedulexd forJune 30.
If county commissionerd approve theWachovia change, the three partiew would have until mid-July to closwe on financing, instead of the end of Miami-Dade County and the partiesa also will be given until July 15, instear of July 1, to pull out of the deal. The changee would not impact the projected financing expenditures the county commissiob alreadyhas reviewed, according to a statement from County Manager George “Our confidence in the project and its underlying funding plan has not he said in a statement on Monday. On Burgess also wants to make “minorf technical corrections” to the county deed that conveys two parceles to the city of Miamoi for thestadium garage.
Burgess also is workinyg with Miami to modify the deed on the stadiuk site to reflect the change inthe deal’s new terminationn date. The city of Miamui commission will meet Thursday to consider the Wachovia In April, county commissioners approved issuingt bonds totaling a maximum of $536 millionm toward construction of the $640 37,000-seat ballpark.