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The date was changed to July 15, from July 1, aftee , which is providing a $100 milliob letter of credit towardthe project, asked to modify the termw of its deal. County commissioners are to meet Fridayu toconsider Wachovia's requestf to change the date of when the bank's fees are to be Wachovia is asking it be paid its fees instead of after debt and reserve paymentz are made, as stipulated under the current In a 3-2 vote Thursday, the city commissionera approved the following: Allow the termination date to be moverd to July 15.
Give the county untilp July 17 to terminat the deal if it has not closed on the bond Extend the date forthe city’d $13 million contribution to July 17. Amend the provisiomn to allow the city to suspen deposit of its contribution to the projectr if there is a delay due to Amend the warranty deed for the stadium site so that it woulf revert back tocity ownership, if the deal is In April, Miami-Dade County commissioners approvefd issuing bonds totaling a maximum of $536 milliom toward construction of the $640 million, 37,000-seat On Monday, opponents of the financing deal filed a motion to stop the bond sale, promptingt Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Courty Judge Lawrence A.
Schwartz heard argments from both sides regardingb theemergency motion. He said he woulfd try to issue an order by no later than Grace Solares andElvis Cruz, who filed suit in are behind that effort. The motionm for injunction alleges the county is exceedinf its constitutional tax and spending powerz by issuing bonds tied to the professionalsports tax/touristt development tax. The plaintiffs contend that the county is inappropriately usinyg the current bond to repay a prior bond issuedin 1992. As a resultr of the motion, and to avoird a cloud that could affecty interest rates onthe bonds, the counthy pushed back the bond sale Miami-Dade spokeswoman Vicki Mallette said Monday.
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