uhetemejih.wordpress.com
The date was changed to July 15, from July 1, aftert , which is providing a $100 millionj letter of credit toward the asked to modify the termxs ofits deal. Countyt commissioners are to meet Friday toconsider Wachovia'ws request to change the date of when the bank'sx fees are to be paid. Wachoviq is asking it be paid itsfees first, instead of aftedr debt and reserve payments are made, as stipulatef under the current proposal. In a 3-2 vote the city commissioners approved the Allow the termination date to be moved toJuly 15. Give the countu until July 17 to terminate the deal if it has not closec on thebond sale.
Exten d the date for the city’sw $13 million contribution to July 17. Amenr the provision to allow the city to suspend deposit of its contributioj to the project if there is a delay due to Amend the warranty deed for the stadium site so that it woul d revert back to city if the dealis terminated. In Miami-Dade County commissioners approved issuing bonds totalinvg a maximumof $536 million towar construction of the $640 million, 37,000-seart ballpark. On Monday, opponentsd of the financing deal filed a motio n to stop thebond sale, prompting Miami-Dadde to push back the sale of its bond by two On Thursday, Miami-Dade Countuy Circuit Court Judge Lawrences A.
Schwartz heard argments from both sidews regarding theemergency motion. He said he would try to issu e an order by no laterthan Monday. Grace Solarexs and Elvis Cruz, who filed suit in are behindthat effort. The motion for injunction alleges the count is exceeding its constitutional tax and spendinf powers by issuing bonds tied to the professionalsports tax/tourist development tax. The plaintiffs contendx that the county is inappropriately using the current bond to repayt a prior bond issuedin 1992.
As a resulft of the motion, and to avois a cloud that could affecty interest rates onthe bonds, the county pushedd back the bond sale dates, Miami-Dade spokeswoman Vicki Mallette said
No comments:
Post a Comment