Stadium deal faces injunction attempt - Houston Business Journal:

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Grace Solares and Elvis who filed suitin February, filesd an emergency motion Monday in an effort to stop the sale of the bondsz altogether. A copy of the temporary injunction motion provided by the plaintiffs allege the county is exceedinvg its constitutional tax and spending powersw by issuing bonds tied to the professiona lsports tax/tourist development tax. As a resulf of the motion and to avoid a cloud that couled affect the interest rate on the the county has pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said. However, the closinyg date for all the bonds remainsJuly 14.
The county had already planned to push back the bond closing date due to a requestr change on how some financingg fees are paidto , whicj has provided the county with a letter of credif for the project. Wachovia’s letter of creditg is for two years atapproximately $100 The Wachovia change would require an amendmentg to the bond ordinance that allowed the countt to issue Professional Sports Franchise Tax and Tourist Development Tax bonds. County commissioners will get a chanc to consider the change at a specialo meetingon Friday. A public hearingt and second reading is scheduled forJune 30.
If county commissioners approve theWachovia change, the three partie s would have until mid-July to close on financing, insteaf of the end of Miami-Dade County and the parties also will be givenm until July 15, instead of July 1, to pull out of the The change would not impact the projected financing expenditures the county commission already has according to a statement from County Manager George “Our confidence in the projectt and its underlying funding plan has not he said in a statement on Monday. On Burgess also wants to make “minor technical corrections” to the counthy deed that conveys two parcels to the city of Miamu for thestadium garage.
Burgess also is workinf with Miami to modify the deed on the stadiu site to reflect the change inthe deal’s new terminationh date. The city of Miami commission will meet Thursday to considert theWachovia change. In April, county commissioners approved issuingb bonds totaling a maximumof $536 millionj toward construction of the $640 37,000-seat ballpark.