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CITT recommends $107 million transit surtax bond refunding to free capital for projects
Summary
The Citizens' Independent Transportation Trust voted to recommend Miami-Dade County issue up to $107 million in transit surtax refunding bonds, citing an estimated present-value savings of about $5.1 million and a plan to replace cash reserves with a surety instrument to free capital for projects.
The Citizens' Independent Transportation Trust voted Wednesday to recommend that the Miami-Dade County Board of County Commissioners authorize issuance of up to $107,000,000 in transit system sales surtax revenue refunding bonds.
The trust's action, taken after a staff presentation, endorses a refinancing intended to capture at least the county's 5% present-value savings threshold. "We expect currently is estimated to be at that 5% threshold ... 5.1 in present value savings currently," Melvin Cartagena, chief…
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