Stadium deal faces injunction attempt - Silicon Valley / San Jose Business Journal:

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Grace Solares and Elvis who filed suitin February, file d an emergency motion Monday in an effort to stop the sale of the bonds altogether. A copy of the temporary injunctioj motion provided by the plaintiffs alleges the counthy is exceeding its constitutional tax and spending powers by issuing bonds tied to the professionalsports tax/touris development tax. As a result of the motion and to avoic a cloud that could affect the interest rate onthe bonds, the countg has pushed back the bond sale dates, Miami-Dade spokeswomabn Vicki Mallette said. However, the closingg date for all the bonds remainsJuly 14.
The county had alreadyy planned to push back the bond closinfg date due to a request change on how some financinyg fees are paidto , which has provided the county with a lettee of credit for the project. Wachovia’s letter of credit is for two yeard atapproximately $100 million. The Wachoviaq change would require an amendment to the bond ordinances that allowed the county to issue Professional Sporte Franchise Tax and Tourist DevelopmentTax bonds. County commissioners will get a chancwe to consider the change at a special meetinhgon Friday. A public hearing and second reading is scheduledd forJune 30.
If county commissioners approve theWachoviaq change, the three partiew would have until mid-Julyh to close on instead of the end of Miami-Dade County and the parties also will be given until July 15, instead of July 1, to pull out of the The change would not impact the projectedc financing expenditures the county commissiojn already has reviewed, accordinfg to a statement from Countgy Manager George Burgess. “Our confidence in the projectr and its underlying funding plan hasnot changed,” he said in a statementr on Monday.
On Friday, Burgess also wants to make “minoe technical corrections” to the county deed that conveys two parcels to the city of Miami for thestadiun garage. Burgess also is workintg with Miami to modify the deed on the stadiukm site to reflect the change inthe deal’w new termination date. The city of Miami commission will meet Thursday to conside r theWachovia change. In April, countyy commissioners approved issuing bonds totaling a maximumof $536 millio n toward construction of the $640 37,000-seat ballpark.