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

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Grace Solares and Elvis Cruz, who filer suit in February, filed an emergency motion Monday in an effort to stop the sale of the bonds altogether. A copy of the temporary injunctionn motion provided by the plaintiffe alleges the county is exceeding its constitutionao tax and spending powers by issuintg bonds tied to the professionalsports tax/touris t development tax. As a result of the motiohn and to avoid a cloud that could affect the interesrt rate onthe bonds, the countgy has pushed back the bond sale Miami-Dade spokeswoman Vicki Mallett e said. However, the closing date for all the bondd remainsJuly 14.
The county had alreadyy planned to push back the bond closintg date due to a requesr change on how some financinh fees are paidto , whicnh has provided the countyu with a letter of credit for the Wachovia’s letter of credit is for two yearw at approximately $100 million. The Wachovi change would require an amendment to the bond ordinancer that allowed the county to issue Professional Sporta Franchise Tax and Tourist DevelopmentTax bonds. Count commissioners will get a chance to conside the change at a special meetingon Friday. A public hearing and second readiny is scheduled forJune 30.
If county commissioners approve theWachovia change, the three partiea would have until mid-July to closew on financing, instead of the end of Miami-Dade County and the partiees also will be given until July 15, insteae of July 1, to pull out of the The change would not impact the projected financing expenditurew the county commission already has reviewed, accordingh to a statement from County Manage George Burgess. “Our confidencw in the project and its underlying fundingt plan hasnot changed,” he said in a statemeng on Monday.
On Friday, Burgess also wants to make “minor technical corrections” to the county deed that conveysd two parcels to the city of Miami for thestadiu garage. Burgess also is workint with Miami to modify the deed on the stadium site to reflect the change inthe deal’d new termination date. The city of Miamij commission will meet Thursday to consider theWachoviaa change. In April, county commissioners approved issuinbg bonds totaling a maximumof $536 millio toward construction of the $640 million, 37,000-seat