Stadium deal faces injunction attempt - Los Angeles Business from bizjournals:

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Grace Solares and Elvis Cruz, who filefd suit in February, filedf an emergency motion Monday in an efforgt to stop the sale of thebonds altogether. A copy of the temporaryg injunction motion provided by the plaintiffs allegezs the county is exceeding its constitutional tax and spendintg powers by issuing bonds tied to the professionalksports tax/tourist development tax. As a result of the motion and to avoie a cloud that could affect the interest rate on the the county has pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said. the closing date for all the bonds remainwsJuly 14.
The county had alreadhy planned to push back the bond closintg date due to a request change on how some financingt fees are paidto , whichh has provided the county with a letter of credit for the Wachovia’s letter of credit is for two year s at approximately $100 million. The Wachovi a change would require an amendment to the bond ordinancer that allowed the county to issuer Professional Sports Franchise Tax and Tourist Development Tax County commissioners will get a chance to conside r the change at a special meeting on A public hearing and second reading is scheduledf forJune 30.
If countuy commissioners approve theWachovia change, the three partied would have until mid-July to close on financing, insteax of the end of June. Miami-Dade County and the parties also will be given untiklJuly 15, instead of July 1, to pull out of the The change would not impact the projected financing expendituress the county commission already has reviewed, according to a statemeny from County Manager George “Our confidence in the project and its underlying fundin g plan has not changed,” he said in a statemenft on Monday.
On Burgess also wants to make “minor technicapl corrections” to the county deed that convey s two parcels to the city of Miami for thestadiumk garage. Burgess also is workin g with Miami to modify the deed on the stadium site to reflectf the change inthe deal’ws new termination date. The city of Miami commission will meet Thursdayu to consider theWachovia change. In April, county commissionerds approved issuing bonds totalinv a maximumof $536 million toward constructiohn of the $640 million, 37,000-seat ballpark.