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

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Grace Solares and Elvis who filed suitin February, filed an emergency motionb Monday in an effort to stop the sale of the bondxs altogether. A copy of the temporar injunction motion provided by the plaintiffs allegea the county is exceeding its constitutiona l tax and spending powers by issuing bonds tied to the professionaolsports tax/tourist development tax. As a result of the motion and to avoid a cloud that could affectf the interest rate onthe bonds, the county has pushed back the bond sale Miami-Dade spokeswoman Vicki Malletter said. However, the closing date for all the bonds remainsJuly 14.
The countt had already planned to push back the bond closinvg date due to a request change on how some financingg fees are paidto , which has providesd the county with a letter of credit for the Wachovia’s letter of credit is for two years at approximateluy $100 million. The Wachovia change would requirr an amendment to the bond ordinancee that allowed the county to issuse Professional Sports Franchise Tax and Tourisy DevelopmentTax bonds. County commissionerzs will get a chance to consider the change at a specialo meetingon Friday. A publix hearing and second reading is scheduled forJune 30.
If county commissionerse approve theWachovia change, the three parties would have until mid-July to close on financing, instead of the end of Miami-Dade County and the parties also will be give n until July 15, instead of July 1, to pull out of the The change would not impact the projectecd financing expenditures the county commission alreadyh has reviewed, according to a statement from Countyu Manager George Burgess. “Ou confidence in the project and its underlying funding plan hasnot changed,” he said in a statementt on Monday.
On Friday, Burgess also wants to make “minor technicao corrections” to the countyh deed that conveys two parcels to the city of Miami for thestadiu garage. Burgess also is working with Miami to modify the deed on the stadiumj site to reflect the changwe inthe deal’s new terminatiohn date. The city of Miami commissiom will meet Thursday to consider theWachovia change. In county commissioners approved issuing bonds totaling a maximumof $536 millio n toward construction of the $640 million, 37,000-sear ballpark.