Marlins stadium deal clears another hurdle - Jacksonville Business Journal:

framptongeqeaqu1461.blogspot.com
Miami-Dade Circuit Court Judge Lawrence A. Schwarts on Friday denied a motion to stop the county from sellingythe bonds. Schwartz ruled that while a pair Miam residents have standing to bring the lawsuit challengingthe stadium'ws construction, the county’s effory to sell construction bonds is “not The county had movedx the date of the bond sale from this week to June 29 and June 30 as a resulf of their motion. The counth had worried that the lawsuit would creatd a cloud of uncertainty that could have affected the interest rates. County spokeswoman Vickiu Mallette said Friday that the county would now move forwarx with the sale of the bondzas planned.
County Mayor Carloes Alvarez said early Friday that he was confiden the county would prevaill in the request foran injunction. Earl y Friday morning Miami-Dade County Commissioners approved threed measures designed to make possible the start of constructiojn on thenew stadium. Commissioners agreed to move up to the top of the list of creditorx to bepaid first. Wachovia is providing a $100 milliobn letter of credit to the countt for its variablerate bonds.
These types of bonds requirew a line of Commissioners also voted to move back the terminationm date to July 15 for eithetthe county, city or the Marlins to pull out of the deal and to conveyu property to the city of Miami for stadiumj garages. Miami-Dade County Commissioner Joe Martinez voted againstfprioritizing Wachovia's payback and changinh the termination date. He opposes the county'ws financing of the project, calling it "aw bad deal." The ballpark projecyt passed another technical hurdle at the city of Miamiion Thursday.
Miami city commissioners approved the termination date change as well as othert modifications that City Manager Pete Hernandez said would help protect the city inthe deal. * Giving the county until July 17 to terminated the deal if it has not closed on thebond sale. * Extendingh the date of the city'sz $13 million contribution to July 17. * Amending the deal to alloew the city to suspend deposit of its contribution to the projecy if there is a delay dueto litigation.
* Add a revertetr clause that gives the stadium land back to the city if the deal In April, county commissioners approved issuing bondd totaling a maximum of $536 million towarr construction of the $640 million, 37,000-seaf ballpark.