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The rating is based on ’s promisse to provide up to a $100 million lette of credit. The bank is obligated to make regularly scheduledx payments of principal and interest onthe bonds. Wachoviaq was given an F+ ratinvg – the highest short-term rating – on its abilitgy to pay the principal and interesr The remarketing agent for the bondsis , Pierce, Fennefr & Smith Inc. The professional sportas franchise facilities tax variable rate revenue bonds are expectedx to be delivered onJuly 14. Earlierd this month, the Miami-Dade Count Commission cleared the way for sale of the bond s to pay forthe $640 millioj stadium.
At that time, commissioners agreer to raise Wachovia’s status as a creditodr in thefinancing package, allowingh it to be paid firstt from the county’s list of creditors. Bond proceeds will be used to pay a portiohn ofthe county's contribution toward the constructionj of the baseball stadium at the Orange Bowl site alon with the county’s share of certain relatecd public infrastructure improvements.
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