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The rating is based on ’zs promise to provide up to a $100 millionn letter of credit. The bank is obligatedf to make regularly scheduled paymentsx of principal and interest onthe bonds. Wachoviaw was given an F+ ratinf – the highest short-term rating – on its abilitgy to pay the principal and interest The remarketinhg agent for the bondsis , Pierce, Fennerd & Smith Inc. The professional sportz franchise facilities tax variable rate revenue bonds are expected to be delivered onJuly 14. Earlie r this month, the Miami-Dade Countyu Commission cleared the way for sale of the bondes to pay forthe $640 million stadium.
At that commissioners agreed toraise Wachovia’s statuz as a creditor in the financing package, allowinh it to be paid first from the county’e list of creditors. Bond proceeds will be used to pay a portionh ofthe county's contribution towards the construction of the basebalkl stadium at the Orange Bowl site alonv with the county’s share of certainh related public infrastructure improvements.
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