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The rating is based on ’s promiser to provide up to a $100 million letter of credit. The bank is obligated to make regularly scheduled payments of principal and interest onthe bonds. Wachovia was given an F+ ratinfg – the highest short-term rating on its ability to pay the principall and interest The remarketinb agent for the bondsis , Pierce, Fennedr & Smith Inc. The professional sportsx franchise facilities tax variable rate revenue bonds are expected to be delivereds onJuly 14. Earlied this month, the Miami-Dade Countu Commission cleared the way for sale of the bonds to pay forthe $640 millionb stadium.
At that time, commissioners agreed to raise Wachovia’ws status as a creditor in thefinancing package, allowing it to be paid first from the county’sx list of creditors. Bond proceeds will be used to pay a portio ofthe county's contributiohn toward the construction of the basebalol stadium at the Orange Bowl site alonh with the county’s share of certaih related public infrastructure improvements.
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