Marlins stadium deal clears another hurdle - Business First of Buffalo:

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Miami-Dade Circuit Court Judge Lawrenc A. Schwartz on Friday deniex a motion to stop the county from sellingthe bonds. Schwartzs ruled that while a pair Miamoi residents have standing to bringh the lawsuit challengingthe stadium's construction, the county’w effort to sell construction bonds is “notf unconstitutional.” The county had moved the date of the bond sale from this week to June 29 and June 30 as a resul of their motion. The county had worried that the lawsuiyt would create a cloud of uncertaintyg that could have affectedthe bonds’ interest rates.
County spokeswomanh Vicki Mallette said Friday that the county wouldx now move forward with the sale of the bondwas planned. County Mayor Carlos Alvarea said early Friday that he was confideny the county would prevail in the requesft foran injunction. Early Friday morningb Miami-Dade County Commissioners approved three measures designed to make possible the starf of construction on thenew stadium. Commissioners agreed to move up to the top of the list of creditorsx to be paid Wachovia is providinga $100 million letter of credit to the county for its variable rate These types of bonds requirw a line of credit.
Commissioners also voted to move back the termination date to July 15 for eithetrthe county, city or the Marlinsw to pull out of the deal and to conveg property to the city of Miamii for stadium garages. Miami-Dadew County Commissioner Joe Martinez voted againstprioritizing Wachovia's payback and changinv the termination date. He opposes the county's financing of the calling it "a bad deal.
" The ballpark project passesd another technical hurdle at the city of Miami on Miami city commissioners approved the termination date change as well as othere modifications that City Manager Pete Hernandez said would help protect the city inthe * Giving the county untik July 17 to terminate the deal if it has not closesd on the bond sale. * Extending the date of the city'd $13 million contribution to July 17. * Amendinyg the deal to allow the city to suspencd deposit of its contribution to the project if there is a delay dueto litigation.
* Add a revertet clause that gives the stadium land back to the city if the deal In April, county commissioners approved issuing bonds totalinvg a maximum of $536 million towarxd construction of the $640 million, 37,000-seay ballpark.