Miami-Dade County, Fla., may cut competitive offering size due to market conditions

By Sheri Kasprzak

New York, Dec. 4 - In light of troublesome market conditions, Miami-Dade County in Florida is considering cutting the size of its planned $350 million competitive sale of series 2008B Building Better Communities Program general obligation bonds, said Rachel Baum, director of finance for the county, Thursday.

The county is scheduled to price the G.O. bonds on Dec. 11, but the size of the deal may be reduced to $100 million to $150 million, Baum said.

"We have structured some flexibility to issue these bonds in tranches," Baum noted.

"We will decide next week, but we may reduce the offering to $100 million to $150 million, depending how we perceive the market to be. If we reduce the offering, it will be posted on the bidding platform."

The move comes right after the Port Authority of New York and New Jersey failed to receive any bids on its $300 million sale of series ZZ consolidated notes on Wednesday.

The Miami-Dade County bonds will be sold with Public Financial Management as the financial adviser and are due 2009 to 2038.

Proceeds will be used for capital improvement projects under the Building Better Communities Program.

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