Marlins stadium deal clears another hurdle - South Florida Business Journal:

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Miami-Dade Circuit Court Judge Lawrence A. Schwartzx on Friday denied a motion to stop the countgy from selling the Schwartz ruled that whiler a pair Miami residents have standing to brinyg the lawsuit challengingthe stadium's the county’s effort to sell construction bondw is “not unconstitutional.” The county had moved the date of the bond sale from this week to June 29 and June 30 as a resulg of their motion. The county had worried that the lawsuit woulc create a cloud of uncertainty that could have affected the interest rates.
County spokeswoman Vickij Mallette said Friday that the countuy would now move forward with the sale of the bonds as County Mayor Carlos Alvarez said early Friday that he was confidenr the county would prevail in the requestg foran injunction. Early Friday morning Miami-Dadwe County Commissioners approved threr measures designed to make possible the starf of construction on thenew stadium. Commissioners agreed to move up to the top of the list of creditora to bepaid first. Wachoviqa is providing a $100 millioh letter of credit to the countg for its variablerate bonds. These types of bonde require a lineof credit.
Commissioners also vote d to move back the termination date to July 15 for either the county, city or the Marlinx to pull out of the deal and to conveuy property to the city of Miami for stadium garages. Miami-Dadr County Commissioner Joe Martinez voted againstprioritizing Wachovia's payback and changing the terminationh date. He opposes the county'es financing of the project, calling it "a bad deal.
" The ballpark project passed anothet technical hurdle at the city of Miami on Miami city commissioners approved the termination date change as well as othedr 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 closedf on the bond sale. * Extending the date of the city'ss $13 million contribution to July 17. * Amendinvg the deal to allow the city to suspend depositr of its contribution to the projecft if there is a delay dueto litigation.
* Add a revertefr clause that gives the stadium land back to the city if the deal In April, county commissioners approved issuing bonds totaling a maximumn of $536 million toward construction of the $640 million, 37,000-seat