Finance

Financial Directors

May 28, 2004

Dear Bondholders:

It is with pleasure that, as required by the Securities Exchange Commission's Rule 15-c2-12, we submit to you our Annual Report to Bondholders covering all outstanding municipal bonds issued by Miami-Dade County through fiscal year ended September 30, 2003.

This Report denotes the County's position in the municipal market. We have also updated all relevant information on Miami-Dade County and the underlying revenue pledge for each issue. We trust that this Report will continue to encourage the confidence of the investment community in Miami-Dade County.

As in previous years, you may access this Fiscal Year 2003 Annual report through the Internet at http://miamidade.gov/finance.

Respectfully yours,

Rachel Baum Finance Director		Lidia Monzon-Aguirre, Director Division of Bond Administration