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About General Obligation Bonds (GOB)
General Obligation Bonds (GOB) are a way to finance government capital improvement projects such as those included in the Building Better Communities Bond Program. On November 2, 2004, the voters of Miami-Dade County approved the $2.9 billion bond program which allows the County to issue long-term bonds to fund more than 300 neighborhood and regional capital projects to be completed over the next 15 years.
The General Obligation Bonds are legally backed by the full faith and credit of the County which has committed future taxes over the next 40 years to repay the bonds. General Obligation bonds typically are the least expensive type of debt available to government.
The Office of Management and Budget oversees implementation of the bond program as well as capital projects funded by other sources. All policy decisions related to the bond program will be considered by the Board of County Commissioners.
A 21-member Citizen's Advisory Committee serves as an advisory group to the Board of County Commissioners and Miami-Dade County Mayor on the projects that are included in the bond program.
Bond Program History
On November 2, 2004, Miami-Dade County made history with passage of all eight parts of the Building Better Communities Bond Program. Citizens casting ballots on Election Day launched the largest capital construction bond program in Miami-Dade County history.
Project Completion and Scheduling
The projects are expected to be completed over a 15-20 year period. This necessitates a phasing process with the first projects now underway and the expectation that the final ones will be completed before 2020.
The Board of County Commissioners approved an initial series of more than 200 projects representing a broad spectrum of important infrastructure and quality of life improvements throughout Miami-Dade County.
These projects, funded for start-up in 2005-2006, were selected based on a number of factors including: community needs, project readiness, leveraging opportunities, contractual agreements and project scope.
During the first nine years of the program, work at more than 1,200 project sites was started and nearly 940 of these project sites have been completed.
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