Frequently Asked Questions
- What are General Obligation Bonds?
- What is the cost to taxpayers?
- What is the Citizens' Advisory Committee?
- When will the bond projects be completed?
- How are projects being scheduled?
- How will the County manage the bond program?
What are General Obligation Bonds?
General Obligation Bonds 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.
What is the cost to taxpayers?
The County has earmarked a portion of the tax rate over the next 40 years for repayment of bonds. On the 2007 tax bill, this would be equivalent to approximately $43 for the average homeowner in Miami-Dade County whose home has a current taxable value of $153,318.
What is the Citizens' Advisory Committee?
The Citizens’ Advisory Committee (CAC) was created by the Board of County Commissioners to provide the residents of Miami-Dade a means to participate in the implementation of the Building Better Communities Bond Program. The 21-member CAC serves as an advisory group to the Board of County Commissioners, Miami-Dade County Mayor and the County Manager on the projects that are included in the bond program. Each County Commissioner appoints one member to the CAC, while the County Mayor appoints three members and County Manager appoints five members.
When will the bond projects be completed?
The County has developed a timeline for the more than 300 neighborhood and regional projects included in the Building Better Communities Bond Program. Because the County intends to keep the overall countywide debt service millage at or below .390 mills, an average of $200 million annually will be available for bond projects. 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.
How are projects being scheduled?
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. Work on these projects is now underway at more than 600 sites throughout the County.
How will the County manage the bond program?
The Office of Capital Improvements to oversee 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, Miami-Dade County Mayor and the County Manager on the projects that are included in the bond program.Back to Top Page Last Edited: Tue Jun 14, 2011 3:38:51 PM
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