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 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.
The Office of Management and Budget oversees bond program implementation. 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. All policy decisions related to the bond program will be considered by the Board of County Commissioners.