A $15.5 million sale of municipal bonds to fund more than a dozen drainage projects in Miami Lakes were popular among buyers and raised $18,725,000.
The July 22 sale of the bonds that were rated A+ by Fitch and A1 by Moody’s sold at a premium and after paying fees, the town said it netted $18,264,000.
“The market was willing to pay more for them,” Town Manager Edward Pidermann said.
Bonds are debt and the town will only have to pay back the borrowed amount of $15.5 million.
It will use the stormwater utility fee that is levied upon property owners -- $10.50 per month per household or commercial equivalents – to do so.
The additional $2,764,000 in bond sale proceeds will be applied toward 16 stormwater improvement sites in town, Pidermann said.
The money raised to fund stormwater infrastructure improvements will only address a portion of the town’s needs, Pidermann said.
“We have $54 million in stormwater projects,” Pidermann said.
Miami Lakes Mayor Manny Cid said in a press release that the funds will help the town work on its “most critical drainage projects” and will help alleviate flooding, improve drainage and protect and enhance water quality.
--Linda Trischitta