Town of Miami Lakes to offer municipal bonds

Government By Linda Trischitta, Editor Tuesday, July 13, 2021

The Town of Miami Lakes will offer $15.5 million in municipal bonds in July to finance its storm water drainage system.

The Storm water Utility System Revenue Bonds will be sold in lots of $5,000 and will be exempt from federal tax.

Priority will be given to retail buyers on the sale date, either July 21st or July 22nd, the town said.

The town council was expected to approve the sale during its meeting on July 13th.

Bond sale proceeds will pay for design, permits and construction of new systems that will have French drains, manholes and catch basins.

The goals are to alleviate flooding, protect and enhance water quality, reduce runoff of fertilizers into town lakes, canals and ponds and lower flood insurance premiums.

There are 16 areas scheduled for improvements, including approximately 9,600 linear feet in four projects in West Lakes and 3,750 linear feet in Royal Oaks.

Other areas set to get drainage improvements are along Commerce Drive and in Loch Lomond and Royal Lakes; along Northwest 153rd Terrace, Northwest 83rd Place, Northwest 159th Terrace and Northwest 166th Street.

Also on the list: 1,600 linear feet of stabilization of the bank of the Golden

Glades Canal (which runs parallel to Northwest 170th Street), the town said.

“Additionally, Miami Lakes is slated to receive $13 million from the federal government’s America Rescue Plan which
 will also be used solely 
for improvements to the storm water utility system,” Miami Lakes Mayor Manny Cid said July 9th in a press release.

Funding for repayment of the bonds will come from the town’s Storm water Utility Fee, which is part of the Miami-Dade County Water and Sewer bill, the town said.

The town raised the fee to $10.50 per month for residential customers earlier this year.

Commercial customers will also pay $10.50 per ERU (equivalent resident unit), calculated by 2,800 square feet of impervious commercial space, according to the town.

Combined funds from the bond sale and the American Rescue Plan will be $28.5 million; the total estimated amount needed to complete all storm water projects is $54 million, the town said.

To buy bonds or for information contact Raymond James at 877- 295-9116, RBC Capital Markets at 786-582-2743, or a broker or investment advisor before July 21st.

Interest will be paid on March 1st and Sept. 1st, beginning in 2022.

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