FYI Miami: July 7, 2016
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
SCHOOLS GO FOR FUNDING: The Miami-Dade County Public Schools plan to sell $190 million in general obligation bonds Aug. 2 and to issue $296 million in tax anticipation notes next week. The bonds are secured by the school district’s unlimited taxing authority and are part of the district’s $1.2 billion voter-approved bond authorization for a variety of construction and renovation projects at schools throughout the district. The notes, dated July 31, are due to be repaid Feb. 23, 2017, and will provide operating cash for this fiscal year. Investor service Moody’s last week assigned a Aa3 rating to the bonds and a MIG 1 rating to the notes. The district is the fourth largest in the nation, with 465 schools, 356,480 students and 38,944 employees.
CONSTRUCTION SOARS: Construction starts in Miami-Dade And Broward counties in May rose 23% in value from May 2015, Dodge Data & Analytics reported last week. Total area starts during the month were valued at more than $570 million, up 23% from the $464.6 million in May 2015. Residential starts rose 62% to $366 million during the period, while nonresidential fell 15% to $204 million. As Miami Today reported last week, construction jobs also rose in May, up 17.1% in Miami-Dade. Nationally, May construction spending dipped 0.8% from April, falling to $1.143 trillion, according to the Associated General Contractors of America. Year to date, Dodge reported an 8% construction starts gain in South Florida, matching the 8% national increase reported by the Associated General Contractors.
COUNTY BONDS RATED A+: A bond issue by Miami-Dade County to repay old bonds at a $42 million savings was assigned an A+ rating by Fitch Ratings last week, just a week after county commissioners authorized the bonding. The $350 million in special obligation revenue bonds will repay bonds issued in 1996 and 2005. The new bonds are payable from net proceeds from the county’s 3% convention development tax on hotel rooms other than in Bal Harbour and Surfside. The bonds are expected to be issued in August.
WEST DADE BIKE PATH: The Miami-Dade County Department of Transportation and Public Works plans to create an off-road bicycle path along Southwest 144th Avenue between Southwest Ninth and 42nd streets. Area residents will be informed of details of the project, which includes signage and pavement markings along the path, at a meeting from 6:30 to 8 p.m. July 20 at Braddock Senior High School, 3601 SW 147th Ave. Details: Karla Damian (786) 469-5420.