FYI Miami: December 5, 2019
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.
BOND REFUNDS SAVES $52.8 MILLION: In a move expected to generate debt service savings of $52.8 million, Miami-Dade County sold two series of water and sewer system revenue bonds jointly valued at about $1.212 billion. The sale, which county lawmakers OK’d Oct. 3, represent a net present value savings of more than 10%, according to a Nov. 15 memo from Mayor Carlos Giménez. “It should be noted that since Fiscal Year 2011, the aggregate principal of countywide debt refunding financings have exceeded $10.2 billion,” he wrote. “The financings have generated gross debt service savings of $1.8 billion over the life of the bonds, representing a net present value savings of $1.2 billion or 12.23%.”
TREE ORDINANCE TRIMMED: The Miami City Commission unanimously voted to allow a covenant for those developing affordable housing instead of the city’s required tree protection bond. The tree bond ensures specific trees will be protected and unharmed in a construction project. If there is harm, the developer will have to reimburse the city for the loss of the tree. The exception will apply to affordable housing projects that have been procured or funded by the city.
ARTFUL IMBIBING: Last month, Miami city commissioners approved an extension of alcohol sales until 5 a.m. and waiving noise prohibitions for Miami Art Week related events in The Wynwood Business District. The resolution is in effect until Dec. 8.
TEACHER PAY UPTICK: Miami-Dade County schools would get the most in Florida, an estimated $41,380,556 in annual state funding, if Florida legislators approve a $602 million proposal by Gov. Ron DeSantis to set a minimum salary of $47,500 for public-school teachers, according to a budget document released last month. Broward County schools would get $40,944,158, second-most in the state.
USE IT OR LOSE IT: Miami-Dade is advising county residents to use their available bulky waste pickups for this year, as credits for the service do not carry over from one year to the next. “Miami-Dade County Solid Waste customers can request two bulky waste pickups per year by Dec. 31,” a Nov. 29 county release says. Residents can schedule a pickup online or by calling 311. Acceptable items listed on the county website include furniture, white goods or appliances, house fixtures, mattresses, fences, tree cuttings, construction demolition materials and disabled power tools. “It feels good to clear the clutter – inside the house and out in the yard,” the county website says, adding that the two pickups are included in residents’ annual fees.