Miami Lakes bonds backed
Written by Miami Today on February 22, 2019
Miami Lakes has gotten a rating of AA+ on $7.3 million in bonds that it issued in 2010 for its Government Center project.
Ratings agency Fitch Ratings notes that “the town irrevocably pledges its electric utility tax revenue… for repayment of the bonds.” That electric utility tax rate is 10% of electricity purchases, the highest the law allows, Fitch says.
The town, incorporated in 2000, encompasses 6.8 square miles with a 2015 census population estimate of 31,087, up 6% from 2010, Fitch says.
The agency says it expects the revenues from the electric utility tax “to rise at a slow pace generally in line with inflation, aided by growth in population and continued development.”