Miami Eyes $1.9B for Aviation

The Miami-Dade County Budget and Finance Committee last week recommended that elected officials authorize the issuance of up to $1.9 billion of aviation revenue bonds to be sold in one or more series.

County commissioners have tentatively scheduled a public hearing on Oct. 7 to discuss an ordinance that would authorize the sale of the debt, which supports one of the largest airport capital improvement plans in the country.

The CIP for Miami International Airport was approved at $4.3 billion, but some costs have escalated, largely due to hurricane-recovery costs that pushed up material and labor expenses in recent years. In March 2007, commissioners increased the CIP to $6.2 billion, according to county documents.

Currently, $4.1 billion of Miami-Dade aviation revenue bonds have been issued for capital projects, leaving $158 million, which will be exhausted by November, according to documents.

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