BRADENTON, Fla. — Florida is preparing to sell $390 million of new-money revenue bonds for seaport and transportation projects.
The Cabinet, led by the state's top elected officials, approved issuing the new debt Sept. 24.
Some $200 million of revenue bonds will support a new financing by the state called the Seaport Investment Program, said Division of Bond Finance Director Ben Watkins. The bonds will be secured by fees charged for motor vehicle title certificates.
Doug Wheeler, president of the nonprofit Florida Ports Council overseeing the state's 15 ports, told the Cabinet that the bond financing will help "position the state as a global hub for trade."
"Unfortunately, many products come from seaports outside of the state of Florida," he said. "We want to change that, and that work has begun."
Wheeler mentioned a number of projects that would receive proceeds from the sale of the bonds. One of the largest, PortMiami's so-called Deep Dredge Project to increase the depth of the port channel to about 50 feet from 42 feet, will receive $25 million from the state's Seaport Investment Program financing.
The Miami dredging is to accommodate the new, mega cargo vessels that will pass through the expanded Panama Canal. It is part of a $1 billion capital improvement program.
In addition to the seaport bonds, the Cabinet also approved issuing $190 million of turnpike revenue bonds to finance all or portions of several projects around the state.
One project receiving funds from the turnpike bonds will be the 46.5-mile First Coast Expressway in Clay and Duval counties. The four-lane, limited-access toll road is completing an outer beltway in the Jacksonville area. The work is being done in three phases, which started Sept. 18.
Information was not immediately available on when the seaport or turnpike bonds would be sold.
