Florida

Ron DeSantis was sworn in Tuesday for a second term, promising more culture war headlines.

Daniella Levine Cava, Mayor of Miami-Dade County, Florida, talks with Chip Barnett about the county's robust economy as it recovers from the COVID-19 pandemic. She talks about how the seaport and airport are booming and looks at some challenges ahead such as environmental and housing issues. Taped live in Miami on Dec. 7. (10 minutes)

The Citizens Property Insurance Corp. wants to have a successor selected before the Florida Legislature convenes its new session in March.

The state's benchmark debt ratio for debt service to revenue is at 3.78% — well below a 6% target and 7% limit.

Among the special session charges: "Improve the financial stability of the Citizens Property Insurance Corporation," Florida's bond-funded insurer of last resort.

"I think it's undemocratic of major asset managers to use their power to influence societal outcomes," said Florida CFO Jimmy Patronis.

Total November volume stood at $19.712 billion, the lightest of any month year-to-date, in 527 versus $37.073 billion in 1,055 issues a year earlier, according to Refinitiv data.

"We continue to see very strong job numbers. Florida is in as good of a position as we could possibly be," said Jimmy Heckman of the state Department of Economic Opportunity.

In 2021, Miami-Dade County commissioners approved a 19-year $135 million naming rights deal with FTX for the homecourt of the NBA's Miami Heat.

Fitch also affirmed the A rating on $800.3 million of senior lien seaport revenue bonds Miami-Dade County issued on behalf of its seaport department.

The market has seen outflows for 13 straight weeks, per Refinitiv Lipper, but Nuveen strategists Anders S. Persson and John V. Miller said "selling is due primarily to investors harvesting tax losses."

The county plans to expand the existing Metromover to create a transit corridor that will connect the cities of Miami and Miami Beach without riders having to transfer.

"No bonding will be needed to pay for Ian-insured losses," says Ben Watkins, director of Florida's Division of Bond Finance.

Watkins has served in a variety of leadership roles on muni associations and is described by colleagues as a tireless advocate for the municipal bond issuing community.

At 2.5%, Florida's September unemployment rate is the second lowest in the state's history and the lowest since October 2006.

The Minnesota municipal bond vet will continue his focus on charter school finance in Florida.

The credit outlook on individual credits in Florida is mixed as the first reports of damage from the hurricane start filtering in.

"We are extraordinarily well positioned to deal with this storm from a financial standpoint," said Ben Watkins, director of Florida's Bond Division.

AccuWeather says Hurricane Ian may turn out to be one of the costliest storms in the county's history due to its violent storm surge, damaging winds and overpowering flooding rains.

Modeled after New York City's Hudson Yards, the plans call for a high-density urban district with a transit terminal and at least 35% affordable housing.