Miami-Dade County approved billions in bonds on Tuesday for various programs.
The commission gave final approval for an overall $4.24 billion bond program to finance the cost of water and sewer improvements. Of that amount, $1.6 billion is to settle violations of the federal Clean Water Act.
Commissioners also approved the first tranche of water and sewer revenue bonds to be sold in the amounts of $350 million for new money and $170 million for a refunding.
The bonds could be sold as early as July with Morgan Stanley as the book-runner. The debt is supported by a planned 8% increase in sewer rates.
Public Resource Advisory Group is financial advisor for the water and sewer bonds. Squire Sanders LLP and D. Seaton and Associates are bond counsel. Nabors, Giblin & Nickerson PA and Liebler, Gonzalez & Portuondo PA are disclosure counsel.
The board also approved nearly $900 million of aviation revenue bonds to refund bonds issued in 2002 and 2003 for Miami International Airport.
The preliminary plan of finance calls for issuing $794.3 million of general aviation revenue refunding bonds and using the debt service savings to issue $53.3 billion of new money bonds for additional capital projects.
The aviation bonds are expected to price and close no later than September with Goldman, Sachs & Co. as the book-runner. Financial advisors are First Southwest Co. and Frasca & Associates LLC.
Hogan Lovells LLP and Steve E. Bullock PA are bond counsel. Edwards Wildman Palmer LLP and Rasco Klock Reininger Perez Esquenazi Vigil & Nieto are disclosure counsel.