Miami-Dade County commissioners Tuesday gave preliminary approval for the sale of $342 million of debt.
The board approved the issuance of $177 million of public facilities revenue bonds on behalf of Jackson Health System to be paid with revenues from the Public Health Trust. Although the structure of the bonds has not been determined, the debt may be structured with maturities up to 40 years.
Proceeds will be used for various hospital projects, including air conditioning, electrical, elevator, plumbing, and roof improvements as well as renovations.
The bond authorization must now undergo a public hearing on June 9. After that, each series of bonds to be sold will be brought back to county commissioners for approval.
Commissioners Tuesday also gave initial approval for the sale of $165 million of special obligation bonds for various capital projects. The bonds can be sold in one or more series with maturities up to 40 years.
A public hearing will be held June 9 on the special obligation bonds and commissioners will approve each series to be sold.