Miami-Dade County commissioners Tuesday began the process of approving $4.24 billion of bonds to finance water and sewer system capital improvements and repairs related to a consent decree.

The commission gave the first approval of an ordinance allowing the bonds to be issued in multiple series over a number of years. They will fund $879 million of projects that comply with a portion of a consent decree with state and federal agencies, $2.7 billion to replace infrastructure more than 50 years old, $377 million in capitalized interest, $254 million for the reserve fund and $43 million for issuance costs. A public hearing on the bond program was scheduled May 14 before the finance committee.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.