Bonds suck and finally you can see the numbers, remember something called 'interest'. Doug Hanks wrote about them yesterday, they are called the debt tax (see bonds are a tax):
"Miami-Dade’s debt tax will soar in the coming years, even if voters reject a $390 million borrowing plan for a new courthouse, according to county forecasts.
Without a dollar of new debt for the judiciary, county forecasts show the special property tax that pays for the county’s debt is set to jump by about 50 percent in 2016. That’s thanks to the arrival of new debt that voters already approved for the county-owned Jackson hospital system, as well as rapidly increasing borrowing costs tied to a nearly $3 billion bond program that voters approved in 2004."
The bonds are coming home to roost, or more accurately - they are cleaning out your pocketbook. Don't believe the hype on them not costing anything.
"Currently costing $45 for every $100,000 of a property’s value, the debt tax funds borrowing approved by Miami-Dade voters and generates the revenue behind a wide portfolio of construction projects.
This year it is backing about $1.4 billion in borrowed funds used to create the new Pérez Art Museum Miami, expand county park facilities, build the Miami-Dade police headquarters, dig a tunnel to PortMiami and back hundreds of other projects. It also would allow Miami-Dade to borrow $75 million for an economic-development grant program that Mayor Carlos Gimenez wants to use to provide $9 million for the SkyRise Miami project."
