The borrowing, if approved, would pave the way for Miami’s first sale of bonds for new construction projects since 2009. Fernando Casamayor, the finance director, said the initial bond sales could come as soon as next year.
Bellwether Vote
Other coastal communities considering similar measures will be watching to see if Miami voters want to pay to fight sea-level rise, according to Abby Corbett, a Miami lawyer who works with local officials around Florida.
“It’s a bellwether of popular support and understanding of this issue,” Corbett said of the ballot measure. “If it doesn’t pass, there’s definitely more education to be done.”
As the favorite in Tuesday’s mayoral balloting, City Commissioner Francis Suarez is most likely to oversee any flood-prevention program even though he voted against the bond referendum when the panel approved the initiative in a 3-to-2 vote in July. The commissioner wanted more information about how the money would be spent, but understands the need to deal with climate change and rising sea levels, said Gaby Castillo, Suarez’s campaign manager.
Suarez, who wasn’t available for an interview, has yet to say whether he will vote for the $400 million bond proposal on Tuesday, Castillo said.
This article was provided by Bloomberg News.