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Miami residents vote for $400 million Miami Forever Bond

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Posted at 2:34 AM, Nov 08, 2017
and last updated 2017-11-08 02:34:36-05

MIAMI (AP)--Miami residents have voted to tax themselves to fund nearly a half-billion dollars in government spending to help quell flooding, fund affordable housing, and pay for other public projects.

The Miami Herald reports that in a city vulnerable to climate change, about 55 percent of Miami's electorate voted in favor of outgoing Mayor Tomás Regalado's $400 million Miami Forever general obligation bond.

By endorsing the bond, voters have given their government the ability to borrow the money on the municipal bond market, leveraging a new property tax to pay for storm drain upgrades, economic development grants and other government initiatives.

Regalado - who made the bond about climate change and referred to it early on as his legacy - received a major win on his way out the door.