Miami-Dade approves All Aboard Florida bond issue

Publish Date: 
Tuesday, October 21, 2014 - 3:30pm

By Kim Miller Palm Beach Post

Miami-Dade County Commissioners approved in an 11-0 vote this morning a measure that clears the way for All Aboard Florida to seek private activity bonds.

Commissioners in Brevard County, the only other county that needs to change its agreement with the Florida Development Finance Corporation to allow for the bonds, are still listening to public speakers about whether it should support or oppose a similar measure.

Miami-Dade had to increase its allowance for the tax exempt bonds to $325 million. Brevard is being asked to  increase its allowance to $375 million.

All Aboard Florida, an express passenger rail service from Miami to Orlando, is seeking the privately-financed tax exempt bonds instead of a $1.6 billion taxpayer subsidized federal loan.

The Florida Development Finance Corporation acts as a conduit issuer for the bonds.