Clarisell De Cardenas
Communications & Community Affairs Director
Public Information Officer
Miami Lakes Stormwater Utility Bond Issue Sells Out at a Premium
MIAMI LAKES, FL July 8, 2021 – The Town of Miami Lakes Series 2021 stormwater improvement bond sold out in one day, raising $18.26 million -- an 18 percent premium above the stated par amount of $15.5 million, the town announced.
“With the successful sale, the town can begin the engineering and construction of the most critical drainage projects in the town,” said Mayor Manny Cid. “The work will include stormwater system upgrades to improve drainage, alleviate flooding, protect, and enhance water quality, and build a stronger and more resilient Miami Lakes.”
The bonds will cost the city 2.77% over 30 years. Repayment will come from the town’s stormwater utility fee, which is set at $10.50 per month per household or commercial equivalents.
Institutional investors account for more than 91 percent of the bond purchasers, with nearly 4 percent by national retail buyers and five percent in underwriter balances.