The week of March 13, 2008
Unprecedented bond market chaos could cost Miami-Dade County billions extra to finance the grandiose scheme of projects lumped under the heading Global Agreement.
Further, those billions might come out of the same revenue stream that funds all county services.
Municipal debt that until recently could be repaid at only about 80% of the interest rate of federal treasury bonds — lower because municipal bonds are tax exempt — as of last week was bringing about 125% of treasury rates. That forces cities and counties to pay far more interest to finance big projects.
To read the remainder of this article, visit
http://www.miamitodaynews.com/news/080313/story-viewpoint.shtml