Frequently Asked Questions

What is a bond?

A bond referendum is a voting process that allows voters to decide whether a municipality may raise funds by issuing general obligation bonds. A general obligation (G.O.) bond is a form of borrowing in which a municipality pledges its full faith and credit (taxing power) to repay the debt with interest over a specified term. G.O. bonds are generally the least costly financing option available to the city for funding these projects, and will allow them to be completed faster than traditional funding approaches.

• General Obligation (“G.O.”) Bonds are a financing mechanism to fund improvements immediately

• Bonds are backed by the full faith and credit of the issuing municipality

• Repaid through the imposition of a dedicated debt service millage levy (Ad Valorem tax)

• Note: The debt service millage is not included in a City’s statutory millage cap

• Historically, one of the most credit-worthy financing structures available

• Projects financed with G.O. Bonds typically have broad community benefits, such as parks, police/fire facilities, or bridge and street-related projects

• A city-wide voter referendum is required prior to the issuance of G.O. Bonds

What would this cost the average homeowner?

Based on current assumptions and an average property value of $423,020, the estimated average monthly cost per household is $9.20 over the average life of the bond. Actual costs may vary based on issuance timing, interest rates, assessed property values, and final financing structure.

How much is the total bond?

The total bond is $450 million.

• $150 million for Fire Department facilities, including four new stations. 

• $300 million for a new Public Safety Building that would house all of our public safety needs in one place, including the Police Department Headquarters, Fire Department offices, and 911 Emergency Center. 

What would the bond pay for?

The bond would pay for a new Public Safety Building, replacement fire rescue station, new fire rescue stations, repairs and modernization at existing fire-rescue facilities, emergency operations space, a real-time operations center, and 911 communications facilities.

How will residents track spending and progress?

The City has committed to a public dashboard, quarterly expenditure and project status reports, project-level budget tracking, and an annual independent audit. 

How does this help my neighborhood?

Fire-rescue response does not stop at district lines. A station may be located in one district while serving residents in others. The proposed projects are intended to improve citywide coverage, especially in areas with longer response times, such as Five Points, Shenandoah, The Roads, North Grove, West Allapattah, Liberty Square, and Watson Island.

Can bond funds be spent on salaries for staff and elected officials, day-to-day business operations, or events? What are the authorized uses of bond funds?

No. Bond proceeds cannot be used to pay day-to-day operating costs. The proceeds may be used only for the approved projects listed in the bond referendum question.