Voters Approve $400 Million Miami Forever Bond

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MIAMI (CBSMiami/AP) – Outgoing Miami Mayor Tomás Regalado’s $400 million Miami Forever general obligation bond was given a thumbs up by voters on Tuesday.

Miami residents voted to tax themselves to pay for the bond which will help quell flooding, fund affordable housing, and pay for other public projects.

In a city vulnerable to climate change, about 55 percent of Miami’s electorate voted in favor of it.

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.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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