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Board hears plan for $333 million stormwater bond to finance Fort Lauderdale projects
Summary
City staff told the Infrastructure Advisory Board the commission approved a financing package for stormwater revenue bonds that will provide up to $333 million toward an estimated $500 million program, with the first tranche funding construction-ready phase‑1 projects and initiating design for phase‑2.
The Infrastructure Advisory Board was briefed on the city’s stormwater financing plan and early project awards, including two unsolicited contracts moving through negotiation.
"There was also good news on the July 2 that commissioner approved the financing package for the stormwater revenue bonds ... in an amount not to exceed, I guess, 333,000,000," the Chair said, describing the commission action to fund the next tranche of stormwater work. Staff said the bonds are part of a broader program the city estimates at roughly $500 million and that the current issuance will fund construction‑ready phase‑1 projects and initial design work for select phase‑2 neighborhoods. Staff cautioned that bond validation and legal review were used to reduce the risk of future challenges to the stormwater‑rate methodology and that the bond closing is expected to take place in mid‑August.
Why it matters: staff emphasized a roughly 36‑month IRS spending window that starts when bond proceeds are drawn; that timeline influences whether the city spends funds on design, construction, or both. "When we close in the bond, that's when your 3 year window to spend it starts," a staff member said. Board members pressed staff on sequencing, contractor capacity and the risk that inflation and supply constraints could reduce purchasing power; staff described a rolling approach of issuing design funds now and pulling additional bonds in later years to fund construction as designs mature.
