Yesterday, Miami voters approved a $400 million dollar general obligation bond initiative with nearly half of the bond money ($192 million) going toward infrastructure projects to specifically, “Reduce Flooding Risks; Improve Stormwater Infrastructure.”   Although the wording of the initiative on the ballot did not include the term “sea level rise,” the initiative was heavily promoted here in South Florida as a funding mechanism to pay for much needed infrastructure necessary to deal with flooding issues related to sea level rise and was dubbed “Miami Forever.”  The bond will also fund affordable housing projects and other capital improvement projects.  The breakdown of specific proposed projects and funding is featured in our previous blog on this topic from last week.  The vote split for the bond initiative in Miami’s general municipal election yesterday was 56.8% for the bond (13,621 voters) and 43.2% against (10,359 voters).  With this approval, the City can now borrow money on the municipal bond market, and the new debt will be backed by local ad valorem property taxes – which will not increase under the terms included in the ballot measure.