FOR IMMEDIATE RELEASE
Wednesday, August 1, 2012

CONTACT: John Schuster
Miami-Dade County Public Schools
305-995-1126

MIAMI-DADE COUNTY SCHOOL BOARD TAKES FIRST STEP TO REQUEST AUTHORIZATION FOR CAPITAL BOND REFERENDUM

MIAMI – At today’s meeting, the School Board of Miami-Dade County approved taking the first step to request authorization for the issuance of a $1.2 billion General Obligation Bond. Prior to placing the issue before the voters, approval by the Florida Department of Education must be secured. Approval by the voters of the General Obligation Bond is essential to the District as it seeks a more sustainable solution to its financial capital shortfall.

The District’s capital needs have been an ongoing priority for the current district administration and a recurring topic of concern for Board members. Over the last 7 years, the District has made great strides to build new and replacement schools district-wide, in anticipation of the full implementation of the class size mandate. In total, the District delivered over 100,000 new student seats.

Yet, despite this sizable effort, almost 50 percent of the District's facilities are over 40 years old, and almost one third are over 50 years old. The downturn in the real estate market over the last five years and the resultant steady decrease in the District's capital revenues have made it nearly impossible for the District to address the mounting needs of the aging inventory in a way that is meaningful and sustainable. Voter approval of the bond is considered critical in resolving the problem of inequality and safety in our schools.

The proposed bond referendum is based on six principles, including: achievement of district-wide infrastructure improvements; a guarantee of technology equity across schools; involvement of stakeholder input and decisive participation while minimizing the taxpayer burden; promoting greater public/private partnerships; providing for economic development; and transparency and confidence through a citizen’s advisory and oversight committee. Superintendent of Schools Alberto M. Carvalho made a guarantee of 100 percent local reinvestment of funds.

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11-JJS/245/GC

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