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Article: Miami Beach, Fla., delays deal, citing Miami budget stigma.
- Article from:
- The Bond Buyer
- Article date:
- January 7, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Miami Beach, Fla., recently learned a lesson that counties with the name "Orange" discovered in 1994: investors sometimes fail to discern differences between credits that share a similar name, especially when one of the issuers falls on hard times.
Miami Beach was poised to sell $15 million of general obligation bonds at the end of last year, even as its neighbor - the city of Miami - seized the national spotlight with a political corruption scandal and a threatened bankruptcy filing.
Though the finances of Miami Beach are entirely separate from Miami, city officials postponed the bond issue rather than risk paying higher interest rates for sharing a similar ...