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Article: Miami Port Tunnel Project Delayed; Commissioners Want to Weigh LOC.(News)
- Article from:
- The Bond Buyer
- Article date:
- October 1, 2009
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Byline: Shelly Sigo
BRADENTON, Fla. - Financial closing on the $1 billion Port of Miami Tunnel project has been delayed at least a week so that Miami commissioners can act on a $50 million letter of credit at their next meeting on Oct. 8.
It is not clear why the city needed extra time to approve the LOC. However, commissioners have been through lengthy budget hearings and union negotiations trying to cure a $118 million deficit.
The city late Tuesday adopted a $512.9 million general fund budget for today's start of the new fiscal year, which represents an $8.7 million decrease over fiscal 2009.
In addition to service cuts, Miami will ...