95-642: Dadeland North station is a station on the Metrorail rapid transit system in the Dadeland district of Glenvar Heights, Florida . This station is located at the intersection of South Dixie Highway ( US 1 ) and Southwest 83rd Street on the Snapper Creek , two blocks north of Kendall Drive and two blocks south from the US 1– Snapper Creek Expressway (SR 878) junction. It opened to service May 20, 1984. It
190-550: A muni , is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation. Typically, only investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable bonds. Taxable equivalent yield calculations are required to make fair comparisons between
285-477: A "when issued" market, and also immediately after they are issued. Once the bonds find their way into retail and mutual fund portfolios, the volume of trade drops off dramatically. The MSRB reports that from March 1998 to May 1999, 71% of the outstanding issues did not trade at all. A 2005 study concluded that 4–6 months after issuance, less than 10% of the sampled bonds traded at all; the probability then rises somewhat so that by four years from issuance, roughly 15% of
380-572: A 9–0 vote, with a station at Miami-Dade College being added to Phase I of the project alongside the terminus at Hard Rock Stadium. Infrastructure design firm HNTB was designated to design the future extension whilst being given $ 44 million in funding by the TMP Committee. A Project Development and Environment Study is also being done by the Florida Department of Transportation in parallel to HNTB's design work in order to accelerate
475-1073: A PIN or billing zip code, which led to credit card thieves putting high dollar values on Easy Cards and selling them at a discounted rate for cash. Miami-Dade Transit initially mitigated this issue by limiting credit card transactions to three per day and a value limit of $ 112, and later by requiring zip code verification for all cards. From 2009 to 2011, free Wi-Fi was added to Metrorail and Metromover cars and stations, as well as certain Metrobus routes. Starting July 28, 2012, Metrorail increased service along shared Green and Orange Line stations from Dadeland South to Earlington Heights. Along this stretch of shared track, trains arrive every 5 minutes during peak hours, every 7 minutes during mid-day hours, and every 15 minutes late nights and on weekends. At stations with only one service, trains arrive every 10 minutes during weekday rush hours, every 15 minutes at midday, and every 15–30 minutes after 6 p.m. until midnight with weekend service running every 30 minutes. On weekends,
570-618: A continuation in the ridership decline across all three systems; ridership in September 2017 was impacted by Hurricane Irma despite the exclusion of days without service from the average. All three modes declined sharply starting in March 2020 during the covid pandemic, slowly recovering over the next three years. * Record high [REDACTED] Media related to Metrorail (Miami-Dade County) at Wikimedia Commons {{|0=2012-10-03 }} Municipal bond A municipal bond , commonly known as
665-585: A cost of $ 55,887,830. In June 1983, the first segment of Metrorail, 10 stations from Dadeland South to Overtown (now "Historic Overtown/ Lyric Theatre ") was completed with the construction of the Miami River Bridge. Revenue operation commenced on May 20, 1984, with 125,000 taking the free first-day service from Pinecrest /Dadeland to Overtown. In 1984 Rockne Krebs created an urban-scale neon sculpture multicolored light installation called The Miami Line that stretches 1,540 feet (470 m) across
760-483: A custom rail-car building facility in Medley, Florida. The cars are semi-permanently attached in married pairs , and joined up to form 4-car trains, which is the normal train length, although 6-car trains are also possible. Included amenities are free Wi-Fi, interior bicycle racks, improved announcement systems, digital signs and high-efficiency air conditioning units. Metrorail formerly used 136 heavy-rail cars (known as
855-479: A decade, among the fastest population growth rates in the United States. Within a year of the study, county residents approved a $ 132.5 million ($ 965.1 million, adjusted for current inflation) bond dedicated to transit, with additional funding approved by the Florida Legislature for transit which, up until that time, operated solely on fare revenue. In 1976, with preliminary engineering completed for
950-446: A discount. While minimum denominations contribute to illiquidity, another such reason is the total amount of municipal bonds outstanding. There are over 1,500,000 individual municipal CUSIPs representing over 50,000 issuers. To put this into context, there are ~4300 US domestically incorporated exchange-listed stocks and 10,500 stocks that trade over-the-counter . Over the last decade, technology solutions have been applied to make
1045-459: A fare-paying rider, with a limit of 3. Ticket vending machines (TVMs) that sell Easy Cards and Easy Tickets are found in all rail stations. All Miami-Dade senior citizens aged 65 years and older and with Social Security benefits, and veterans residing in Miami-Dade and earning less than $ 22,000 annually ride free with the reduced fare monthly Easy Card. All of the stations except the five in
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#17327730505841140-473: A goal of starting construction in 2024 with aid from federal funds. The extension will be built in two phases: Phase I would see the extension built up to Hard Rock Stadium with just one station, while Phase II would see more stations built on the elevated line as well as transit-oriented developments built alongside it. On January 9, 2023, the expedition of this extension's design was approved by Miami-Dade County's Transportation, Mobility and Planning Committee on
1235-495: A large garage that was formerly dedicated to Metrorail riders. However, that is now used by the county due to the station's low ridership, with only 95 vehicle spaces currently available. The successful Dadeland garages are at or over capacity, with two of Metrorail's proposed extensions, the West Kendall Corridor and South Link, intended to help alleviate them. The two northernmost stations, which are located near
1330-413: A municipal bond is calculated as follows. Where r m = interest rate of municipal bond, r c = interest rate of comparable corporate bond and t = investor's tax bracket (also known as marginal tax rate): For example, assume an investor in the 38% tax bracket is offered a municipal bond that has a tax-exempt yield of 1.0%. Using the formula above, the municipal bond's taxable equivalent yield
1425-443: A municipal bond sale to be spent on capital projects within three to five years of issuance. In the United States, although not all municipal bonds are tax-exempt, most are. Tax-exempt securities represented about 80% of trading volume in U.S. municipal bonds in 2020. Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on
1520-513: A newly created 16-station Orange Line between the MIA and Dadeland South stations. The new line has helped increase ridership significantly, adding millions of riders per year and allowing residents and visitors alike direct access from MIA to Downtown Miami , as well as greater connectivity between various modes of transit throughout Miami-Dade County. The station provides direct service to Tri-Rail commuter rail , Greyhound Lines intercity bus, and
1615-458: A proposal are issued in series over a period of time, in order to allow contractors a steady stream of work and the jurisdiction to not be overwhelmed in managing too many projects at once. Before a particular municipal bond is offered to the public, the issuer must publish an "official statement" disclosing material information about the offering. Key players in the issuance process include: Tax regulations generally require all money raised by
1710-487: A reloadable card. The final station to start fare gate installation was Government Center on August 2, 2009. Since the system launch on October 1, 2009, all passengers using Metrorail must use either an Easy Card or Easy Ticket to enter stations. For almost the full first year of use, the Easy Card ticket vending machines allowed anyone to purchase thousands of dollars worth of Easy Cards by credit card without entering
1805-544: A top design speed of over 70 mph (110 km/h). Each car can hold up to 166 passengers (76 seated, 90 standing), and draw power from an electric 750 V DC third rail . The Miami-Dade County Government was working with the Citizens Independent Transportation Trust (CITT) to receive money from the half-penny sur-tax approved by voters in 2002 in order to purchase new Metrorail cars. MDT later planned to refurbish
1900-532: A vital component of the People's Transportation Plan (PTP), which Miami-Dade voters approved in 2002. The bulk of the funding for the $ 506 million project came from the plan's half-penny tax, with the Florida Department of Transportation (FDOT) contributing $ 101.3 million. Construction commenced in May 2009, and service on the new Orange Line began on July 28, 2012, with the project completed on time and under budget. At
1995-602: A widened right of way, elevated crossings at major intersections, as well as the possibility of building one additional Metrorail station at SW 104 Street to alleviate traffic and parking in Dadeland. In 2009, the Metropolitan Planning Organization proposed that the busway be opened to regular vehicle traffic by adding a SunPass toll system with the profits going towards busway improvements. The proposal did not pass. The South Link, now known as
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#17327730505842090-399: Is 1.6% (0.01/(1-0.38) = 0.016) - a figure which can be fairly compared to yields on taxable investments such as corporate or U.S. Treasury bonds for decision making purposes. Typically, investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable corporate bonds, but those in the lowest tax brackets may be better off buying corporate bonds and paying
2185-501: Is among the risks evaluated by a rating agency , which assigns a credit rating to the bond. Credit ratings are generally the starting point buyers use when deciding how much to pay for a municipal bond. Historical default rates have been lower in the municipal sector than in the corporate market. This may be due in part to the fact that some municipals are backed by state and local government power to tax, or revenue from public utilities. However, sharp drops in property valuations (as in
2280-476: Is located along the border of Kendall and Glenvar Heights , two census-designated places . The station is in both areas. Dadeland North serves the communities of Dadeland , Glenvar Heights , Kendall , and Pinecrest , as well as serving the Dadeland Station and Dadeland Mall shopping centers. The station has two tracks served by an island platform , with a parking garage immediately west of
2375-626: Is located near Historic Overtown/Lyric Theater station in Downtown Miami . The headquarters of Miami-Dade Transit, also located next to Historic Overtown/Lyric Theater station, is known as the Overtown Transit Village. Brownsville Transit Village, opening in March 2012, was visited by the administrator of the Environmental Protection Agency (EPA), Lisa P. Jackson , on January 5, 2012, to tour
2470-553: The 2009 mortgage crisis ) can strain state and local finances, potentially creating municipal defaults. Harrisburg, PA, when faced with falling revenues, skipped several bond payments on a municipal waste to energy incinerator. The prospect of municipal bankruptcy was raised by the Controller of Harrisburg, although it was opposed by Harrisburg's mayor. Default risk to the investor can be greatly reduced through municipal bond insurance, which promises to pay interest and principal if
2565-585: The Historic Overtown/Lyric Theatre station . By the late 2000s recession , it was realized that only the 2.4-mile (3.9 km) AirportLink of the Orange Line would be funded, and after service cuts in 2008, Metrorail was running fewer trains than before the tax was passed. In response to all this, The Miami Herald published a comprehensive exposé titled "Taken For A Ride, How the transit tax went off track", detailing all of
2660-560: The Local Government Funding Agency (LGFA), is the second-biggest issuer of New Zealand-dollar debt behind the government. Local governments in China were not permitted to issue bonds in the open market until 2015, and historically these governments relied on local government financing vehicles as a major source of debt finance. By the end of 2022 a total of CN¥35.1 trillion of bonds were outstanding. In India,
2755-734: The Palmetto Expressway , Palmetto and Okeechobee, appeal to Broward County commuters with nearly 2,000 combined spaces. Additionally, the proposed North Corridor to the Broward /Miami-Dade county line would have included five park and ride facilities totaling 2,650 spaces. In the late 1990s, the plan was to potentially even continue the Metrorail line into Broward County along 27th Avenue (University Drive), ending at Broward Boulevard near Broward Mall in Plantation . After
2850-641: The Rental Car Center . In 1964 the Miami Urban Area Transportation Study was initiated by the Dade County metropolitan planning organization . It was completed in 1971 and recommended the construction for a rapid transit system for Greater Miami. Having experienced a prolonged post- World War II population boom, metropolitan Dade County's permanent population rose by 35% to nearly 1.3 million residents within
2945-631: The Universal Transit Vehicle ) built by the Budd Company under the name "Transit America"; they are identical to those used on the Baltimore Metro SubwayLink (save for the modifications made to Baltimore's cars during their refurbishment between 2002 and 2005), as the two systems were built at the same time, and the two agencies were able to save money by sharing a single order. The Baltimore-Miami order
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3040-743: The right-of-way along US 1 to Miami-Dade Transit, then named the Metro Transit Agency. Groundbreaking for the system the county commission voted to be named "Metrorail" (working name was DART - Dade Area Rapid Transit) took place at the site of what would become University station in June. Construction began in December 1980 with placing of a double-tee guideway girder near the University of Miami . The entire original 21 mi (34 km) line contained 2,704 girders, constructed at
3135-516: The 2.4 mile AirportLink and Orange Line remained promised and realized. The credibility of Miami-Dade Transit and the county as a whole, including the validity of their ridership estimates and revenue forecasts, has been a significant impediment to their qualifications for funding under the Federal Transit Administration 's (FTA) approval. In 2011, Miami-Dade Transit underwent a serious federal investigation and takeover by
3230-690: The 24-hour Metrorail service cancelled due to a lack of ridership. Construction on the first segment of the Orange Line, Metrorail's AirportLink began in May 2009; service to Miami International Airport began in the summer of 2012. On August 21, 2019, Miami-Dade Transit launched contactless payments acceptance on the Metrorail which enabled transit riders to use their smartphone devices (Apple Pay, Google Pay, Samsung Pay), as well as smart watches (Apple Pay, Google Pay, Samsung Pay, Fitbit Pay) to tap and go at all stations. Fare gates were updated instead of replaced to save money. Currently Miami-Dade Transit doesn't allow Express Transit Mode on iOS. The company behind
3325-676: The 490-unit development, which will save an estimated five million gallons of water and $ 50,000 annually in utility bills due to environmentally sustainable plumbing fixtures. Nonetheless, by 2016, Brownsville and Santa Clara were still the lowest ridership stations, the only ones to regularly post ridership numbers below 1,000 daily. In general, stations to the north of Civic Center see much lower ridership, on average one-third of stations from Civic Center south. They are mostly in industrial areas with low population density and little development, as well as stagnant or declining populations, such as Gladeview and Brownsville . Additionally, stations to
3420-479: The Airport Link in 2012, Metrorail increased its service frequency to peak headways of three and a half to five minutes on the shared portion of the line from Dadeland South to Earlington Heights. Along with the Metrorail system, the tracks are mostly elevated. The three sections that are not are under I-95 between Vizcaya and Brickell stations, under I-95 just east of Culmer station, and the northern end of
3515-546: The American Civil War, significant local debt was issued to build railroads. Railroads were private corporations, and these bonds were very similar to today's industrial revenue bonds . Construction costs in 1873 for one of the largest transcontinental railroads, the Northern Pacific , closed down access to new capital. Around the same time, the largest bank of the country of the time, which was owned by
3610-1122: The Congress could tax interest income on municipal bonds if it so desired on the basis that tax exemption of municipal bonds is not protected by the Constitution. In this case, the Supreme Court stated that the contrary decision of the Court in Pollock had been "effectively overruled by subsequent case law". The Revenue Act of 1913 first codified exemption of interest on municipal bonds from federal income tax. The Tax Reform Act of 1986 greatly reduced private activities that may be financed with tax-exempt bond proceeds. The United Kingdom 's UK Municipal Bonds Agency (UK MBA) provides services for borrowing by municipalities. Canada has CIBC . Municipal bonds agencies also known as Bond banks or Local government funding agencies exist in other countries, such as Sweden and Finland. In New Zealand,
3705-543: The Downtown Express only stopped at Dadeland South , Dadeland North , Brickell , and Government Center stations. The service was well received, though it only saved a few minutes' time, partially due to the headway limitations with a system only having two tracks. The service continued past December. The Downtown Express is no longer in use. Metrorail runs from the northwest in Medley through Hialeah , into
3800-674: The FTA in which it was forced to open its books over suspicions of money mismanagement. The Agency threatened to cease its funding used to cover operational costs, which would have meant significant cuts in service; however, they took the funding under their strict control to prevent this from happening. The South Link expansion, which was intended to replace the South Miami-Dade Busway , a bus rapid transit that opened in segments on February 3, 1997, and in April 2005, had plans for
3895-863: The Hitachi Rail factory in West Plains, Missouri , and in February 2018 it was announced that the final replacement cars would not arrive before 2020. The shortage of replacement cars resulted in some Metrorail runs being operated as two-car trains. As of August 3, 2024, the current standard fare on Metrorail is $ 2.25 and reduced fare is $ 1.10. A standard monthly pass costs $ 112.50 and $ 56.25 for reduced fare. The monthly Easy Cards are sold at over 50 sales outlets. Reduced fares are available only to Medicare recipients, people with disabilities , and Miami-Dade students in grades 1 through 12. Children below 42 inches (110 cm) tall ride free when accompanied by
Dadeland North station - Misplaced Pages Continue
3990-562: The MIC, the Orange Line connects to Tri-Rail , Greyhound intercity buses, and the MIA Mover , the airport's people mover. In addition to private development, several joint-development affordable housing projects have recently been constructed along the Metrorail line with the intent of increasing ridership through transit-oriented development. These projects include Santa Clara apartments, Brownsville Transit Village, and The Beacon, which
4085-588: The Metromover in Downtown Miami and Brickell, the entire Metro system operates 43 stations. Metrorail stations are located at about a mile (one and a half kilometer) apart along the line, and Metromover stations are located at approximately every two blocks in the greater Downtown area. Travel times provided are approximate for travel to and from Government Center in Downtown . From the beginning,
4180-692: The Metrorail bridge over the Miami River. Additional segments between Earlington Heights and Okeechobee opened between December 1984 and May 1985. In March 1989, a temporary station was opened to provide a connection to the newly opened Tri-Rail commuter rail line, with the now permanent station officially opening in June. Preliminary engineering for a rapid transit extension to the Palmetto Expressway began in 1996 with Palmetto station opening in May 2003. As far as operational costs, revenues expected for 2006 were $ 17.15 million, while expenses budgeted for 2006 were $ 41.29 million. These historic figures became
4275-402: The Metrorail was designed and envisioned to have more lines than the current two line system; however, the federally subsidized cost of the original line ended up over budget at $ 1.02 billion, after which ridership was much lower than expected. The proposed lines included: It was not until the half-penny transit tax was passed in 2002 that any serious expansion plans were again considered, with
4370-519: The Miami Intermodal Center (< 2,000). Year averages are rounded to the nearest 500, and the highest month is also given in bold. A trend of lower ridership during the summer can be seen, when the traffic and population of the county (and state) is generally lower. The low December ridership anomaly may be explained by the long Christmas and holiday season . By 2016, ridership started to decrease, especially by summer, where July saw
4465-471: The North Corridor and East–West lines, both dubbed the "Orange Line," assuming the highest priority, while the possibility of 88.9 miles (143.1 km) of additional rail if all the extensions were built by 2030, was touted. However, after budget deficits, other uses of the tax revenue, and a downgrade of the North Corridor's funding priority to medium-low by the federal government, after 10 years only
4560-543: The Orange Line only runs between Earlington Heights and Miami International Airport, running every 15 minutes. Metrorail runs from 5 a.m. until midnight seven days a week. For a brief period from 2003 to April 2004 there was 24-hour service supported by the transit tax; between midnight and 5 a.m. trains arrived every 60 minutes. A limited-stop bus route, Route 500 Midnight Owl, operates hourly between 12:30 a.m. and 5:30 a.m. trip between Dadeland South and Government Center Metrorail stations. This bus service replaces
4655-613: The Port of New York Authority, formed in 1921 and renamed Port Authority of New York and New Jersey in 1972, and the Triborough Bridge Authority (now the Triborough Bridge and Tunnel Authority), formed in 1933. The debt issues of these two authorities are exempt from federal, state and local governments taxes. The basic types of municipal bonds are: Depending on the jurisdiction and the basis for issuing
4750-647: The South-Dade Transitway Corridor, is currently an under construction gold standard bus rapid transit line with an expected start of revenue service in the fall of 2024. On November 16, 2022, Miami-Dade County announced that they would accelerate construction on the North Corridor along NW 27th Avenue from Dr. Martin Luther King Jr. Plaza station to Hard Rock Stadium at NW 199th Street in Miami Gardens, Florida , with
4845-580: The Spain-based Construcciones y Auxiliar de Ferrocarriles . CAF's bid was slightly higher than that of AnsaldoBreda, and thus Miami-Dade was prepared to award the contract to the latter. However, the contract was stalled when CAF filed a lawsuit against the transit authority, claiming that their selection of AnsladoBreda was due to the fact that the builder was willing to open a local factory in Miami-Dade County to assemble
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#17327730505844940-449: The alternative minimum tax as an item of tax preference. Municipal bonds' coupon rates are generally lower than those of comparable corporate bonds, but higher than those of their FDIC-insured counterparts: CDs, savings accounts, money market accounts, and others. Historically, municipal bonds have been one of the least liquid assets on the market. One indicator of this is their infrequent trading. Municipal bonds are actively traded in
5035-517: The applicable state laws. Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. As of 2004 , other rules, however, such as those pertaining to private activity bonds, are found in sections 141–150, 1394, 1400, 7871. The state and local exemption was the subject of litigation in Department of Revenue of Kentucky v. Davis . Bonds issued for certain purposes are subject to
5130-444: The bond, voter approval may be required, especially if a property tax levy is involved. Some bonds, for minor projects or emergency situations, may be issued without voter pre-approval. But in all cases, public input (whether a vote, or the opportunity to speak for or against issuance at a public hearing) is required. Voter approval of the bond proposal does not automatically result in the bonds being issued. Frequently, bonds under
5225-511: The bonds in the sample traded at least once during a given month. A 2007 study concluded that the average investment grade tax exempt 1-10 year municipal bond traded 21 times over its 11-year sample and 5.65% of issues only traded once. Unlike corporate and Treasury bonds, which are more likely to be held by institutional investors, municipal bond owners are more diverse, and hence harder to locate, giving this market less liquidity. Compared to stocks, municipal bonds are much harder to maneuver. At
5320-432: The cars expected to be delivered over the course of several years until 2017. By the time the custom rail-car building facility in Medley was completed in early 2016, AnsaldoBreda had been purchased by Hitachi Rail and the full rollout was pushed back to 2019, beginning gradually from 2017. The first trainset entered service in early December 2017. The delivery of the cars fell behind schedule once again due to flooding at
5415-559: The city of Miami, the downtown area, through Coral Gables and South Miami , and ending in southwest Miami-Dade at Dadeland Mall. There are 23 accessible Metrorail stations, one about every 1.25 mi (2.012 km). Metrorail connects to the Metromover system at Government Center and Brickell stations and to South Florida 's Tri-Rail suburban commuter rail system at the Tri-Rail station (see below). Since completion of
5510-437: The congested South Dixie Highway . During the 1990s, ridership growth was relatively stagnant, however, and Metrorail remained the subject of criticism. At this time, ridership was up to about 50,000 per day, about a quarter of the original ridership estimate. Although the original referendum for a one-cent transit sales tax increase had failed in 1999, a half-cent sales surtax (Charter County Transit System Surtax) increase
5605-462: The downtown area and Tri-Rail station have dedicated parking available. Parking costs $ 4.50 per day or $ 11.50 for a monthly pass. On July 16, 2008, Miami-Dade Transit announced that it would be replacing all fare collection methods with the Easy Card system by late 2009. The system replaces the old cash and token-based system with one that automatically deducts fares at Metrorail fare gates from
5700-439: The end of that year. The transit tax also funded improvements to the adjoining Metromover system, including removal of the 25 cent fare, with the idea that higher ridership on the system would lead to higher Metrorail ridership, as well as the realization that the cost of fare collection exceeded fare revenue. The original Metrorail line was initially planned to be built to the airport, but due to political pressure and lobbying
5795-420: The entirety of Downtown and Brickell . Additionally, it connects to South Florida's commuter rail system at Tri-Rail station , as well as Metrobus routes at all stations. In 2023, the system had 13,439,300 rides, and about 49,300 per day in the third quarter of 2024. In 2012, Metrorail opened its 23rd station, Miami International Airport station , at Miami International Airport (MIA), beginning service on
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#17327730505845890-681: The evening it is not uncommon for Miami-Dade Transit to link two out-of-service trains together before returning them to Lehman Yard. Trains are stored at the Lehman Yard just west of Okeechobee station. There are extra tracks and a new test track, known as the Lehman Center Test Track, built at the Lehman Yard. Metrorail currently uses 136 heavy-rail cars built by the Hitachi Rail Italy , the first of which started running in December 2017. They were constructed in
5985-510: The existing Metrorail cars with the money instead of replacing them as promised. However, it was found that the fleet had never been maintained properly, and in 2008, a cost-benefit analysis found that, based on the current fleet's condition, a refurbishment would cost just as much as it would to buy new cars, if not more so. There were discussions with Washington, D.C.'s Metro system about combining car orders with their 6000-series cars to achieve lower costs through economies of scale , but
6080-530: The fare systems is Cubic Transportation Systems, a partner with MDT since the beginning of the Easy Card/Ticket implementation. Beneath the Metrorail guideway from Brickell to Dadeland South, along the former Florida East Coast Railway right-of-way, there is a nearly contiguous 10.5 mi (17 km) bicycle and pedestrian trail known as the MetroPath (M-Path) which was built in 1984 along with
6175-400: The initial segment of the single Green Line opened, Metrorail saw less than 10,000 riders per day. This increased to 15,000 after the rest of the line and stations opened in late 1984 and 1985. After running out of money due to cost overruns , the originally planned to be 50 miles (80 km) system consisting of several lines was never completed, and lack of transit-oriented development along
6270-478: The issuer does not do so. Projecting the yield to maturity on municipal bonds usually involves incorporating tax brackets. Comparing the yield on a municipal bond to that of a corporate or U.S. Treasury bond can be misleading, because of differing tax treatment of the income from the two types of securities. For that reason, investors use the concept of taxable equivalent yield to compare municipal and corporate or Treasury bonds. The taxable equivalent yield on
6365-483: The last the Miami Dade Transit Authority ever disclosed, and are the figures still displayed on today's Miami-Dade Transit webpage as of January 2012. With the area having a generally low density and lacking transit-oriented development , the Metrorail was designed as a park and ride system, with the idea being that suburban residents would drive to the stations, then commute the rest of
6460-602: The line from just east of the Palmetto Expressway heading west into the Palmetto station and tail track. In each of these cases, the tracks ride on the ground level for a brief amount of time. The platform at each Metrorail station is long enough to accommodate six-car-long trains; the Dadeland North, Earlington Heights, and Government Center station platforms are long enough to accommodate eight-car-long trains. In-service trains are usually either four or six cars long; in
6555-486: The line had opened. Ridership continued to grow in the late 1980s, with an edge city -like area known as Dadeland in suburban Kendall growing up around the southern terminus of the line at Dadeland North and Dadeland South stations. Consequently, the southern nine stations from Kendall to Downtown Miami have higher ridership than the northern end. This part of the system also has a higher average speed, having fewer curves and long distances between stations as it follows
6650-431: The lowest ridership since the Orange Line opened in 2012. This lag follows Metrobus , which began to decline in 2014, amid an aging fleet and falling oil and gas prices, and posted the lowest ridership numbers in over a decade during June and July 2016. For October 2016, even Metromover recorded low ridership, though the low numbers for this specific month were blamed on one day of closure for Hurricane Matthew . 2017 saw
6745-450: The market more responsive to investors, more financially transparent and ultimately easier for issuers and buyers. The emergence of small denomination municipal bonds makes the muni market more accessible to middle-income buyers. It is believed that these initiatives will reduce lower debt issuance costs. Default risk is a measure of the possibility that the issuer will fail to make all interest and principal payments, on time and in full. It
6840-431: The market-wide demand that an opinion of qualified bond counsel accompany each new issue. When the U.S. economy began to move forward once again, municipal debt continued its momentum, which was maintained well into the early part of the twentieth century. The Great Depression of the 1930s halted growth, although defaults were not as severe as in the 1870s. Leading up to World War II, many American resources were devoted to
6935-719: The metro system. It is popular among cyclists, some of whom use it to commute to and from downtown, as well as runners. In 2014, plans were made to revamp the MetroPath as a linear park , taking after the popular High Line in New York City, by a group known as "Friends of the GreenLink. The University of Miami assisted in the procurement of the idea. Into 2015, the proposal gained momentum and rebranded itself as [Friends of] "The Underline". The full park will be completed in phases and will be fully complete in 2025. Metrorail currently operates 23 stations, and combined with
7030-906: The military, and prewar municipal debt burst into a new period of rapid growth for an ever-increasing variety of uses. Today, in addition to the 50 states and their local governments (including cities, counties, villages and school districts), the District of Columbia and U.S. territories and possessions (American Samoa, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands) can and do issue municipal bonds. Another important category of municipal bond issuers which includes authorities and special districts has also grown in number and variety in recent years. The two most prominent early authorities were
7125-420: The next year with only 25% in the starting year. Note the large jump in ridership starting September 2012 after the Orange Line extension to MIA opened, the largest project that came to fruition after the passing of the half-penny tax in 2002. Service frequency below Earlington Heights was doubled as a result, hence the ridership jumped by nearly 10,000, at least four times the ridership of the single new station at
7220-496: The north of Earlington Heights are only served by one line, giving them much longer headways . In December 2015, Miami-Dade Transit began the Downtown Express , a monthlong pilot program for express service between key stations during rush hours. During morning rush, many stations are skipped from the north and south en route to downtown, and in the afternoon, stations are skipped as the trains leave downtown. Hence,
7315-502: The platform. Metrorail (Miami-Dade County) Metrorail is a rapid transit system in Miami and Miami-Dade County in the U.S. state of Florida . Metrorail is operated by Miami-Dade Transit (MDT), a departmental agency of Miami-Dade County. Opened in 1984, it is Florida's only rapid transit metro system, and is currently composed of two lines of 23 stations on 24.4 miles (39.3 km) of standard gauge track. Metrorail serves
7410-450: The promises that were not kept as well as what money was misspent and how. Despite the service cuts, due to the rise in energy prices and ever-increasing congestion, as well as a significant amount of residential development in the downtown area, ridership continued to grow during the 2000s, averaging well over 60,000 weekday riders throughout 2011. However, this is still short of the 1985 estimate of 75,000 daily riders that were expected by
7505-545: The same investor as that of Northern Pacific, collapsed. Smaller firms followed suit as well as the stock market. The 1873 panic and years of depression that followed put an abrupt but temporary halt to the rapid growth of municipal debt. Responding to widespread defaults that jolted the municipal bond market of the day, new state statutes were passed that restricted the issuance of local debt. Several states wrote these restrictions into their constitutions. Railroad bonds and their legality were widely challenged, and this gave rise to
7600-411: The same time, the minimum investment amounts for stocks are typically <$ 500 and about $ 1000 for CDs and money markets; in comparison, municipal bonds typically have minimum denomination buy-ins of $ 5000 but smaller issuers may have buy-ins of $ 1000 to incentivize local or regional investors. An investor's overall principal cost may be lower than the $ 5000 minimum denomination by purchasing the bonds at
7695-406: The single line led to the system being regarded as a boondoggle . President Ronald Reagan commented that, given the low number of riders, it would have been cheaper to buy them all a limousine than the billion dollar cost of building and subsidizing the system. The federal subsidy was approximately $ 800 million of the $ 1.02 billion used to fund the line. Ridership was up to 15,000 after the rest of
7790-521: The start of work. It was also announced that Phase II would include park-and-ride facilities added at five of the eight total stations. As of June 2024, the extension will be completed by 2036. Sortable chart detailing monthly weekday ridership averages by calendar year; right hand chart giving annual averages may use "fiscal year" without disclosure, where the FY begins in October and has 75% of its time in
7885-676: The system, the Federal Transit Administration (FTA, then, the Urban Mass Transit Administration) committed 80% of the costs for the first stage of rapid transit system, with the county and state incurring the remaining cost. In the end the system cost over a billion dollars. In April 1979, the Interstate Commerce Commission ratified an agreement between the Florida East Coast Railway and Dade County to transfer
7980-410: The talks failed to work anything out. The following year, Miami-Dade issued an RFP for new cars to replace their existing fleet, at a cost no greater than $ 2.419 million per car. Proposals from three railcar manufacturers were reviewed, with only two of which meeting the price requirements, these being from Italy-based AnsaldoBreda and Elmira Heights, New York -based CAF USA, an American branch of
8075-524: The taxes. Investors in higher tax brackets may arbitrage municipal bonds against corporate bonds using a strategy called municipal bond arbitrage . The U.S. Supreme Court held in Pollock v. Farmers' Loan & Trust Co. (1895) that the federal government had no power under the U.S. Constitution to tax interest on municipal bonds, but in South Carolina v. Baker (1988), the Supreme Court held
8170-472: The two categories. The U.S. municipal debt market is relatively small compared to the corporate market: total municipal debt outstanding was $ 4 trillion as of the first quarter of 2021, compared to nearly $ 15 trillion in the corporate and foreign markets. But conversely, the number of municipal bond issuers (state and local governments and other affiliated entities) far exceeds the number of corporate bond issuers. Local authorities in many other countries in
8265-588: The urban core of Miami, connecting Miami International Airport , the Health District , Downtown Miami , and Brickell with the northern developed neighborhoods of Hialeah and Medley to the northwest, and to suburban The Roads , Coconut Grove , Coral Gables , and South Miami , ending at urban Dadeland in Kendall . Metrorail connects to the Metromover in Downtown, which provides metro service to
8360-467: The vehicles. This violation could render the deal ineligible for federal funding . After reevaluating the bids from the builders, without taking local geographic preference into account, Miami-Dade reaffirmed its selection of AnsaldoBreda, and in November 2012, approved a $ 313 million purchase of 136 new Metrorail cars from the company. Miami-Dade issued the notice to proceed the following month, with
8455-493: The way into the city. Nearly all of the stations outside of downtown Miami have parking facilities, except Tri-Rail station. Several have large parking garages , such as Dadeland North and South stations, located at the southern end of the system, which combined have space for over 3,000 cars. Earlington Heights , located just northwest of Downtown and adjacent to Interstate 95 and the Airport Expressway , has
8550-413: The world issue similar bonds, sometimes called local authority bonds or other names. Municipal debt predates corporate debt by several centuries—the early Renaissance Italian city-states borrowed money from major banking families. Borrowing by American cities dates to the nineteenth century, and records of U.S. municipal bonds indicate use around the early 1800s. Officially the first recorded municipal bond
8645-469: Was a general obligation bond issued by the City of New York for a canal in 1812. During the 1840s, many U.S. cities were in debt, and by 1843 cities had roughly $ 25 million in outstanding debt. In the ensuing decades, rapid urban development demonstrated a correspondingly explosive growth in municipal debt. The debt was used to finance both urban improvements and a growing system of public education. Years after
8740-676: Was among the last orders Budd filled before shuttering its railcar manufacturing business; a fleet of similar vehicles was manufactured by Società Italiana Ernesto Breda for the Red and Purple lines of the Los Angeles Metro Rail between 1988 and 2000. These cars were manufactured in Budd's Red Lion plant in Northeast Philadelphia in 1983. The cars are 75 feet (23 m) long, 10 feet (3.0 m) wide and have
8835-534: Was instead directed to its current alignment around the airport and to Hialeah . In May 2009, Miami-Dade County broke ground on the AirportLink project, a 2.4-mile (3.9 km) extension of Metrorail connecting the existing Earlington Heights station to the Miami Intermodal Center (MIC), located adjacent to Miami International Airport 's rental car center. The AirportLink was considered
8930-475: Was passed by a two-to-one margin by Miami-Dade County voters in November 2002, with the intention being for the revenue to go fully towards the funding of new transit lines, including the Metrorail Orange Line, new bus routes, and increased service. Metrorail briefly ran a 24-hour hourly service from 12am to 5am and rush hour peak headways were reduced to 6 minutes, but the idea of the transit tax
9025-424: Was sold to voters as being able to fund up to 88.9 miles (143.1 km) of additional Metrorail track by the 2030 long range plan, beginning with a completion of an Orange Line north corridor and east–west line by 2016. As it turned out, Miami-Dade Transit was running a deficit and used some of the tax to close the books, as well as using some to hire new staff, pay rent, and buy furniture for their new headquarters at
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