The General Obligation (G.O.) Bond program is a primary way the City finances the cost of physical improvements to the City's neighborhoods, streets, parks, beaches, public safety facilities, and other facilities. G.O. Bonds are sold to investors and are re-paid solely from property taxes. By law, G.O. Bonds are used to pay for projects that do not produce revenue.

The G.O. Bond program was approved by voters in 1999. The City of Miami Beach G.O. Bond program is for $92,465,000. With the addition of these bond issues, debt service millage will continue to be charged to property owners; however, millage tends to decline on an annual basis. This is because of the effect of the increasing value of all property in the City (residential and commercial), and that the cost of annual payments on the bonds are less than the cost of the bonds currently outstanding.

There are three G.O. Bond programs that fund community needs and improvements under the Capital Improvement Projects Program: Neighborhood Infrastructure, Parks and Beaches Improvements; and Fire Safety.

An Bond Oversight Committee has been formed from among neighborhood representatives to ensure that the G.O. Bond-funded projects are fairly carried out as proposed, and that the community needs are met. Projects may be modified in coordination with the oversight committee and required approvals.