11/07/2012 08:24 am ET

$1.2 Billion Bond Issue For Miami-Dade Schools Approved By Voters

Superintendent Alberto Carvalho earned another win for the Miami-Dade school district as county voters approved a $1.2 billion bond issue for school improvement, according to preliminary results.

The plan, which carried a 68.85-31.15 "for bonds" vote as ballots were still being counted on Wednesday, will funnel local funds toward the revitalization of some of the county's oldest schools, in addition to funding technological upgrades.

"We're going to deliver these projects on time and under budget," Sup. Carvalho promised members of a watch party at Miami Senior High according to The Miami Herald.

Passage of the ballot request means extra taxes from property owners -- an average of $27 for every $100,000 of assessed value each year, with a maximum of $35, according to the Herald -- continuing a prior bond issue which expires at the end of the 2013 school year.

Nearly half of the District’s school buildings are over 40 years old, and more than a third are at least 50 years old, according to an official appeal for "yes" votes. The Superintendent expects improvement projects to continue through 2020.

The county is not expected to certify results until Wednesday afternoon after long lines stranded voters at several swollen polling stations until after 1 a.m.