Sinister forces abound in this election. I’ve been here from the beginning. It’s never been like this. People, including some running for office intentionally misrepresent in favor of not so hidden agendas. Paul Nichols touched on this in his recent Letter to the Editor. I urge you to read it.
Perhaps I can shed some light for those who are genuinely confused by the negative rhetoric and want to know more about the referendum.
The Village’s Charter can be found here:
Section 4.10 (a) of the Village’s Charter addresses Borrowing and provides that the village can incur no debt unless the incurrence of such debt is approved by at least 5 Council Members.
Section 4.10 (b) of the Village’s Charter sets Limits (the “Debt Cap”) on borrowing. As of today, the Debt Cap is approximately $82 million dollars.
Most projects undertaken by the Village Council are paid for either through general revenues or through conventional bank financing. The Constitution of the State of Florida says that if voters approve, municipalities may issue general obligation bonds to finance certain specific projects. General obligation bonds backed by the full faith and credit of the municipality can often provide better interest rates and up to 30-year terms for financing the specific projects.
This November 3, the Council is asking voters to approve the use of general obligation bonds as the most favorable financing alternative for the following types of projects: a) mitigating the effects of sea level rise and flooding; b) protecting the village’s beaches and shoreline; and c) hardening infrastructure to the effects of hurricanes.
Numerous long-time residents, including a majority of ex-council members and mayors of the Village and candidates running for Council have endorsed the GO bonds initiative.
We must invest in our future and improve our resiliency infrastructure. Don’t let misinformation or a misguided group affect your vote. Vote for our future. Vote in favor of the general obligation bonds initiative. And vote for the candidates who believe in our village, who do not want to defund our unparalleled services, and who tell you the truth.
Assuming the referendum is approved by the village voters, there can be no borrowing of any amounts until there is approval by a super-majority of at least five council members of a specific funding mechanism for a specific project. The total of all borrowing at any time must be within the village’s Debt Cap.
There is NO BLANK CHECK!
I hope the above is clear and concise and will help you decide to vote in favor of the general obligation bond referendum.