Has the City Looked At Using Special Assessments To Fund The Projects in the Lake Worth 2020 Plan?
Yes. As an existing built out City with established infrastructure and property boundaries, there are too many variables to create an assessment. These included: the type and conditions of the current roads, the type of projects to fix them, the size of the properties and the uses on them, and, the traffic flow and volume. These complicated variables make it feasibly impossible at this time to create an assessment formula that is practical and can be legally defended.
Has the City Looked At Using Revenue Bonds To Fund The Projects in the Lake Worth 2020 Plan?
Yes. Revenue bonds are associated with operations where there is a dedicated revenue stream with charges or fees for specific services or programs. In Lake Worth, charges for Electricity, Water/Sewer and Parking have budgeted revenue lines. There is not a revenue stream in the General Fund that can be used to borrow against for roads unless an elaborate toll system is established.
Has the City Looked At Using General Obligation Bonds To Fund The Projects in the Lake Worth 2020 Plan?
Yes. General Obligation bonds are self imposed debt that requires the citizens to vote to approve. The interest costs are the lowest available among the various loans a City can use. This type of debt does not go against the 10 mil cap established by state law.
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Looks like the city is stuck. It must get voters to agree to support a general obligation bond and personal debt for 30 years...If they don't succeed, what's Plan B? Surely there's an alternative but it is being kept top secret as Plan A could surely fail.
Other than Loretta Sharpe who has stated her home is in foreclosure and wants this plan to pass by the voters, does anyone in their right mind want to fund this debt?
ReplyDeleteI was in the room when Mrs Sharpe made her statement. And what she said was, because my house is in foreclosure I sould be the most against the20/20 plan,but I can't live in this city and watch it go down the drain. She also said something about Loan Modification.
ReplyDeleteI'm all for fixing our roads, but I'll be voting no. We can't keep asking those that pay city of LW taxes, certain neighborhoods, snow birds, businesses to pay 100% of the City's obligations. 30% should not have to pay 100% of this cost.
ReplyDeleteCome back with a plan B.
This is just another wild idea by the worst commission. I foresee it going down in flames at the polls right along with all the hypocrites kissing this commission's butt.
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