It's Do or Die - Bond issue to be placed on ballot in Lake Worth

Comment Up

Since December the amounts they want have changed...Starting out at $60.2 million, later at $63.2 now the city snuck in another $300,000 for good measure and are now asking for $63.5 million for you to approve at the ballot box. But they will also be spending another $19.5 million in cash/grants, amounts that have never been identified as to what is what, which is which, or where it will go. "We want it, therefore we shall have it."

And not once in a public meeting have they told you the real cost of these bonds or the costs that they will be reimbursing themselves for costs associated with these bonds for Opinions of bond counsel, Opinion of underwriter's counsel, Opinion(s) of the counsel to the conduit borrower, Opinion of issuer's counsel, Opinion of credit enhancer's counsel, underwriters, consultants, advertising campaigns and persuasion, work done at the Park of Commerce prior to the bond and overall schmoosers who seem to come out of the woodwork. Who knows what's left of the money that is to go towards roads once that is all paid out. They haven't told you any of that.

Tomorrow night, the city commission will be setting the bond issue for the August primary. If the resolution is approved, the cost to the City to hold this referendum election will be minimal at approximately $5,500 as the majority of the expenses will be borne by the County Supervisor of Elections. It is do or die time for the commission. They have been tossing so many figures and so many scenarios around for the last 5 months. The commission feels it has told you everything (they really believe this) that you need to know, plus some, in order to tax yourself for 30 years. The city has 12 more weeks to convince the voters.

Section 3. Bond Referendum Election on Improvement of Public Facilities. a. Bond Referendum Election. A bond referendum election of the qualified electors residing in the City of Lake Worth is hereby called to be held during the primary election on August 26, 2014, to determine whether or not the issuance of General Obligation Bonds in an aggregate principal amount not exceeding $63,500,000, payable from ad valorem taxes levied on all taxable property in the City of Lake Worth, shall be approved by such qualified electors to finance the cost of the construction and improvement of roadway, sidewalk,streetlight, streetscape, drainage and water and sewer facilities located within the City...

Section 4. Authorization of Bonds. Subject and pursuant to the provisions hereof, General Obligation Bonds of the City of Lake Worth, Florida are authorized to be issued in the aggregate principal amount of not exceeding $63,500,000 to finance the cost of the purposes generally described in Section 2 of this Resolution, including allocations for administrative costs, legal fees, fees of fiscal agents and all other costs associated with the issuance of the Bonds. Such General Obligation Bonds may be issued in one or more seriesand shall be payable from ad valorem taxes levied on all taxable property in the City, maturing in each case not later than thirty (30) years. Such Bonds shall bear interest at such rate or rates not exceeding the maximum rate permitted by law at the time of the sale of the Bonds.