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News: Eagles Hawaiian Luau a Lulu July 28th, 2007
News: Big Dock Funding Appeal July 18th, 2007
News: CRA Pursues Second Street Property July 18th, 2007
News: Emergency Management Plan Approved July 18th, 2007
News: Police Beat: June 26 throught July 6 July 17th, 2007
News: Bid of $4,650,000 to Fix Big Dock July 3rd, 2007
News: CRA to Fund Art Teacher June 28th, 2007
News: Sinking Dock Street June 21st, 2007
News: Police Report June 20th, 2007
News: Big Dock Plans Go Forward June 20th, 2007
News: And the Contest Winners Are... June 19th, 2007
News: Park Plans Debated Again June 13th, 2007
News: Hussan Proposes Revision of Commission Agenda Format June 13th, 2007
News: City Commission Acts on Four Ordinances June 13th, 2007
News: Water Treatment Plant Open House June 10th, 2007
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Future Bond Issues Need Voter Approval | Future Bond Issues Need Voter ApprovalJim Hoy The Florida Supreme Court ruled September 6 that bond issues using property taxes derived from redevelopment programs must be approved of by voters, i.e. by referendum. According to an Associated Press article, the court's unanimous decision "will affect all future tax increment financing projects across Florida." A $135 million bond issue by Escambia County precipitated the court action. How this court decision affects the $9,200,000 bond issue that the City of Cedar Key has planned for 2008 may hinge on the word "future." Mayor/Commissioner Paul Oliver told Cedar Key News that the local bond issue is already underway, but that any future bond issues will need voter approval. Commissioner Gene Hodges, who was elected in May 2007, has regularly questioned the wisdom of the bond issue. Regarding the new requirement of voter approval of a bond issue, Hodges said, "It may not be a bad idea to put a bond issue before the voters." The bonds in question will be paid off over four years with money received from Levy County in the form of property taxes earmarked for the Cedar Key Community Redevelopment Agency. |
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