How will the city pay for all of these projects?
In September 2013, the city issued $59,815,000 of Special Obligation Refunding and Improvement Revenue Bonds, Series 2013. These bonds will be used to fund the projects listed. Monies received from the sale of bonds was also used to pay off the remaining balance of a $10 million bank loan (Capital Improvement Revenue Note, Series 2008) that was used to fund Vizcaya and other park improvements.

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1. How will the city pay for all of these projects?
2. What are bonds?
3. How will the bond proceeds be spent?
4. Why didn’t the city just borrow from a bank?
5. Why did the city pay off the Vizcaya loan with bond money?
6. How will the bonds be paid?
7. Will my taxes increase in order to pay for the debt service on the bonds?
8. Why didn’t the city wait until they had the money available to pay for these projects instead of issuing debt?