To anyone interested in the answer I received in writing from the City regarding assurances the bond money will spent as detailed in the bond plan, here it is: The referendum to issue the bonds is the legal framework for the bond contract. In order to issue the bonds, the City will have to enter into a legal contract with lenders. The contract will contain legal covenants that are binding on the City regardless of any change in Administration or Elected Officials. The covenants would contain the project information and the city will have to follow those legal requirements in the spending of the bond proceeds. Bond proceeds cannot be spent on any items not contained in the covenants. The City’s auditor’s will audit the compliance with the bond covenants every year. If the City did not comply with the covenant that would be a default and there would be serious federal, state, legal, and financial ramifications. Along with a follow up answer which came 18 minutes after that which said: On Aug. 12th the City Commission will take action on a resolution outlining the specific projects identified in LW2020 to give the public an assurance of what exact projects are included. Also, attached is a simplied tax calculator, which should be uploaded to the City’s website to help people determine the cost. Feel free to pass it out to anyone. I will be happy to pass it along to anyone who wants it until it is uploaded on the Citys website, but its in a format that I cannot share here on Facebook. Email me at marylindsey33460@gmail and I will forward to you the email from the City - without any comment from me - as soon as I possibly can.
Posted on: Wed, 06 Aug 2014 20:42:28 +0000