General Obligation Bonds Referendum
The Riviera Beach City Council has approved placing three referendum questions on the March 19, 2024 ballot on the issuance of long-term debt to finance three public facilities. The three projects are as follows 1. $35 million Public Safety (Police) Facility General Obligation Bond (G.O. Bond) referendum, 2. $55 million Parks General Obligation Bond referendum, 3. $25 million Fire Station 86 General Obligation Bond referendum. The debt, known as General Obligation Bonds (G.O. Bonds) will finance the new police and fire facilities, as well as various improvements to city parks and recreational facilities, and will be secured by the full faith and credit of the City’s ad valorem tax revenues.
Monday, January 22nd, 6 PM – 8 PM
Lindsey Davis Community Center
1550 W. 28th Street |
Tuesday, January 30th, 6 PM – 8 PM
Police Department
600 W. Blue Heron
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Thursday, February 1st, 6 PM – 8 PM
Wells Recreation Center
2409 Avenue H West
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Monday, February 5th, 6 PM - 8 PM
Riviera Beach Port Center
2051 Dr. Martin Luther King Jr. Boulevard |
Thursday, February 15th, 6 PM - 8 PM
Fire Station 86
5010 N. Ocean Dr. |
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Thursday, February 29th (Leap Year), 6 PM – 8 PM
Fire Station 88
1920 W. Blue Heron Boulevard
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Saturday, March 2nd, 9 AM – 10:30 AM
Riviera Beach Public Library
2129 North Congress Avenue |
$35 Million for Public Safety (Police Facility)
Riviera Beach has grown significantly over the last 30 years. As our city grows so does the burden on our public safety infrastructure. The goal of Riviera Beach's public safety professionals is to protect the well-being of our residents and visitors by safeguarding them from crime, disasters, and potential threats.
The proposed G.O. Bond will finance the cost to acquire, construct, equip, and improve new public safety (police) facility.
Public safety facilities are rigorously designed to meet specific public safety needs to ensure that daily operations are performed efficiently, safely, and within state and federal statutes and regulations. Improvements to public safety facilities can affect response times, provide cost savings to tax-payers over time, and improve the safety of residents and first responders alike.
$55 Million for Parks, Recreation, & Leisure Projects
The City of Riviera Beach is recognized as a premier location for recreation and sports. City staff are continuously working to provide the highest quality parks, facilities, and amenities to meet the needs of residents, and visitors while planning for future growth.
The G.O. Bond would finance projects up to $55,000,000 to acquire, construct, equip renovate, replace, and improve parks, recreational and leisure facilities in accordance with the City’s adopted Parks Improvement Master Plan.
Funding will go towards:
· Improvements at the Dan Calloway Park Recreation Complex
· Improvements at the Municipal Beach Complex
· Implementation of other elements of the Parks Improvement Master Plan
Parks are an essential part of any city. Parks promote health and wellness and drive programming and educational activities that impact childhood development. Parks create economic opportunity by attracting visitors and businesses to the area. They build, unite and strengthen communities by providing public spaces for people to come together.
$25 Million for Fire Station 86
Fire Station 86, which is on Singer Island, has reached the end of its useful life. In years past, this station has been temporarily vacated by Fire Rescue personnel due to water damage as well as environmental and operational concerns. Hundreds of thousands of dollars were spent repairing many of the facility's issues, but these efforts are not a final solution. The fire station was built in the 1970s and is in a constant state of disrepair. The City seeks to replace Fire Station 86 to maintain service continuity and reliability.
Public safety facilities are rigorously designed to meet specific public safety needs to ensure that daily operations are performed efficiently, safely, and within State and Federal statutes and regulations. Improvements to public safety facilities can affect response times, provide cost savings to tax-payers over time, and improve the safety of residents and first responders alike.
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Timeline
- August 2023: City Council authorized the holding of the bond referendums
- October 2023: City notified Supervisor of Elections of the bond referendums
- January 2024 – February 2024: Publication of public notices
- March 2024: Voters decide
- Summer 2024: Earliest date that an initial series of bonds can be issued
FAQs
What is a general obligation bond?A general obligation bond (G.O. bond) is a form of debt obligation that provides local government with funds to finance large capital improvements, such as those currently proposed for enhanced parks and recreational facilities, neighborhood and infrastructure improvements, and public safety.
Bonds are secured by the full faith and credit of the issuing municipality
Repaid through the imposition of a dedicated debt service millage levy (Ad Valorem tax)
Note: The debt service millage is not included in a city’s statutory millage cap
The city is respected in the financial lending markets as indicated by its well-earned AA credit rating. This current credit rating will also assist in receiving lower interest rates on the GO Bonds.
Projects financed with GO Bonds typically have broad community benefits, such as parks, police/fire facilities, or bridge and street-related projects
Currently the city has no outstanding GO Bonds
The city is not obligated to issue GO Bond
What can general obligation bonds be used for?
General Obligation Bonds allow the City to pay for major capital investments having a public purpose, such as quality of life enhancements related to parks, community recreation, and cultural facilities; neighborhood and infrastructure improvements.
Bonds are sold to investors and the proceeds from the sale of these bonds are used to pay for capital projects. Bond funds cannot be used for everyday operating costs, such as salaries for police officers, firefighters, or City employees (other than those working directly on capital projects). Such operating expenses are paid for by annual revenue that supports the City’s General Fund, such as property tax revenue.
Why does the City issue bonds to pay for City projects rather than pay for projects with cash?
The Bond Program includes many planned and recommended large-scale projects throughout the City. Current funding for capital projects in the City’s operating budget is very limited, compared to the number and costs of capital requests. Using bond financing to fund large-scale projects, in a period of relatively low-interest rates and lower costs of borrowing allows the annual City operating budget to be allocated toward annual and ongoing costs such as maintenance, personnel, operations, and public service programs.
Issuing GO bonds also provides an equitable method of financing these types of projects. Taxpayers of several generations will both benefit from and pay for these projects, therefore no one group of taxpayers will be unfairly burdened.
Can bond funds be spent on salaries for staff and elected officials, day-to-day business operations, or events?
No. Bond proceeds cannot be used to pay the day-to-day operating costs. The proceeds can only be used on the approved projects indicated in the bond referendum questions.
Will this make taxes go up?
Yes, there will be an impact on residents’ ad valorem tax bill.
What will the Public Safety (Police Facility) GO Bond cost the average resident?
The estimated cost to a resident (with a $250,000 taxable assessed value) based on today’s city-wide property valuations will be approximately $89.00 per year on your annual property tax bill. This amount will be reduced each year as total city-wide valuations increase..
What will the Parks, Recreation & Leisure Facilities GO Bond cost the average resident?
The estimated cost to a resident (with a $250,000 taxable assessed value) based on today’s city-wide property valuations will be approximately $140.00 per year on your annual property tax bill. This amount will be reduced each year as total city-wide valuations increase.
What will the Fire Station 86 GO Bond cost the average resident?
The estimated cost to a resident (with a $250,000 taxable assessed value) based on today’s city-wide property valuations will be approximately $63.00 per year on your annual property tax bill. This amount will be reduced each year as total city-wide valuations increase.
Why now?
While long-term interest rates have increased from their historic lows in 2021/2022, they are still very attractive from a historical perspective. For planning purposes, the city has assumed a 4.5% borrowing rate.
When would the city be able to access the funds?
If the referendums are approved through a majority “yes” vote on March 19, 2024, the City will be able to access funds within 3-6 months.
What happens if the Bond Referendums do not pass?
The elected officials would first need to decide if they wish to continue to move forward with the project(s). If the desire is to continue forward with the project(s), the project(s) would be financed through an alternative financing mechanism.
Resolution & Official Ballot Below.
Resolution 26-23
Resolution 27-23
Resolution 111-23
Official Ballot
