TOWN OF LONGBOAT KEY, FLORIDA
NOTICE OF REVENUE BOND REFERENDUM
FOR UNDERGROUNDING REMAINING UTILITIES AND RELATED
STREET LIGHTING TO BE HELD ON TUESDAY, MARCH 15, 2016
To be held on Tuesday, March 15, 2016, as provided by
Ordinance 2016-05 of the Town Commission,
as governing body of the Town of Longboat Key, Florida adopted on
January 4, 2016
Notice is hereby given that a bond referendum will be held in the Town of Longboat Key, Florida, on Tuesday, March 15, 2016. The bond referendum will be held to determine whether there shall be issued revenue bonds and/or notes (the "Bonds") of the Town, in one or more series, in an amount not exceeding Twenty Three Million, Eight Hundred Fifty Thousand Dollars ($23,850,000.00). The Bonds shall not be or constitute general obligations or indebtedness of the Town as "bonds" within the meaning of Article VII, Section 12 of the Constitution of Florida, but shall be payable solely from special non-ad valorem assessments imposed against real property throughout the Town and other legally available non-ad valorem revenues of the Town, if necessary, and no holder of any of the Bonds shall ever have the right to compel the exercise of any ad valorem taxing power or taxation of any real or personal property thereon or the use or application of ad valorem tax revenues to pay such Bonds, or be entitled to payment of such Bonds from any funds of the Issuer except from such special non-ad valorem assessments and legally available non-ad valorem revenues. The Bonds shall mature in not more than thirty (30) years from issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. The monies received and interest earned from the issuance of the Bonds will be used to finance the cost of remaining undergrounding of electrical utilities in certain neighborhoods including street lightning installation, and communications/fiber optics utilities in certain neighborhoods. The financing of this undergrounding project is intended to complete the undergrounding initiative to replace overhead electrical and communications/fiber optics utilities in the Town. The undergrounding of utilities relating to Gulf of Mexico Drive is expected to be financed separately, in accordance with Town Ordinance 2015-21.
The issuance of such Bonds and the holding of such bond referendum have been authorized by Ordinance 2016-05 of the Town Commission of the Town adopted on January 4, 2016.
In accordance with the Constitution and laws of the State of Florida and the Charter of the Town of Longboat Key, all qualified electors of the Town of Longboat Key, Florida, shall be entitled to vote in the bond referendum to which this notice pertains. The polls at said bond referendum will be open from 7 o'clock a.m. until 7 o'clock p.m. on Tuesday, March 15, 2016, and will be held at polling places in the several precincts of the Town.
The Town of Longboat Key shall be authorized to issue the Bonds covered by the question hereinabove set forth only if such issuance shall have been approved by vote of a majority of the qualified electors of the Town of Longboat Key voting thereon.
By order of the Town Commission of the Town of Longboat Key, Florida.
Trish Granger, Town Clerk,
Town of Longboat Key, Florida