BRADENTON, Fla. - Voters in Lake Worth, Fla., will go to the polls during the Aug. 26 primary to decide if the city can issue $63.5 million of general obligation bonds.
If approved by voters, the financing will go toward projects in the Lake Worth 2020 plan, which contains capital improvements for water, sewer, stormwater, road resurfacing, landscaping, street lighting, and enhancements at an industrial park.
The 30-year bonds would be secured by property taxes.
City commissioners approved placing the referendum on the ballot June 3 in a vote of 4-to-1.
Commissioner Christopher McVoy voted against the referendum.
McVoy supported the bond issue but said it is not ready to go to voters because the city needed a formal assessment of its vulnerability to climate change.
He said the impact of rising sea level and higher frequency of storms should be incorporated into infrastructure improvements before determining the size of the bond issue.
Commissioner John Szerdi said there is a lack of technology to address some climate change issues, and there currently is no way to incorporate the cost in the upcoming bond issue.
According to city officials, there have been no major infrastructure improvements in decades.
Lake Worth, in Palm Beach County on the state's east cost, has about 37,000 residents.
The city had $54.03 million of utility system revenue bonds outstanding as of Sept. 30, 2013. The bonds were privately placed in 2008 to advance refund debt sold in 2004.
Moody's Investors Service assigned an A2 rating to the 2008 bonds, which was later withdrawn.