Voters in Sarasota County on Tuesday will consider $300 million of revenue bonds as part of a program to fast-track infrastructure projects and jump-start the local economy.
The county is seeking permission to securitize a one-cent sales tax levied exclusively for infrastructure such as roads, parks, and libraries. Voters approved a 15-year extension to the tax in November, which begins Sept. 1, 2009, and runs through Dec. 31, 2024.
Because of the declining economy, Sarasota County commissioners began discussing different options for a local economic stimulus program in January. But the county’s charter sets limits on how much debt can be sold each year. The bonding capacity for the current year is $19.5 million. The amount is adjusted each fiscal year and is tied to the consumer price index.
The charter also requires a referendum be held to approve exceeding the annual cap on debt issuance.
“Providing the county with access to this funding now through bonds is an efficient and financially secure way to begin projects earlier than originally scheduled, thereby creating jobs and supporting local industries that are vital to our community,” the county said on a special Web site launched to explain the referendum.
“This is an economic stimulus program designed to build long planned public facilities and help our local economy,” the county said. “Bonding allows us to borrow the money to begin these projects now, as opposed to waiting for the cash revenues to begin accumulating in September of 2009 and undertaking projects then on a piecemeal pay-as-you-go basis.”
Sarasota officials say their economic stimulus program would create more than 2,000 jobs, save millions of dollars in construction costs, and support the county’s economic and business base.
The county’s Web site is at
