At a time when reform of soaring property taxes has become a major priority in Florida, Sarasota next Tuesday will ask voters to hike their taxes to secure $16 million of general obligation bonds that will help finance a $54 million makeover of the city’s spring training facility for Major League Baseball’s Cincinnati Reds. The improvements, if approved by voters, would also be funded with $21.6 million from a tourist tax on hotels and short-term accommodations, $7.9 million from a sales tax rebate from the state, and a contribution from the Reds, who have also pledged to pay for cost overruns and sign a 30-year lease, according to the Herald-Tribune. Sarasota voters first approved financing for their spring training stadium in 1986. The city is in Sarasota County on Florida’s southwest coast.Spring training facilities have been getting upgrades across the state, prompted by Florida’s offering of 30-year rebates on sales taxes due to competition from Arizona, which has lured a number of MLB teams away from Florida.
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A supply surge hits the market as The Bond Buyer 30-day visible bond volume ticks in at $17.67 billion, $10 billion of which will come the first full week of May, just as macroeconomic data moves all markets to rally.
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The latest revision of Oklahoma's fossil fuel "boycotter" list added Barclays, which joins three other municipal bond underwriters placed there last year.
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Hawaii Gov. Josh Green's last-minute attempt to resuscitate a bill that would have allowed Hawaii Electric Co. to issue debt, backed by a rate increase, failed.
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The Oversight Board has given the local government until Tuesday to introduce a bill to revoke or amend a law that would reduce the Puerto Rico Electric Power Authority's revenues.
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Assured's controlling vote is "important to investors who were reassured to hear that there would be a large sophisticated party with a significant economic interest in the success of the project," the insurer said.
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The $380 million request for the zoo to voters in three Portland-area counties is the largest bond measure on the May 21 statewide primary ballot.
May 3