VOTE411 Voter Guide

Ballot Language: Shall City of Marco Island issue General Obligation Bonds, in one or more series, not exceeding $23,000,000, bearing interest not exceeding maximum legal rates, maturing not more than 20 years from the issuance date of each series, pledging the City’s full faith, credit and unlimited ad valorem taxing power, to finance the acquisition, construction and equipping of transportation improvements including but not limited to bridge replacements and roadway improvements?_____Yes_____No Synopsis: General obligation bonds are municipal debt instruments, often used for financing long-term capital projects such as infrastructure, parks and public safety facilities. These bonds are backed by the Marco Island’s full faith and credit which includes the City’s ad valorem (property) taxing power. That means the repayment of the bonds is secured through voter-approved property taxes. In Florida, these bonds require referendum approval. The bonds offer higher security to investors, generally leading to lower interest rates. The bonds will fund the replacement of two bridges, repair of three bridges and pave 26 lane miles of Marco Island streets. Supporters: Marco Island City Council Opponents: No elected officialsA Yes Vote would:-allow the City of Marco Island to issue bonds up to $23,000,000, pledging the City’s full faith and credit, including ad valorem (property) taxing power. The funds will be used to fund replacement/repair of city bridges and roadways A No Vote would:-restrict funding for bridge and roadway replacements/repairs to the funds in the City’s annual budget