It’s all about love; love for our Island, for our community, and for our shared future.
Glad you’re here; let’s cover some basics.
Resilience?
The scientific evidence is overwhelming: The climate is changing and as a result, the Village is facing significant impacts from more frequent and severe hurricanes, flooding, sea level rise, power and communication network outages, and coastal erosion. The ability to prepare for, recover from, and adapt to these impacts is called “climate resilience.”
More simply put, resilience means providing the equal opportunity for every Key Biscayne resident to not only survive, but thrive in the face of the present and worsening threats of sea level rise, flooding, and hurricanes.
What is a bond referendum anyway?
A General Obligation Bond, also known as a G.O. Bond, is a funding mechanism that is financially backed by the assessment of ad valorem taxes. Ad Valorem taxes are commonly referred to as property taxes.
The Florida Constitution requires General Obligation Bonds to be approved by a majority of voters within the boundaries of the issuing entity (the Village). A referendum (or vote) is a set Village-wide election date on which voters may consider the proposition or approval of the bonds.
Why bond?
A G.O. Bond is a steady financing mechanism that would allow for the coordinated implementation of large-scale resilience/climate adaptation projects to address our communities current and future vulnerability to sea-level rise and flooding, erosion of our shorelines and hurricane impacts. A stable funding source allows for implementation of projects in a unified, logically sequenced manner that yields a cost-effective infrastructure upgrade without duplication of effort and a piecemeal approach. Pledging the full faith, credit, and taxing power of the Village, would result in the lowest possible interest rate for financing the projects.
Wait, I already pay taxes…
Yes, you do, but you might be surprised to know that the Village of Key Biscayne receives less than 20% of the property tax dollars that you pay. These funds are used by the Village to deliver multiple administrative services, including Public Safety, Building, Zoning and Planning, Public Works, and Parks Recreation and Open Spaces. Large-scale Capital Improvement Projects (CIP), such as those proposed within the VKB Resilience program, will likely require additional, alternative funding sources (such as a G.O. bond for example) to supplement traditional property tax revenues.
What types of projects will be included in the bonds?
The VKB Resilience G.O. Bonds include funding for a wide array of large-scale resilience projects, organized into three core programs:
Mitigating the effects of sea level rise and flooding;
Protecting Village beaches and shoreline; and
Hardening infrastructure to the effects of hurricanes.
VKB Resilience Bond Timeline
In November 2020, Village of Key Biscayne residents will be asked the following question:
Shall the Village issue general obligation bonds not exceeding $100 million in one or more series maturing not later than thirty years from their issuance dates, bearing interest not exceeding the maximum rate allowable by law, payable from ad valorem taxes levied by the Village, to:
Mitigate effects of sea level rise and flooding;
Protect Village beaches and shoreline;
and Harden infrastructure to the effects of hurricanes?
Shall the above described proposal be adopted?
[ ] For Bonds
[ ] Against Bonds
How did we get here?
