CURRENTS Next Issue Mar 2018 _Currents copy | Page 3

Currents March 2018 3 Pompano Bonds T hat school, streetlight, or public park in your neigh- borhood was probably built with the help of a general obligation bond issue. Sold to raise funds for works that benefit the entire community, GO bonds are backed by the full faith and credit of the municipality, which allows the state or local government to raise taxes to ensure that the bonds are paid. While other investments may pay higher interest rates, GO bonds offer the advantage of solid security, and many offer tax- free returns as well. Source: Morningstar.com If residents approve the Gen- eral Obligation or GO Bonds in this month’s expensive and unnecessary “Special Election” the City of Pompano Beach Com- mission will have a very large slush fund. As you can read, in section D - the City is under no obligation to fund any of the advertised projects. Could the plans change under new management? Additionally, an undefined amount of the proceeds will be used to pay off current debts and obligations. So how much of the Venice paradise will materialize, is anyone’s guess. C. A portion of the costs of the Projects may be paid or incurred before the related Bonds are issued, in anticipation of the reimbursement of such expendi- tures from proceeds of such Bonds. Section 1. 150- 2 of the Federal income tax regulations requires the City to officially declare its intent to use proceeds of the Bonds to reimburse expen- ditures paid prior to issuance thereof as a prerequisite to the proceeds being treated as used for reimbursement purposes. Accordingly, this Resolution shall serve as evidence of the City' s intent, within the meaning of Sec- tion 1. 150- 2 of the Federal income tax regulations, to issue the Bonds for reimbursement, if approved at the Referendum. The applicable Bonds shall have the applicable maximum principal amounts specified in Section 3(B) hereof and be issued with respect to the related Projects as speci- fied in Section 3(B) hereof. D. Nothing in this Resolution shall be deemed to require the City to (i) issue any or all of the Public Safety Projects General Obligation Bonds, if same are approved at the Referendum and/ or to apply proceeds of the Public Safety Projects General Obliga- tion Bonds ( or any series thereof, if issued, to finance any specific components of the Public continued on page 4 > S TOP Y OUR W INDOW L EAK P ROBLEMS Be Hu Prepa re rr Fi x you icane d for t r W Sea he NO indow son W! Lea ks Dried out gaskets and window stripping will cause window leaks. I have the proper window stripping to repair all types of windows. I also do Screening, Wrol-up Repair and Sliding Glass Doors. E FRE ATES M I EST C ALL P ATRICK Cell No. 954-829-4348 [email protected] FPL Independent Participating Contractor 3621 Washington Street • Hollywood, FL 33021