AMENDMENT 1 – PUTS FLORIDA IN DEBT !
Amendment 1 is a $19 Billion mortgage to buy conservation land.
ENVIRONMENTAL GROUPS plan to immediately borrow money to buy land through the bonding authority written into Amendment 1. Bonds will be sold to raise money based on future tax revenue.
FORMER GOV. BOB GRAHAM, a lead supporter of Amendment 1, has said publicly, “We intend to buy as much land as fast as we can because that land won’t be available twenty years from now.”
Once the bonds are sold, the amount of the DEBT WILL BE CARVED IN STONE. But, the tax revenue to pay back the bond debt can fluctuate wildly, depending on the economy. That’s irresponsible.
ONE THING IS CERTAIN, when the funding source dries up, as it has in the past, Florida’s property owners will be on the hook to pay back the debt through higher taxes.
Amendment 1 is BAD FOR FLORIDA. read more»