Bridge Addition for US HWY 331

>>>If Walton County approves a 75 million dollar loan or bond and we were to receive the Tiger Grant and then be forced to secure a Bank loan of 8.5 million you would carry the debt load in Walton County from $30,725 million to $113,725 million dollars.

This would raise the per capita debt from $555 dollars to $2106.00.<<<<


At the meeting last week, both Mr. Imfield and Mr.Kisela addressed this issue.

The proposed bond would not be an general obligation of Walton County but would be solely supported by sales tax revenue.

This may help clear up misconceptions.

http://www.msrb.org/msrb1/glossary/view_def.asp?param=REVENUEBOND

Revenue bonds are payable from identified sources of revenue and do not permit the bondholders to compel taxation or legislative appropriation of funds not pledged for payment of debt service

Unless the indenture allows it, Walton County taxpayers are not on the hook.

Please help me out, Buz. The bond would be supported by what sales tax revenue??
Isn't our sales tax revenue all already spoken for?
Am I missing something here?

The recommendation to the BCC is for an additional 1% sales tax to fund a 75M bond issue.

The security for the bond is the projected revenue stream and the underlying asset assuming debt payments could not be made.

According to Bill Imfeld and Grey Kisela the bond would be a revenue bond and not a general obligation of Walton County.

I have seen revenue bonds where the municipal body was a secondary obligator but I take Kisela and Imfeld at their word so the bond issue does not add to the debt burden of Walton County because we ain't on the hook.

I will certainly defer to a municipal accounting expert.

Now I am really confused. I knew about the proposed 1% to fund the 75m. What I was asking
about is the additional 8.5m. Are we funding that with the 1% sales tax also?
(assuming it passes)

8.5 million was tied to other road construction but it was some type of grant and it was unclear if we would qualify.

The BCC rejected it.

On the other issue, the BCC approved language sending a 1/2 cent tax for voter referendum in April.

The recommendation to the BCC is for an additional 1% sales tax to fund a 75M bond issue.

The security for the bond is the projected revenue stream and the underlying asset assuming debt payments could not be made.

According to Bill Imfeld and Grey Kisela the bond would be a revenue bond and not a general obligation of Walton County.

I have seen revenue bonds where the municipal body was a secondary obligator but I take Kisela and Imfeld at their word so the bond issue does not add to the debt burden of Walton County because we ain't on the hook.

I will certainly defer to a municipal accounting expert.

Buz this document might be of interest to your understanding of how the accounting world looks at long term debt and how it is disclosed in financial reports and audits.

I appreciate y'all sorting this out.

WZEP AM1460

Dawn Moliterno was tasked by the commissioners to work on widening U.S. 331. Meetings she had with the FDOT District 3 Barfield resulted in finding out about a plan to add a second bridge and make it a toll bridge unless the county can come up with $75 million. Moliterno said the bridge is a bottleneck and must be fixed. The highway south of the bridge has four lanes. The second north to Highway 20 is under construction for four lanes.



A task force was created and recommended taking a sales tax increase off to the voters that is only for funding the needed $75 million and would sunset once it was paid.



Moliterno read a letter from Barfield saying the FDOT is experiencing a reduction in funds. The cost of a new bridge is $177 million and the FDOT has $102 million planned for the budget. The $75 million is required by the FDOT and once the bridge is built Barfield said they would work to get the rest of the highway to I-10 widened.



Moliterno said Barfield commented on the recent request for assistance funding from Escambia County for a bridge. Barfield says this is different since that bridge is a replacement of an existing bridge, not for a new bridge.



Commissioner Larry Jones noted the FDOT is looking for additional funds. He said he does not support a toll. Jones says the tolling is not an option. He said if the commissioners go to a referendum then it can pass or fail, but they will not accept a toll. Jones amended his motion to also ask the state to seek other funding if a referendum is turned down.



Several people spoke, some saying the toll is the way to go and some against the toll. Others spoke against either toll or tax. Bob Hudson thanked Jones for his motion, saying they can now concentrate on getting clear numbers. Several others spoke and understanding the whole issue seemed to be a problem.



J.B. Hillard charged that the commissioners went out and brokered a deal with the state to fund part of the bridge. He also questioned why the additional two lanes are needed now. Hillard said there are no numbers presented as to the need. He also said there is a need for four lanes to help north Walton, that south Walton is growing. Commissioner Comander said they have been working with the state, even begging and pleading, but to her knowledge there has been no deal brokered. Bonnie McQuiston asked the commissioners to tell the FDOT they want the original deal, to widen 331 to I-10. J.W. Adkinson talked against the increase in sales tax. Adkinson said he and others have worked hard since 1962 to get the road widened. He said he hopes Walton does not become the highest sales tax county in the state.



The motion to not use a toll to fund the portion FDOT is requesting from Walton and to continue to look for other funding passed. Jones also made a motion that if a sales tax is used, then is can not be changed or extended unless another referendum is passed by the voters. This also passed.



A question was asked about property needed to bring the new bridge to land. The FDOT takes care of right-of-way and their report shows they will take care of it. Lloyd Blue, said the FDOT has already acquired property on the south end.



Finance Director Bill Imfeld says they could use either bank borrowing or bonding. He said the one cent would pay off in 7 years and cost $14 million. If they go with ¾ of penny then it could be paid off in about 10 years. Half a penny would take about 18 years. The more years, the higher interest will be paid. He said they should not go below one half cent. The Walton Commissioners agreed to call for a special election referendum for half a cent. Commissioner Sara Comander said the choice should up to the voters of the county. The vote will be April 24th.

Campaign begins !!

The Deal

Here's the deal....
No tax....No Toll....
The line has been drawn in the sand....Our bunch looks forward to the April referendum..... As an early retiree, I am opposed to anyyyy!!!! sales tax/toll. Again, I try not to traverse over the current bridge. Quite frankly, our family would rather go by boat from the north end....The question stills remains unanswered why our neighbors to the east continue to receive infrastructure improvement without increased taxation.

There are those of us who have lived here forever that have asked that this bridge be built many years ago. One can remember the old wooden bridge and all the trauma of the structure being decimated by the barges. I would love to hear from the local legislative delegation regarding the issue (that includes the Gaetz family).

Rock on,
Rocketman

Better State level Legislators, ie Patronis, Bense and the like. You'd be better off discussing the issue with Rep Drake, he is or was on one the Transportation comittee.

I am outraged. The state 4 lanes everything and lies in wait until the all important bridge needs to be done. "oops - we ain't got nuff money for that you local yocals have to pay up."

It's like a builder putting up 1 story and then telling you that he needs 12 million dollars to add the 2nd story to finish your home.

I understand the no toll no tax plea.

No Bridge Now

If, as has been mentioned in a previous post, Greg Kisela in a Sept Email, initiated the idea to DOT, that Walton was willing to pay 75M for a new bridge; I would be very disappointed in our new county administrator.

Look at our reality.
Sowal has no community center.
Our seniors meet in an old used double wide.
Meals on Wheels has had to cut back because the county can't pay up.

And we are thinking of Quadrupling our debt for a bridge that does what?

We don't have Okey Dokey money over here Mr. K.
Show us quantitatively just how a quarter Billion dollar bridge is going to benefit anyone when 331 is still such a bottleneck and overall disaster.
Drive any mile on that road and count the skid marks.

It would be obscene not to fix that first. That is where people are being hurt and getting killed. It is the daily drive that we need to focus on.

If, as has been mentioned in a previous post, Greg Kisela in a Sept Email, initiated the idea to DOT, that Walton was willing to pay 75M for a new bridge; I would be very disappointed in our new county administrator.

Heres the email of which you speak.

From: Greg Kisela
Sent: Friday, September 09, 2011 3:32 PM
To: Starsky Harrell; Gerry Demers; Dede Hinote; Dawn Moliterno; Lynn Hoshihara; William Imfeld
Cc: Cindy Price
Subject: 331 Update

To all: Commissioner Pridgen, Kelly Beth Horton, and I met with Ananth Prasad, Secretary of FDOT and Tommy Barfield yesterday to talk about the plan to four‐lane 331 from I‐10 to south of the Bridge.

We explained if the County committed to providing a 20% to 25% match (cap of $75M) would the state provide the balance.

The Secretary liked the idea and tasked Tommy with coming up with a plan to accomplish this.

I told him we needed an answer within thirty (30) days. This assumes the work is completed within 5 to 7 years.

The earliest we could have the issue on the ballot is March 2012. We can also use the August and November 2012 ballots.

By copy of this e‐mail I am asking Cindy to set up a meeting for next week so we can discuss the next steps and develop a game plan to proceed.

This is far from being a done deal but I remain optimistic if we demonstrate our commitment by bring significant funds to the table than FDOT will exhaust every effort to do their part.

Gregory A. Kisela

County Administrator
Walton County

kisgreg@co.walton.fl.us
(850)892‐8155 Office
(850)333‐2227 Cell

Maybe a stupid idea but there are emergency lanes on both sides. Couldn't these be utilized in an emergency evacuation for additional north bound traffic, effectively providing one or two more lanes?

It is really distressing to see so many with such short sightedness as to not realize this area will grow. 50 cents out of every $100 is a small price to pay for the progress that would be garnered over a period of time. But then, we can do as Walton County has done in the past. Stick our heads in the sand and continue down the road of mediocraty.

It is really distressing to see so many with such short sightedness as to not realize this area will grow. 50 cents out of every $100 is a small price to pay for the progress that would be garnered over a period of time. But then, we can do as Walton County has done in the past. Stick our heads in the sand and continue down the road of mediocraty.

So, because the area will grow....it's ok in your opinion for the County to Broker a deal with the DOT to build a bridge we can not afford, LIE to the public in order to effect the "deal" and TAX the people in order to accomplish the "deal"??

Thats democracy in action huh?

So, because the area will grow....it's ok in your opinion for the County to Broker a deal with the DOT to build a bridge we can not afford, LIE to the public in order to effect the "deal" and TAX the people in order to accomplish the "deal"??

Thats democracy in action huh?

Is there anything about life in America that you like? It's so easy to be outraged. I recommend a chill pill.

Educate yourself about the complete issue, not just what you hear or read. Go to meetings, talk to the officials in charge and hear all sides of the story. Deals are made every day in government and politics, that's life and that's how business gets done when bureaucracy beds down with capitalism.

Personally i think it stinks that our road needs are not taken care of through our regular tax dollars. But I suspect the overall system is to blame, not a few individuals. Sometimes deals have to be made. It's only the shortsighted and quick to judge who are unwilling to see the big picture.

Is there anything about life in America that you like? It's so easy to be outraged. I recommend a chill pill.

Educate yourself about the complete issue, not just what you hear or read. Go to meetings, talk to the officials in charge and hear all sides of the story. Deals are made every day in government and politics, that's life and that's how business gets done when bureaucracy beds down with capitalism.

Personally i think it stinks that our road needs are not taken care of through our regular tax dollars. But I suspect the overall system is to blame, not a few individuals. Sometimes deals have to be made. It's only the shortsighted and quick to judge who are unwilling to see the big picture.

The big picture is a bridge we dont' need if it means making us the highest TAXED County in the State. if I want something I buy it if I can afford it. Not so the government...they just tax us to death to accomplish their agendas.

I believe the bridge is needed long-term but I resent the means by which the BCC attempted to decieve the voters by implying the deal was the state's idea instead of their's. Deception leads to mistrust and mistrust leads to rejection. The toll would have been an economic disaster for the working people of the county. Raising our taxes to the highest level in the state connot be good for our businesses.
I cannot see the huge advantage to Sowal in building this bridge. People are going to come to the beaches, either through the airports or through an alternate ground route. And the current bridge could carry three lanes of traffic for evacuation purposes if properly marked. Four-laning 331 could help business in the north-end but I question how many will want to pay the higher taxes. So the people of Sowal are asked to pay higher taxes for something they could live without and those in Nowal who rarely come south are asked to pay higher taxes for something they do not use.
I cannot see the voters approving this measure and a little foresight on someone's part could have figured this out. So we will be left with no bridge and our BCC will have no credibility in Tally. The much better path would have been continued lobbying for the state to fund the bridge the regular way in the future.

The big picture is a bridge we dont' need if it means making us the highest TAXED County in the State. if I want something I buy it if I can afford it. Not so the government...they just tax us to death to accomplish their agendas.

Half wit.

I believe the bridge is needed long-term but I resent the means by which the BCC attempted to decieve the voters by implying the deal was the state's idea instead of their's. Deception leads to mistrust and mistrust leads to rejection. The toll would have been an economic disaster for the working people of the county. Raising our taxes to the highest level in the state connot be good for our businesses.
I cannot see the huge advantage to Sowal in building this bridge. People are going to come to the beaches, either through the airports or through an alternate ground route. And the current bridge could carry three lanes of traffic for evacuation purposes if properly marked. Four-laning 331 could help business in the north-end but I question how many will want to pay the higher taxes. So the people of Sowal are asked to pay higher taxes for something they could live without and those in Nowal who rarely come south are asked to pay higher taxes for something they do not use.
I cannot see the voters approving this measure and a little foresight on someone's part could have figured this out. So we will be left with no bridge and our BCC will have no credibility in Tally. The much better path would have been continued lobbying for the state to fund the bridge the regular way in the future.

Full wit.

Although I agree with some of what Idlewind says there is other comments I disagree with. I support the bridge and I support the tax over the toll, I would prefer the 1 % tax over the 1/2 % and if it is true that it would cheaper to do a bank loan over a bond I would prefer the bank loan. Many people say the bridge won't do this and it won't do that and others say it will do this and it will do that and really there is no promise from either side that they can prove, IMO. I don't like the idea how this has been handled at the county level and believe that will show up in the election and possibly some county employees will be taking a hit when the next commission takes over. Personally I think the bridge will make a difference and according to Governor Scott, many of you have voted for, he has stated that he likes the toll idea, Escambia and Santa Rosa governments have been asked to assist in replacing the Pensacola Bay Bridge because of its age. I was told Escambia passed a resolution that said no, I am not sure if the state couldn't toll the bridge without local government but they are going to do what they are going to do. As many folks here profess their conservatism and sales tax seems to be a fairer way of paying for this. I know the more you make the more you will spend the more you will pay for the bridge and some seem to find that to be unfair. It is the system. The veiws expressed here are mine and mine alone, they are not the WCTA, Walton County Republicans or Democrats or the Tea Party. Thanks for the opportunity to ramble.

No Bridge Necessary

A short sighted, mediocre, lack of vision or a clear eyed view of Overextended Grandiosity?
Take your pick and cast your vote on Tuesday April 24.

The problem isn't with who or how this deal was made. The problem is with the deal itself.
Since Kisela's first email our debt was quadrupled and our credit maxed out.
Inevitably this will lead to a lower credit rating and consequently higher interest rates. A financial straight jacket. Making our real needs, present and future, much harder to finance.

Walton county has plenty of needs. But building a redundant bridge across the bay isn't going to improve any of our lives. People have been maimed and killed on 331 for years. Four-laning the Hwy to Alabama has to be finished first. Then we can recalculate the evacuation times and determine how many minutes will be saved with the expenditure of 250M for an Extra bridge.

Bob, Exactly what did I say that you disagreed with? I agree conceptually that a bridge is needed, do not like how this deal was concieved or presented to the citizens and much prefer a tax over a toll. Do you think the voters are going to approve this? Or do you think tourists will cease to come to Sowal if the bridge is not built? These are the only major points you did not address and the rest we seem to agree on.

Pragmatism

Idlewind and Furthur:
Thank you for your common sense/pragmatic evaluation of the bridge situation. Upon reading some of the latest posts and emails from local government officials, one (the citizen taxpayer) has to feel that they are at a used car lot and the salesperson is trying to close the deal as soon as possible. It's either deal or no deal on state bridge funding. Let's get the highway four-laned similar to our neighbors in adjoing counties with north/south corridors and then we'll take care of the bridge. With gas approaching $4 bucks a gallon, it's difficult enough for working folks to pay the bills, gas, a toll or additional sales tax. (And I'm a hard core conservative Republican) Again if there is impending threatening weather, let's be a bit proactive and evacuate ASAP. The bridge can be made three lanes (two north and one south). Annnnyyywaaaay.....

Rock on,
Rocketman

I suppose I misread some of your statements, that and I was a little uncomfortable that we agreed, JOKING