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What is voter approved debt, or bonds?

April 26, 2017Approved bonds debt voter

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What is voter approved debt, or bonds?

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Florida law allows a city to levy separate property tax rates to pay for long term bonds. Bonds using property taxes to guarantee the payment of cost of principal and interest are known as “general obligation” (G.O.) bonds. The City issues the bonds only after the voters have approved the bonds. Cape Coral has two general obligation bond issues being financed through property taxes.