General obligation bonds allow the City to pay for major capital investments having a public purpose, such as Oviedo[JG1] on the Park, roadways, sewer systems, or public buildings, like police stations.
Bonds are sold to investors and the proceeds from the sale of these bonds are used to pay for capital projects. Bond funds cannot be used for everyday operating costs, such as salaries for police officers, firefighters, or City employees (other than those working directly on capital projects). Operating expenses are typically paid for by annual revenue that supports the City’s General Fund, such as property tax revenue.
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A bond referendum is a voting process that gives voters the power to decide if a city should raise funds through the issuance of general obligation bonds. A general obligation (G.O.) bond is a form of borrowing in which a city pledges to repay the debt with interest over a specified term. G.O. bonds are generally the least costly financing option available to a city for funding these projects. A referendum is the only way a G.O. bond can be approved.
Yes, there will be an impact on your ad valorem tax bill. This will depend on the taxable value of your real property located in the City of Oviedo, as determined by the Seminole County Property Appraiser.
The cost to a resident will depend upon the taxable value of a resident’s real property located in the City of Oviedo. For example, the cost for a resident who owns real property in Oviedo with a $200,000 taxable value will be about $156.03 annually. The cost for a resident who owns real property in Oviedo with a $300,000 taxable value will be about $234.04 annually. The cost to the resident who owns real property in Oviedo with a $400,000 taxable value will be about $312.05 annually.
Early Voting will take place for one day on Saturday, November 4, 2023. Election Day is on Tuesday, November 7, 2023.
Oviedo Public Safety Building Project; General Obligation Bonds. The Oviedo Public Safety Building project requires an estimated $46,900,000 to construct. Voters approved $11,400,000 for the project in 2016. Shall the City issue additional bonds not exceeding $35,500,000 bearing interest not exceeding maximum legal rates pledging the City’s full faith and credit for up to thirty years from the date of issuance, payable from ad valorem taxes on all City taxable property, without limitation as to rate or amount, as provided in Ordinance No. 1735.
In 2016 voters in the City of Oviedo approved a G.O. bond referendum in an amount not to exceed $11,400,000 to construct a 20,000-square-foot police station and renovate the existing public safety building for a different use. The referendum was approved by 57% for and 43% against. Even though the City did not issue the bonds in 2016, the approval is still valid. The $11,400,000 approved in 2016 can be used for the construction of the new police station. The ballot references the $11,400,000 to inform the voters the City plans to use those funds as part of the funding for the new police station, and the referendum is to approve an additional $35,500,000 needed to complete the construction of the new police station.
A space needs analysis was conducted in 2017 as the first phase of the design process for the new police station. The analysis projected a City population of 50,000 by the year 2038 and concluded that the City would need 41,383 square feet to accommodate the projected 85 sworn officers and 105 total Police Department personnel needed to serve the projected population. The cost to construct the recommended square footage exceeded the approved $11,400,000 that had been approved by the referendum election. Therefore, the $11,400,000 bonds were not issued because the approved funds were insufficient to construct the police station determined necessary by the space needs analysis.
The 2016 referendum was based on an old study of the building. Following approval of the referendum, the City conducted a space needs analysis in 2017. It determined the future needs of the City and the required square footage of the proposed police station. Thus, the City’s space needs study for the Police Department had yet to be completed at the time of the 2016 Bond Referendum.
Currently, there are no plans to purchase or lease mall facilities for the Oviedo Police Station. The City staff’s direction is to construct the new Police Station on the City Hall Campus.