The Palm Beach Post: All Aboard Florida bond meeting canceled because of court hearing
Posted on May 14, 2015
A meeting scheduled for May 28 to discuss whether All Aboard Florida’s express passenger rail system will get $1.75 billion in tax exempt bonds has been canceled. No new date has been given.
The Florida Development Finance Corp. was scheduled for a day-long meeting in Orlando where the public was invited to speak about the funding All Aboard Florida has requested.
All Aboard Florida said in a statement that “We and others have requested a postponement due to a scheduling conflict with the court hearing.”
A federal court date is scheduled for May 29 in Washington, D.C. for a judge to hear Indian River County’s case for an injunction against awarding the private activity bonds, and several of the people scheduled to attend the May 28 meeting also had to be at the May 29 meeting.
Indian River and Martin counties have sued the U.S. Department of Transportation to block the bonds from being awarded. All Aboard Florida intervened in the suits. The company said this week it will continue with its Miami to Orlando project even if it doesn’t get the bonds.
Private activity bonds are marketed to private investors with no risk to taxpayers, however buyers do not pay taxes on the interest earned.