The Palm Beach Post: Martin County to challenge FDFC’s approval of All Aboard bond sale
Posted on August 20, 2015
By Jennifer Sorentrue
Martin County Commissioners voted unanimously Tuesday to file a legal appeal challenging a state board’s decision to allow All Aboard Florida to sell $1.75 billion in tax exempt bonds to help pay for the private rail project.
Martin County Attorney Michael Durham said Tuesday’s vote would allow the county’s legal team to meet privately with the five-member commission in order to discuss their strategy for challenging the bonds.
“We are asking for the authority to go ahead and file the actions to at least get us into an executive session,” Durham told the commission Tuesday. “Time is running out. We need to file these actions by Aug. 25.”
In an an unprecedented vote, the Florida Development Finance Corporation, a special financing unit authorized by the state Legislature to issue tax-exempt bonds to private entities, agreed Aug. 5 to allow All Aboard Florida to issue the private activity bonds. More than 300 people from throughout South Florida, the Treasure and Space Coast, and Central Florida, attended the long-awaited meeting held in downtown Orlando.
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