LACK OF TRANSPARENCY REGARDING AAF/FDFC BONDS

Publish Date: 
Monday, April 17, 2017 - 10:00am

It's taken a month and a half from Sen. Debbie Mayfield for the FDFC's executive director, William Spivey, to answer Sen. Anitere Flores' letter asking about new financing for the Miami-Orlando high-speed rail service All Aboard Florida.

"It has come to my attention that the Florida Development Finance Corporation acted as a bond issuer in the approval of a new $600 million Private Activity Bond (PAB) application for the All Aboard Florida (AAF) passenger rail project," said Flores. "As a bond issuer to this new $600 million application, did the FDFC take the position that AAF can simply rely upon previous FDFC actions taken with respect to the bonding process?"

She concluded "... I am concerned that the FDFC has informally agreed that it can simply transfer its previous actions and approvals to the new application, without any further consideration of the economic and social impacts of the project it would help fund."

Though the senators still hadn't received a reply, Gannett's Treasure Coast Newspapers report FDFC's outside counsel did send a letter dated April 6, according to Finance Corp. spokesman Ray Casas.

In a letter provided by Casas, attorney Donna Blanton said All Aboard Florida has not submitted a new proposal for consideration by the Finance Corp. "It would be improper to speculate on what AAF may or may not ask of the FDFC's Board of directors and how the board may respond," Blanton expressed in the letter.

Casas said Mayfield will get a letter from FDFC later. Maybe.

Read more here.

Original Article written by Nancy Smith of Sunshine State News