U.S. Sugar Contract Could Force SFWMD to Raise Taxes

Latest version of terms reveals restrictive "affordability clause" may not provide an out for District

PR Newswire

WEST PALM BEACH, Fla., March 10

WEST PALM BEACH, Fla., March 10 /PRNewswire/ -- Examination of the latest version of the contract between the South Florida Water Management District and U.S. Sugar Corp. reveals a revised "out clause" that restricts the agency's ability to terminate the contract due to financial shortfalls, resulting in the District having no choice but to raise taxes on the property owners of the following counties:  Broward, Collier, Dade, Glades, Hendry, Lee, Martin, Monroe, Palm Beach and St. Lucie, as well as portions of Charlotte, Highlands, Okeechobee, Orange, Osceola and Polk counties.

A memo sent to governing board members urging them not to extend the March 31, 2010, deadline for bond validation can be accessed on the Florida Crystals' website at www.floridacrystals.com/content/134/company_news.aspx.

SOURCE Florida Crystals

More Press Releases »