PROPOSED AMENDMENTS TO FLORIDA'S CONSTITUTION
SPECIAL ELECTION, NOVEMBER 5, 1963
LEAGUE OF WOMEN VOTERS OF FLORIDA
VOTERS-Know the amendments before voting!
The following information includes an analysis of the proposed amendments and a brief summary of pro and con positions which may be useful to you in reaching a decision. Check the sample ballot (published in newspapers or available at the polls on election day) to be sure of the order in which the amendments will be printed in your county.
ISSUANCE OF BONDS FOR CAPITAL OUTLAY AT INSTITUTIONS OF HIGHER LEARNING- Art. XII, added section
If approved, this amendment would authorize the issuing of bonds to provide funds for capital outlay (such projects as constructing and equipping buildings) at universities, junior colleges and certain vocational technical schools. The projects to be pain for by proceeds from the bond sales must be authorized by a 3/5 vote in each house of the legislature. The legislature has already approved a detailed list of projects. Of these, $75,000,000 worth may be undertaken if this amendment is approved by the voters.
The technical arrangements for the proposed bond issues include the following provisions:
For 50 years, beginning January 1, 1964, gross receipt taxes will be places in a trust fund. This fund will be used as the basis for issuing the bonds and the source for repaying them.
The State Board of Education will be in charge of issuing the bonds, supervising the trust fund and turning over funds for authorized projects.
The State Board of Administration is named as the fiscal agent of the State Board of Education.
Maximum interest allowed on the bonds will be 4 1/2 %.
Maximum time between issuance and maturity of the bonds is 30 years.
Bonds cannot be sold by the State Board of Education at less than 98% of par value.
Bonds must be sold at public sale after public advertisement.
Detailed provisions are made for the amount of bonds which may be issued in relation to the amount of gross receipt taxes collected.
No more than $50,000,000 of bonds may be authorized in any future biennium except by 2/3 vote in each house of the legislature.
PRO-Florida must meet the need for college facilities which is created by the rapidly expanding college population. The bond issue would make it possible to provide buildings and equipment when they are needed, but would spread the cost over a long period of time. To postpone construction would entail greater cost at a later date when building costs probably would be higher. The amendment includes extensive safeguards to make sure that the financing is efficiently handled.
CON-If these bonds are issued more taxes would be required to take the place of the gross receipt taxes in the general revenue fund and to meet the expenses of operating the new college buildings after they are constructed. Borrowing is more expensive in the long run than to pay-as-you-go. Some of the proposed projects could be postponed or scaled down.
State Library of Florida: Florida Collection, BR0171
A flier describing the proposed amendments to Florida's state constitution up for referendum at a special election to be held November 5, 1963. The proposed amendments included one allowing a new bond issue for capital outlay for institutions of higher learning, one allowing a new bond issue for outdoor recreational facilities, and one adjusting the election dates of certain state officers so they would be chosen in non-presidential election years.