Bill Type and Number: Ordinance 2005-1085

Sponsor: Council President at the request of the Mayor

Date of Introduction: September 13, 2005

Date of Analysis: September 16, 2005

Type of Action: Authorizing the issuance of Special Revenue Bonds

Bill Summary: The bill authorizes the City to issue Series 2005A Florida Special Revenue Bonds to up $25 million for the purpose of financing the settlement of the Nora Williams et al v. City of Jacksonville et al case.

Background Information: 2005-998 approved the settlement, the use of revenue bonds to fund the settlement, and appropriated $25 million for 2004/5 accounts.

The $75 million settlement with the City of Jacksonville was approved by roughly 4,500 residents who are part of a class-action lawsuit claiming they were exposed to toxic ash churned out by municipal trash incinerators. In their lawsuit, the residents stated that they were exposed to toxins in the ash, including lead, arsenic and mercury from City incinerators operating from the 1910s to the 1960s.

Of the $75 million, $25 million will come from the city. The rest could be recovered from insurance companies that covered the city from the 1950s to the '70s. These insurance firms are currently fighting that move in federal court. However under the agreement, the $25 million is due by Dec. 1^st in two equal installments, the first of which must be paid 10 days after the Council approves the agreement.

Policy Impact Area: Historic preservation

Fiscal Impact: Long term cost to the City will be at least $25 million

Analyst: Weiss