DeSantis calls for $1 billion to brace for climate change

[Zorro]

If the Legislature approves the new program, “Resilient Florida” will use revenues from the state documentary stamp tax to pay for the debt service on $1 billion in bonds for projects that address the impacts of climate change.

Faced with mounting evidence that sea level rise and intensifying storms will cost Florida governments billions into the future, Gov. Ron DeSantis on Thursday announced a $1 billion investment over four years to allow local governments to build new infrastructure to address the impacts.

If the Legislature approves the new program, “Resilient Florida” will use revenues from the state documentary stamp tax to pay for the debt service on $1 billion in bonds for projects that address the impacts of climate change.

“The purpose of this is to tackle the challenges posed by flooding, intensifying storm events and sea level rise,” DeSantis said at a news conference to announce his proposal for a record $96.6 billion state budget.

“We believe that this makes a lot of economic sense,’' he said. He added that the goal is “trying to get ahead” of rising property insurance costs by allowing local governments to finance projects.

https://www.tampabay.com/news/florida-politics/2021/01/28/desantis-calls-for-1-billion-to-brace-for-climate-change/