St. Pete City Council Approves General Obligation Bond Language to Fund Storm Resilience Improvements

St. Petersburg City Council Approves General Obligation Bond Language to Fund Storm Resilience Improvements to Stormwater, Wastewater, and Potable Water Infrastructure Systems

July 24, 2026 - The St. Petersburg City Council approved language for a 2026 General Obligation (GO) Bond Referendum that is intended to fund $600 million of storm resilience improvements to stormwater, wastewater, and potable water infrastructure systems. Voters will have the opportunity to vote yes or no on whether to authorize the issuance of general obligation bonds for eligible infrastructure improvements on the 2026 general election ballot.

Approved Ballot Question:

Shall the City finance storm resilience improvements, including but not limited to, floodwater protection, stormwater pump stations, drainage infrastructure, as well as wastewater collection and treatment facilities, drinking water distribution and supply facilities, by issuing general obligation bonds in one or more series, not exceeding $600,000,000, bearing interest not exceeding maximum legal rates, maturing not more than 30 years from each issuance date, pledging the City's full faith, credit, and unlimited ad valorem taxing power?

If approved by voters, the bond would fund capital improvements to stormwater, wastewater, and potable water systems and would increase the City's capacity to deliver St. Pete Agile Resilience (SPAR) projects in a shorter time period. More information about SPAR and its projects are available on the City's website at https://www.stpete.org/SPAR

A GO bond is a municipal bond where the City borrows resources upfront to fund specific public improvements. Unlike revenue bonds backed by utility fees, GO bonds are backed by the City's "full faith and credit," meaning property taxes are the source of repayment. GO Bonds are generally considered to be the lowest risk to investors, which results in lower interest rates for the City. For the proposed $600 million General Obligation bond, the City expects to issue multiple bond series from 2027 to 2030.

More information on the 2026 General Obligation Bond Referendum is available on the City's website here at https://www.stpete.org/GOBond

A recording of the July 23, 2026 City Council meeting is available here.