File #: 24-0599    Version: 1 Name:
Type: General Business Status: Agenda Ready
File created: 4/15/2024 In control: City Commission Special Meeting
On agenda: 4/23/2024 Final action: 4/23/2024
Title: Discussion and Possible Action Relating to Bonding and Other Financing Options from the City's Special Legal Counsel and Financial Advisor; Recommendations for Charter Amendment Language Related to the City’s Bonding Authority, Including a Permissive Referendum Option; and Recommendations for How to Move Forward With the North Port Police Department Headquarters Project and Funding.
Attachments: 1. Timeline and Chart, 2. Other Entities Debt, 3. Unfunded Capital Improvement Projects for Next Fifteen Years, 4. City Manager Memorandum, 5. Debt Issuance Authority, 6. GDC Communities Borrowing Authority

TO:                                           Honorable Mayor & Members of the North Port Commission

 

FROM:                      A. Jerome Fletcher II, ICMA-CM, MPA, City Manager

 

TITLE:                     Discussion and Possible Action Relating to Bonding and Other Financing Options from the City's Special Legal Counsel and Financial Advisor; Recommendations for Charter Amendment Language Related to the City’s Bonding Authority, Including a Permissive Referendum Option; and Recommendations for How to Move Forward With the North Port Police Department Headquarters Project and Funding.

 

 

Recommended Action

 

Discussion and action to provide direction to staff.

 

Background Information

 

Pursuant to direction from the City Commission, the City Manager is requesting discussion on the following directives:

 

Ø                     March 26, 2024, Commission Regular Meeting, Commission approved a motion to:

 

                     Direct the City Manager to work with staff to meet with bond counsel and other external subject matter experts in order to have discussion with possible action on how to structure the payment of the Police Department Headquarters.

 

Ø                     February 26, 2024, Commission Workshop, Commission provided consensus to:

 

                     Direct staff to investigate permissive referendums and send to Charter Review Advisory Board and have legal review to be provided back to Commission.

 

Ø                     February 26, 2024, Commission Workshop, Commission provided consensus to:

 

                     Direct staff to investigate the possibility of going to referendum in August.

 

                     Direct staff to update draft language to spell out who is giving the authority to issue permissible debt.

 

During the City Commission Regular Meeting to be held on April 23, 2024, the City’s Bond Counsel and Financial Advisor will be participating in the discussion as requested. Staff will provide recommendations for Charter amendment language and how to move forward, along with a timeline for Commission and direction regarding the new Police Department Headquarters Project.

 

Strategic Plan

 

Good Governance

 

Financial Impact

 

To be determined.

 

Procurement

 

Not applicable.

 

Attachments:                     None.

 

 

 

 

Prepared by:                                            A. Jerome Fletcher, ICMA-CM, MPA, City Manager

 

Department Director:                       A. Jerome Fletcher, ICMA-CM, MPA, City Manager