TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: A Resolution of the City Commission of the City of North Port, Florida, Repealing and Replacing Resolution No. 2025-R-44; Approving, Solely for the Limited Purposes of Section 147(F) of the Internal Revenue Code and Section 163.01, Florida Statutes, the Issuance by the Capital Projects Finance Authority of its Educational Facilities Revenue Bonds (Imagine School at North Port Project) in an Aggregate Principal Amount Not to Exceed $78,000,000, The Proceeds From the Sale of Which Will be Used Principally to Finance and Refinance the Cost of Acquiring, Constructing and Improving Certain Charter School Facilities Located Within the City of North Port and Owned and Operated by Imagine School at North Port, Inc.; Authorizing the Execution and Delivery of an Interlocal Agreement With the Authority; Approving a Conflict Waiver Request Submitted by Bryant Miller Olive P.A.; Providing Certain Other Matters in Connection With the Bonds; Providing for Findings; Providing for Conflicts; Providing for Severability; and Providing an Effective Date.
Recommended Action
Approve Resolution No. 2025-R-48 as presented.
Background Information
Resolution 2025-R-44 was adopted at the June 24, 2025, City Commission Meeting Regular Meeting, but needs to be replaced to increase the principal amount of the tax-exempt bonds to $78 million from $60 million. Resolution 2025-R-48 allows for this increase, while keeping all else the same.
Imagine School at North Port, Inc. (the "School") requires approval to receive tax-exempt funding from Capital Projects Finance Authority ("CaPFA") for a project referred to as "Imagine School at North Port," located at 1700, 1800, 1988 and 2001 East Price Boulevard, North Port, Florida, 34288.
CaPFA proposes to issue its Educational Facilities Revenue Bonds (Imagine School at North Port Project) (the "Bonds") in a principal amou...
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