TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Action Regarding a Possible Referendum Question to Amend Section 1.02 (b) of the Charter of the City of North Port to Allow for the Issuance of General Obligations or Revenue Bonds Up to a Specific Amount in Certain Circumstances.
Recommended Action
Discussion and possible action regarding a potential referendum question to allow the City’s issuance of general obligations or revenue bonds up to a specific amount in certain circumstances.
Background Information
Section 1.02 (b) of the City Charter restricts the powers of the city from issuing general obligations or revenue bonds without a majority vote of the voters of North Port. In certain instances, such as Hurricane Ian, there are times when general obligations or revenue bonds would be necessary and needed in a timely manner, instead of waiting for an election cycle or costing money for a special election.
Commissioner Luke has requested a discussion on a potential referendum question to voters, in the next election cycle, that would request a change to the charter to allow the City to issue general obligations or revenue bonds up to a specific amount in certain circumstances. There are multiple cities that do this already, even in North Port’s local area.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. North Port City Charter Section 1.02 (b)
Prepared by: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager, on behalf of
Commissioner Jill Luke
Department Director: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager