Jeremy Niedfeldt, PFM Advisors, provided a presentation including debt management
policy, summary of policy changes, governmental fund, debt affordability measures,
historical debt affordability metrics, governmental fund historical trend, and debt
affordability measures.
Commission questions and discussion took place regarding impact of future debt,
capacity of borrowing limits, fiscally responsible debt management, industry standard,
rate cut, annual debt services versus semi-annual debt services, debt clarification, debt
enhancement, variable debt rate, limits on non-emergency debt, board versus committee,
charter referendum, and second reading requirement.
In person public comment:
David Duval: Spoke to making amendments to items already passed and fiscal
responsibility.
Chuck English: Spoke to the debt management policy.
Susan Balmer: Spoke to educating the public.
Robin San Vicente: Spoke to implementing more detailed language into the policy.
Mayor White closed the public hearing and requested a motion.
A motion was made by Vice Mayor Stokes, seconded by Commissioner Langdon,
to continue Resolution No. 2024-R-57 to a second reading on November 4, 2024.
Commission questions and discussion continued regarding amendment.
A
motion to amend was made by Commissioner McDowell, seconded by
Commissioner Langdon,to direct staff to clarify before second reading that the debt
service coverage is annual and any time it is referenced to be "at least" that it says
"of at least blank of the revenue."
Commission questions and discussion continued regarding annual timeline and revenue.
The motion to amend carried on the following vote:
5 -
Yes:
Yes:
Vice Mayor Emrich, Commissioner McDowell, Mayor White, Vice Mayor Stokes
and Commissioner Langdon
The main motion as amended carried on the following vote:
5 -
Vice Mayor Emrich, Commissioner McDowell, Mayor White, Vice Mayor Stokes
and Commissioner Langdon
Recess was taken from 1:02 p.m. to 1:47 p.m.
ORDINANCE - First Reading:
An Ordinance of the City of North Port, Florida, Amending Section 2-420 of
the Code of the City of North Port, Florida, Regarding Public-Private
Partnerships (P3); Providing for Findings; Providing for Conflicts; Providing
for Severability; Providing for Codification; and Providing an Effective
Date.
Mayor White announced the item and requested a motion to direct the Assistant City
Clerk to read by title only.
A motion was made by Vice Mayor Stokes, seconded by Commissioner Langdon,
to direct the Assistant City Clerk to read the Ordinance by title only. The motion
carried on the following vote: