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 Charter Amendment Language Related to the City's Bonding Authority.
Recommended Action
Discussion and possible action regarding Charter Amendment language related to the City's bonding authority.
Background Information
The following provides the motions approved by the City Commission during their Regular Meeting held on June 11, 2024, as well as a status update for each directive:
> Motion One: To direct the City Manager to bring back a draft Debt Management Policy prior to first reading of the Charter Referendum Ordinance.
* Status Update: An initial draft Debt Management Policy is attached. The City is in the process of contracting with PFM Financial Advisors, LLC (PFM) to provide assistance in the development of the Debt Management Policy. The Amendment to the Contract with PFM will be scheduled on the City Commission Regular Meeting on July 9, 2024, for the Commission's review and consideration.
> Motion Two: To direct the City Manager bring back input from PFM and bond counsel in regard to recommendation of borrowing cap to be included in the referendum at first reading (as amended).
* Status Update: First reading for the Ordinance is scheduled for July 9, 2024. Staff are working with PFM to provide the input requested for presentation at that meeting. Bond counsel will be available during the June 26, 2024 Special Meeting to provide requested input.
> Motion Three: To direct the City Manager to bring back first reading of ordinance and charter amendment language for review (as amended).
* Status Update: First reading for the Ordinance is scheduled for July 9, 2024. The Ordinance and Charter amendment language to be presented at that meeting will align with Commission direction.
> Motion Four: To direct the City Manager to remove the reference to a borrowing limit within the r...
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