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, Adopting City Commission Policy No. 2024-01 Related to the Debt Management Policy; Providing for Incorporation of Recitals; Providing for Conflicts; Providing for Severability; and Providing an Effective Date.
Recommended Action
Continue Resolution 2024-R-57 to second reading on November 4, 2024.
Recommended Action for Second Reading
Approve Resolution 2024-R-57 as presented.
Background Information
The following provides a chronological order of events regarding Resolution No. 2024-R-57:
> June 26, 2024: During the City Commission Special Meeting, the City's Bond Counsel and Financial Advisor participated in the discussion on proposed Charter options. During this meeting, the Commission approved the following motions regarding the Debt Management Policy:
* Motion: To include Charter language to state the Debt Management Policy will be adopted by Commission via Resolution with two readings.
* Motion: To direct the City Manager and City Clerk to schedule debt policy workshop in September with the final adoption to be held prior to the November referendum.
> July 23, 2024: During the City Commission Regular Meeting, the Commission approved the following motions:
* Motion: To amend Ordinance No. 2024-07 to remove the last sentence of Section 2b(i) and create Section 2b(iv) stating "The City shall not avoid the requirements in this section by separating single, simultaneous, or concurrent projects into parts to avoid the limitations set forth herein."
* Motion: To adopt Ordinance No. 2024-07 as amended by the previous motion.
> September 9, 2024: A City Commission Workshop was held regarding a City of North Port Debt Management Policy and Debt Finance Committee. Jeremy Niedfeldt, PFM Advisors, provided a presentation including outline, City Charter, co...
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