TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: An Ordinance of the City of North Port, Florida, Establishing the Debt Management Advisory Committee; Amending the Code of the City of North Port, Florida, Chapter 4 - Boards and Committees, to Create Article XI - Debt Management Advisory Committee; Providing for Findings; Providing for Conflicts; Providing for Severability; Providing for Codification; and Providing an Effective Date.
Recommended Action
Continue Ordinance No. 2024-37 to second reading on November 4, 2024.
Recommended Action for Second Reading
Approve Ordinance No. 2024-37 as presented.
Background
During the City Commission Special Meeting on June 26, 2024, the City's Bond Counsel and Financial Advisor participated in the discussion on proposed City Charter options. During this meeting, the City Commission provided direction regarding the creation of a Debt Management Policy.
Resolution 2024-R-57 will be presented separately to the City Commission during the City Commission Regular Meeting on October 22, 2024. Resolution No. 2024-R-57 adopts Commission Policy 2024-01 which outlines the process and procedures guiding the City when considering issuing debt and the management of debt. Proposed Policy 2024-01 also includes information and criteria regarding the development of a Debt Management Advisory Committee.
Ordinance 2024-37 establishes the Debt Management Advisory Committee as indicated within Commission Policy 2024-01.
Ordinance No. 2024-37 has been reviewed by the City Attorney and is legally correct as to form.
Information for Second Reading
The City Commission voted unanimously to continue Ordinance No. 2024-37 as presented to second reading on November 4, 2024.
In accordance with Florida Statutes Section 166.041(4)(a), the City timely posted a business impact estimate on the City's website on October 22, 2024.
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