Cape Council to revisit $65 million bond proposal
Public hearing continued from May 20 meeting
Cape Coral City Council is expected to vote on an ordinance for the issuance of up to $65 million in special obligation revenue bonds Wednesday.
Ordinance 27-26, a public hearing continued from the May 20 regular meeting, is to finance and refinance the acquisition, construction, and equipping of various capital improvements within the city.
To borrow money, an ordinance is required by the city’s charter.
The projects to be funded include Jaycee Park with an estimated project cost of $18.7 million; Cape Oaks irrigation improvement project with an estimated project cost of $2.5 million; North 1 West Transportation project with an estimated project cost of $14 million and the Yacht Club seawall improvements with an estimated project cost of $23 million.
Repayment sources include the general fund for Jaycee Park improvements and Yacht Club seawall improvements, golf course revenues for the Coral Oaks irrigation improvements and six-cent gas tax for the North 1 West Transportation improvements,
Resolution 106-26, also continued from the May 20 meeting, is a companion resolution for Ordinance 27-26 to “authorize the issuance of not to exceed $65 million in aggregate principal amount of special obligation revenue bonds, series 2026, to finance and refinance costs of the acquisition, construction, and equipping of various capital improvement within the city.”
Charter amendments
Ordinance 31-26 would call a referendum to consider the adoption of amendments to Section 4.06, Mayor: Mayor Pro Tem of the city’s charter “concerning the election of a council member to serve as mayor pro tem.”
The referendum language states that “this proposal amends the Cape Coral City Charter to clarify that the election of the Mayor Pro Tem shall be by the majority vote of the City Council to be held at the first regular council meeting following each City General Election.”
The mayor pro-tem assumes mayoral duties, such as running meetings and signing document, when the mayor is unavailable.
Charter amendment
Ordinance 32-26 is for the charter section 4.05, candidate qualifications, and election regarding the “required submission proof of residency for candidates eligible to hold office of mayor or council member.”
The referendum language states “this proposal amends the Cape Coral City Charter to require eligible candidates for the office of mayor or council member to submit a sworn statement identifying their permanent legal residency and domicile, affirming that the candidate meets the residency requirements of Section 4.02 of the city’s charter, and submission of two documents establishing proof of residency pursuant to those acceptable documents.”
Changes to the city’s charter, its bedrock governing document. It cannot be changed
Other business
Among the new business items of the agenda include possible surplus properties with commercial appraised values, potential amendment to council agenda rules of procedure – citizens input – ADA request and the overview of House Bill 803 – Development Services Department permitting.
The unfinished business portion of the agenda includes;
• Jaycee Park concessionaire term sheet and a request for reconsideration for two resolutions.
• Resolution 7-26, construction at risk services for the North Cape Government Complex Fleet Maintenance Facility and the Property Management Facility. The pre-construction services is for an amount not to exceed $188,456.
• Resolution 122-26, between the city and Weston & Sampson Engineers Inc for additional professional design, permitting and construction related services associated with the city’s North Cape Government Complex. The dollar value is $304,937.06.
The meeting will be held at 4 p.m. Wednesday, June 3, in City Council chambers, 1015 Cultural Park Blvd. The meeting is open to the public and the public hearings include citizen input with a limit of 3 minutes per individual.