|
Agenda Item: Special Item |
Prepared By: Jim Kornas |
|
Business: Reconsideration of Council Action |
Department: Executive Office |
Subject:
Title
Re-Consideration of May 4, 2026 Council Action on the $23 Million General Obligation Bond Referendum Approval
Body
BACKGROUND: At the Council’s May 4, 2026 meeting, the Council unanimously voted to approve Resolution 26-21: Calling a Bond Referendum for the Electors of the City of Marco Island to Approve General Obligation Bonds Issued by the City of Marco Island in One or More Series in an Amount Not to Exceed $23.0 Million to Finance the Construction of Transportation and Mobility Improvements.
As a Councilor having voted with the majority on this item, Councilor Gray, at the next (May 18, 2026) City Council Meeting, requested clarification from the City Attorney and the City Manager regarding the alignment of this bond offering with the City’s guiding principles, and the specific projects to be funded if this referendum is approved by the voters.
FUNDING SOURCE / FISCAL IMPACT: General obligation bond(s) in an amount not to exceed $23.0 million.
RECOMMENDATION: None.
POTENTIAL MOTION: To be determined by the Council.