North Port poised to put borrowing, debt to referendum

Each time the city of North Port wants to borrow money or incur debt, voters must authorize it, based on the city charter. That could change in the event of an emergency or for projects less than $15 million, if voters give it the OK in November.

The city is seeking voter approval to change the charter through referendum. That way, North Port, officials saty, could issue debt payable from funds other than property taxes for safety and public health projects with a maximum principal amount of $15 million or respond to a declared emergency or disaster.

When North Port was incorporated in 1959, the city charter stipulated that voter approval was required to fund large projects. However, the “pay-as-you-go” approach has led to increasing costs over time, as it extends the timeframe for projects and requires residents to foot the up-front cost.