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CASSCLBCRRY CITY COMMISSION Minutes of October 14, 2019 — Regular Meeting Page 12 of 20 MOTION: Commissioner Busch moved to approve Ordinance 19-1524 on first reading, as presented. Motion was seconded by Commissioner Hufford. Discussion: In response to questions from the City Commission, Ms. Hanna clarified that the purpose of the requested amendment was to make the entitlements consistent for the purpose of combining adjacent parcels for redevelopment potential along U.S. Highway 17-92. She also confirmed that buffering between the commercial and residential parcels would be addressed at the time of site plan review, and that the potential developer of the property was aware the property was within the City's Community Redevelopment Agency (CRA) jurisdiction and as such would be subject to development restrictions. Brief discussion ensued regarding what impact, if any, commercial development in the area would have on the small lake near the property and the buffering requirements that would be imposed due to the adjacent low- density residential properties. Motion carried unanimously by voice vote 5-0. B. Ordinance 19-1525 — Issuance of Utility ystem Revenue Bond, Series 2019 The City Clerk read Ordinance 19-1525 by title, as follows: "AN ORDINANCE OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE ISSUANCE OF ITS NOT TO EXCEED $8,000,000 UTILITY SYSTEM REVENUE BOND, SERIES 2019 IN ORDER TO FINANCE THE CITY'S METER REPLACEMENT PROGRAM AND OTHER CAPITAL COSTS; PROVIDING AUTHORIZATION FOR THIS ORDINANCE; PROVIDING FINDINGS; PROVIDING FOR THE PAYMENT OF SUCH BONDS FROM THE NET REVENUES DERIVED FROM THE WATER AND SEWER SYSTEM OF THE CITY; AND PROVIDING AN EFFECTIVE DATE." Staff Presentation: City Manager Randy Newlon stated that Ordinance 19-1525 provides for the City to authorize the issuance of Utility System Revenue Bond, Series 2019, in the not -to -exceed aggregate principal amount of $8,000,000 for the primary purpose of replacing the majority of the City's utility meters system wide with new meters and an improved level of technology. In response to questions from the City Commission, Mr. Newlon and Assistant Public Works Director/Utility Manager Tara Lamoureux advised that the City would be replacing approximately three-quarters of the current meters and retro -fitting the other one-quarter. Budget Impact: Before debt is authorized, City Commission will be asked for its approval by resolution. If approved, debt is expected to be issued at the City Commission meeting scheduled for December 9, 2019. Budget impact will be recognized at that time. Recommendation: The City Manager and the Finance Director recommended approval of Ordinance 19- 1525 on first reading. Audience Participation: No one came forward to address Ordinance 19-1525.