The City Commission of Margate approved on first reading an ordinance authorizing the issuance of water and wastewater improvement revenue bonds not to exceed $120,000,000, with a first series capped at $60,000,000. The action took place at the regular City Commission meeting on Feb. 5, 2025.

Commissioners noted that voters had strongly supported the bond referendum earlier and that portions of the city's water system date back several decades and need upgrades. The ordinance sets out bond terms, redemption provisions, security from net system revenues, creation of funds and accounts, and repeal of earlier ordinances as part of the authorizing language. The ordinance was approved on first reading; the city clerk announced the item will return for a second reading at the Feb. 19 meeting.

The vote on the first reading was recorded as unanimous: Tommy Rosano — yes; Anthony Caggiano — yes; Joanne Simone — yes; Arturo Serio — yes; Arlene Schwartz — yes. Commissioners asked that the city post next steps and timelines on the city website so residents can track progress on system improvements financed by the bond proceeds.

City staff and counsel working on the ordinance were publicly acknowledged during the meeting. The city manager asked the commission to recognize the team behind the bond ordinance: Finance Director Ishma Diaz, Development and Engineering Services Director Kirk Kaiser, bond counsel from the firm White & Case (referenced by counsel present) and others; the manager said the group had performed a “heavy lift” to prepare the ordinance.

No financing terms (rates or series scheduling) were disclosed at the meeting; staff said it was too soon to specify interest rates. The ordinance will return for second reading and possible adoption on Feb. 19.