Title
AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR COUNTY BUILDINGS for the purpose of authorizing Prince George's County, Maryland, to borrow money upon its full faith and credit at any time and from time to time, in an aggregate principal amount not exceeding $133,000,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of County Buildings, including the acquisition and development of sites therefor, the architectural and engineering services incident thereto, and the acquisition and installation of necessary fixed permanent equipment therefor; prescribing terms and conditions upon which bonds issued pursuant to this Act shall be issued and sold and other incidental details with respect thereto; providing generally for the issuance of such bonds and providing for such borrowing to be submitted to a referendum of the legal voters of the County.
Background
This bill will provide the County with the authority to borrow an amount not to exceed $133,000,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of County Buildings, including the acquisition and development of sites therefor, the architectural and engineering services incident thereto, and the acquisition and installation of necessary fixed permanent equipment therefor; as approved in the FY 2021-2026 Capital Improvement Program (CIP).
The amount enabled will provide sufficient funding for each project as required by Section 823 of the County Charter. In accordance with the County Charter, upon the enactment by the Council, this bill will be placed on the ballot on November 3, 2020 for approval by the legal voters of the County.
NOTE: APPROVED BY A MAJORITY OF THE VOTERS AT THE REFERENDUM ON NOVEMBER 3, 2020, AS CERTIFIED BY THE BOARD OF ELECTIONS ON DECEMBER 1, 2020.
EFFECTIVE: DECEMBER 1, 2020