Reference No. CB-024-2014    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 7/15/2014
Introduced Date 6/17/2014 Public Hearing Date
Effective date: 9/5/2014    
Title: AN ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION STORMWATER MANAGEMENT BONDS for the purpose of authorizing and empowering Prince George's County, Maryland to issue and sell an amount not to exceed Fifty-Seven Million Nine Hundred Seventy-Eight Thousand Dollars ($57,978,000) in aggregate principal amount of general obligation stormwater management bonds for the purpose of providing funds for financing in whole or in part costs of the planning, acquisition, construction, reconstruction, establishment, extension, enlargement, demolition or purchase of certain capital projects set forth in the capital budget of the County for the fiscal year ending June 30, 2014, constituting facilities (including without limitation any land, interest in land or equipment) for the control and disposition of storm and surface waters, including floodproofing, flood control or navigation programs and other stormwater programs and systems, environmental restoration and/or wetlands construction, a...
Proposers/Sponsors: County Executive, Mel Franklin, Will Campos, Derrick Leon Davis, Mary A. Lehman, Obie Patterson, Karen R. Toles
Attachments: 1. B2014024.pdf, 2. INCLUSION FILE I-CB-24-2014 Attachment 1, 3. I-CB-24-2014 Attachment 1.pdf, 4. CB-024-2014 AIS, 5. CB-24-2014 Report.dotx
Contact: LaKeecia Allen, Office of Law
Title
AN ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION STORMWATER MANAGEMENT BONDS for the purpose of authorizing and empowering Prince George's County, Maryland to issue and sell an amount not to exceed Fifty-Seven Million Nine Hundred Seventy-Eight Thousand Dollars ($57,978,000) in aggregate principal amount of general obligation stormwater management bonds for the purpose of providing funds for financing in whole or in part costs of the planning, acquisition, construction, reconstruction, establishment, extension, enlargement, demolition or purchase of certain capital projects set forth in the capital budget of the County for the fiscal year ending June 30, 2014, constituting facilities (including without limitation any land, interest in land or equipment) for the control and disposition of storm and surface waters, including floodproofing, flood control or navigation programs and other stormwater programs and systems, environmental restoration and/or wetlands construction, and the protection, conservation, creation and acquisition of certain property described in the Maryland Annotated Code Environment Article consistent with federal and Maryland laws and regulations on the subject of nontidal and private wetlands, as applicable, including describing the capital projects to be financed in whole or in part from the proceeds of the bonds hereby authorized and the estimated costs thereof; prescribing or providing for the procedures for the issuance and sale of such bonds, including at private (negotiated) sale or public sale; declaring the County's official intent to reimburse itself for certain expenditures paid before the issuance of the bonds authorized hereby in accordance with applicable Income Tax Regulations; authorizing the consolidation of such bonds with other bonds for purposes of such sale; directing the application of the proceeds of such bonds; providing for the levy and collection of taxes necessary for the payment of the principal of and interest on such bonds when due; authorizing and empowering the County to issue and sell an amount not to exceed Fifty-Seven Million Nine Hundred Seventy-Eight Thousand Dollars ($57,978,000) in general obligation stormwater management bond anticipation notes in anticipation of the issuance and sale of the bonds authorized hereby; . . .
Background
This bill provides the authority to issue and sell bonds in an amount not to exceed $57,978,000 for stormwater management projects and reflects the amount programmed in the FY 2014 Capital Budget, stormwater management bond anticipation notes in anticipation of any such bonds, and stormwater management refunding bonds.  Revenue from Stormwater Management District Fund will support the interest and principal payments on the bonds, notes and refunding bonds issued and sold pursuant to the legislation.
 
The projects are listed in Attachment 1 of the legislation.  The fiscal impact on the County for any bonds or bond anticipation notes will be negative to the extent of the debt service obligation incurred by the County when the bonds or notes are sold; the fiscal impact on the County for any refunding bonds should be positive when such refunding bonds are sold.
 
 



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