Reference No. CB-046-2016    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 7/19/2016
Introduced Date 6/21/2016 Public Hearing Date 7/19/2016 @ 10:00 AM
Effective date: 11/30/2016    
Title: AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR PRINCE GEORGE'S COMMUNITY COLLEGE 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 $48,363,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Community College Facilities, including the acquisition of sites 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.
Proposers/Sponsors: County Executive, Dannielle M. Glaros, Karen R. Toles, Mary A. Lehman, Andrea C. Harrison, Mel Franklin, Deni L. Taveras, Obie Patterson
Attachments: 1. B2016046, 2. CB-46-2016 AIS.pdf, 3. CB-046-2016 Report, 4. CB-43 44 45 46 47-2016 Transmittal
Related files: CR-057-2016
Contact: Kim Knight, Office of Management and Budget

Title

AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR PRINCE GEORGE'S COMMUNITY COLLEGE 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 $48,363,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Community College Facilities, including the acquisition of sites 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 exceeding $48,363,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Community College Facilities as approved in the FY2017-2022 Capital Improvement Program (CIP). The projects in this bill are programmed for funding in FY2017.

 

The amount enabled will provide sufficient funding for each project as required by Section 823 of the County Charter. In accordance with the Charter, if enacted by Council, this bill will be placed on the ballot in November for approval by the legal voters of Prince George’s County.

 

APPROVED BY A MAJORITY OF THE VOTERS ON 11/8/2016; AS CERTIFIED BY THE BOARD OF ELECTIONS ON 11/30/2016.

 

EFFECTIVE DATE:  11/30/2016

 

 

 



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