Title
AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE NATIONAL HARBOR IMMERSIVE ENTERTAINMENT VENUE AND THE REFUNDING OF THE SERIES 2022 BONDS for the purpose of providing that special obligation bonds may be issued from time to time under the provisions of this Act and Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), Sections 18-301 through 18-310, inclusive, of the Land Use Article of the Annotated Code of Maryland, as amended through the 2026 Maryland General Assembly Regular Session (the “M-NCPPC Taxes Act”), CR-25-2004 of the County Council of Prince George’s County, Maryland, as amended by CR-__-2026 (the “Formation Resolution”) and CR-74-2026 (the , “Extraordinary Development District Resolution”) in an amount not to exceed the aggregate principal amount of Two Hundred Fifteen Million Dollars ($215,000,000), in order for Prince George’s County, Maryland (the “County”) to refund, defease or purchase the outstanding aggregate principal amount of Prince George’s County, Maryland Special Obligation Refunding Bonds (National Harbor Project) Series 2022 (the “2022 Bonds”) (the portion of the bonds applied toward such refunding and/or defeasance and related costs, hereinafter called the “Refunding Bonds”), to finance or reimburse costs related to the acquisition, construction or rehabilitation of an Immersive Entertainment Venue (as defined in Section 12-201 of the Tax Increment Financing Act), as more particularly described herein (the portion of the bonds applied toward such costs hereinafter called the “Sphere New Money Bonds”), to fund reserves, if required, and to pay capitalized interest and certain costs of issuing such bonds; ratifying and confirming the designation of the National Harbor Development District and the Tax Increment Fund (as defined in the Formation Resolution); making certain findings and determinations, among...
Click here for full text