Reference No. CR-028-2019    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 6/11/2019
Introduced Date 5/7/2019 Public Hearing Date 6/11/2019 @ 2:00 p.m.
Effective date:    
Title: A RESOLUTION CONCERNING CONTRACT APPROVALS for the purpose of approving a multi-year Financing Agreement to fund essential Prince George’s County (County) equipment and vehicles.
Proposers/Sponsors: County Executive, Todd M. Turner, Derrick Leon Davis, Calvin S. Hawkins
Attachments: 1. R2019028, 2. CR-028-2019 Attachments A & B, 3. CR-28-2019 AIS, 4. CR-028-2019 Transmittal, 5. CR-28-2019 Report, 6. CR-028-2019 Fiscal Impact
Contact: Ronald Halper, Debt Manager, Office of Finance

Title

A RESOLUTION CONCERNING CONTRACT APPROVALS for the purpose of approving a multi-year Financing Agreement to fund essential Prince George’s County (County) equipment and vehicles.

 

Background

This legislation is required pursuant to Section 819 of the Prince George’s County Charter. Section 819 requires multi-year contracts exceeding an aggregate of Five Hundred Thousand Dollars ($500,000) must be approved by resolution of the County Council upon notice and public hearing. This resolution will approve a multi-year Financing Agreement to fund the County’s 2019 capital equipment requirements of Sixteen Million Five Hundred Thousand Dollars ($16,500,000).

 

The fiscal impact on the County for capital equipment and vehicle purchases will be negative.  Debt service is the sole responsibility of the County.



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